Changing times need changing strategies - the age old debate of ‘if it ain’t broke, don’t fix it’ versus ‘do nothing and nothing changes.’ There are four reasons why you should consider repositioning:
- Pursuing a new audience - Your market has/is ageing (aren’t we all) and you need to migrate generations. You may have identified new segments where your existing messaging simply won’t resonate. This is a challenging opportunity - to capture growth without losing existing customers.
- Adapting to competitive forces - Competitors may have launched a product/service that’s just better than what you offer or worse, make your product obsolete. It could also be that their branding campaign is superior to yours. In these cases, brand repositioning might help your product find an alternative selling point to compare well with competitors. In extreme cases, this could sometimes lead to total rebranding.
- Changes in attitudes - Be that from Government policies, political conditions or a raft of other factors; for example, the surge of environmental awareness due to climate change that has led to a green revolution.
- Internal changes - Changes in corporate priorities can influence your brand portfolio and the need to adapt a new position. Acquisition of other assets and products could also come into play.
Whatever the reason behind making change, there are straight-forward steps to evaluating the issues, identifying (and valuing) the existing assets and, then, formulating the plan to move the brand forward. As humans, we have a tremendous desire for predictability. It’s often smarter to engage with consumer behaviour than try and change it.
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