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14 Oct 2021
14 Oct 2021
Do your sales not giving profit? Are you not getting benefitted from the business? Thinking to change the brand identity or the product? A business person goes into the horns of a dilemma after facing the downward in sales. But a business can be again brought to the heights of success. Yes, because there is a solution to every problem.
Reposition of existing brands provides a way for the company to come out of all the hindrances. Let us have a look at its position; and how it benefits any company to obtain its position in the market, with some possible examples.
It takes place when the brand or company makes innovative changes in its existing position to satisfy the needs of the existing customers, along with attracting a wide range of new ones.
The existing brand could be repositioned after bringing a little twist in the scenario. These could include changing the taglines, brand name logos, slogan, colors, font, style, product name, or strategy.
Let us move on with some examples. The following are a few reasons why a company considers repositioning.
It is not necessary that the customers who were targeted earlier would be targeted consistently; like the taste of the customer changes with time. A company targets a specific age group before launching its products in the market, and when those people grow up, move on to some different products with some new taste. They might not use the products or services. So the industry has to move on to target some different age groups, in order to reoccupy the value in the market.
If a company is very well reputed in its services, delivering high quality to its customers. But if it does not brings a twist in the services or products with the change in time; if it fails to update itself with the new fashion or strategy then it would have to face the fall in the market.
So a company needs to bring changes and updates to its products, identity or logo to get associated with the heart of the people. An organization needs to reflect its innovation to highlights its quality consistently in the market.
Competition is that thing, without which there is no essence in the market. The competitors show us our position in the market, it brings enthusiasm to participate in the race.
Life is full of challenges, and when there comes competition every year, then it either pushes or pulls the existing position of the product.
When there comes a group of competitors in the market, then it becomes a must for any organization to maintain its old position in a stable way. So a company needs to change its value position in the market to avoid losing customers.
One of the most obvious reasons to consider repositioning is the sales are trending downwards. At this point, a change has to be made to prevent the trend from continuing down.
When there come new products in the market, it brings new players to the ground, which results in building up the new position in the market. By analyzing the position of competitors, we can create our own uniqueness in the market.
Are you operating in a sector that’s losing relevance? If so, before you pull down the shades and leave the key under the mat, take a step back and consider the value of repositioning. When developed correctly, it can have the ability to tackle disruptive forces and make the business successful.
Constantly analyze the positions of your competitors’ positionings as they will shift over time. This is often overlooked. Make time to pause and think.
The junior team always needs to take responsibility to keep the senior team happy with our work. They should always believe in your strategy, to implement it fully in their teams. This situation probably takes in taking reviews, by skipping the method of reposition. A modification becomes mandatory when the senior team finds any fall in position.
Sometimes when the brand based on product thinks to transform into a consultancy, then there comes the time to reposition the brand, considering the needs of the target customers. This helps in bringing significance to the values and builds the identity of the position.
Repositioning enables any organization to get personified in the market, which brings revised brand promise and sometimes personality as well. If the strategy is developed in a precise manner, then it could bring prominence to the dignity of the brand. This would help in the modification of the viewpoints of the customers towards the products and services.
You might have heard about the rebranding and repositioning as well? Right? Now you might be thinking, are both the concepts the same or different? There is a slight difference between the rebranding and repositioning of the existing brands. Let us have a look at it.
Rebranding is typically associated with the looks or aesthetic of a brand, whereas repositioning deals with the overall image that is inside.
The rebranding includes the changing of brand elements like name, logo, tagline, fonts, and icons, while repositioning has its views in the perception of the customer.
Rebranding originates after the launch of new products, while repositioning has its origin in the promise made by the brand. These points might help you to get a concise idea about the reposition.
Starbucks personified itself with the marketing strategy and occupied the repositioning in an appealing and exceptional way. However, Howard Schultz had already changed the game by positioning Starbucks coffeehouses as a third place for a social time in our daily lives.
The original positioning strategy of the brand brought success in hundredfold. The company proved its significance in raising the position, history, coffee value, and identity, satisfying all the needs of the consumers.
By offering a pleasurable and comfortable experience to the customer, Starbucks has been successful in forming its image in the minds of the customers. It has shown its exceptional quality in grasping the attention of the customer, by offering them a delightful experience. This helped to create a bridge between its customer viewpoints and company perspectives. It ultimately helps in publishing the brand and product.
Starbucks has proven to be a disciplined innovator. Its good management quality is the main reason behind its success that is generating consistently. Customers keep on trying the taste that brings cheers to life.
The Apple company decided to move beyond the simplicity and change the existing position. The company switched on for a fresh, clean, and grey-colored logo, by dropping the rainbow-colored logo.
When Steve Jobs became the CEO of Apple, made modifications to the corporate identity - Think Different Campaign. It built up its personality in a way that resulted in higher recognition, targeting a wide range of customers in an appealing way.
When the two brands decided to change their ways in 2011, Hero Moto Corp decided to go for a complete repositioning with their logo and slogan. They modified their brand by aligning it with the song Hum Mein Hai Hero which build up their stardom. This brought passion, enthusiasm, and confidence to the pavement of progress.
Dabur has its association with the traditional portrayal of women. Later on, the company thought to bring a modern styled woman to target the young generation. This brought in a change in its reputation in the market, by building up a unique image in the minds of the customers.
The repositioning of Hutch turned into Red-colored Vodafone, overnight. It took the company to a bright position, that it ensured a maximum recall among the audience. Its transformation brought the maximum number of audience at its doors, which ultimately resulted in escalating the future of the company.
Any company thinks to reposition its brand, to maintain the identity and position in the eyes of the people. A logo, image, or slogan too plays an important role in modifying the image of the brand.
A powerful brand positioning is key for a company that should be acquired. To ensure that the company wants to show the maximum audience, it should maintain its position in a unique and appealing way that would be a proper fit in the market. This would highlight your stable position in the market, which would remain unaffected even if there is a wide range of oppositions. This would also help in creating a strong bond with the point of view of customers, that reflects an authentic image in the eyes of the audience.
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