In recent years, balancing quality and service with growth
has proven to be one of the biggest challenges faced by brand owners. Brand
repositioning is one strategy that has proven successful in these cases and
helped to turn many ailing blogs or businesses around. As its name suggests, brand
repositioning involves the transformation of a company’s identity. This allows
brands to have a fresh start in the marketplace and reach out to more readers
or customers. Brand repositioning also presents the unique opportunity to
modify or completely overhaul a business model.
Signs that Your Brand Needs to Reposition its Marketing:
1. Decreasing Market Share:
If you feel your market share is slipping, it
may be time to use perceptual mapping and identify new avenues for expansion.
Your customers or readers may be moving to different products or finding a
preference in other brands.
Positioning maps work by showing the relation between existing products and services on the market and identifying gaps and opportunities within that sector where there is a customer need. A simple example of a perceptual map can be one that examines product quality against market prices. Let’s say you are looking at novelty coasters; you will be able to identify gaps in the available products immediately. The same practice can be adopted across multiple industries in order to uncover opportunities that may otherwise not be visible. Think of the two factors which make the most sense for your industry for the X and Y axis and map out yourself and your competitors to find the holes in the market.
2. You’re Over Stretching:
If your brand has a wide range of products, services, or topics,
you may be seen as a jack of all trades and a master of none. It may be time to
recommit to your original strategy and stick to one thing that you can do best.
3. Out of Date:
The ever expanding presence of the internet and mobile technology
in our lives had led to evolution of consumer demands and tastes. If you want
to keep up with change, you need to understand your consumers and cater to
their needs first.
4. Lack of Competitive Edge:
With so many small businesses and blogs opening every day,
it is important for your brand to have a competitive aspect that offers your
readers or customers something they can’t get anywhere else. With massive
amounts of tutorials and online classes, barriers to entering an industry are
dropping quickly. Customers are looking more at unique factors of a brand
rather than just if a product meets their needs. By repositioning, you can
reach niche customers where you are the only provider instead of fighting in a
crowd.
How Brand Repositioning Works:
Brand repositioning involves a partial or complete overhaul of business practices, a major change in direction, and improved marketing and services delivery. By combining these basics, companies can increase their customer base, improve margins, and start delivering profits in a short time. Repositioning may also help market existing products and services in a better manner. The basic aim is to bring about a major change in the way customers perceive your business and remove any prior connotations. While keeping historical traditions alive is undoubtedly important, there are times when your business can be better off without being reminded of a project that didn’t quite live up to expectations.
Using Perceptual Maps for Business Repositioning:
In order to successfully implement brand repositioning it is crucial to choose a suitable strategy. Depending on your needs, you may want to go for customer engagement, identity transformation, or social responsibility in order to reposition your brand. One unique way of repositioning your brand is by using perceptual or positioning maps. Perceptual maps take into account the customer’s view, and can be used by small business owners to assess consumer behavior in the existing market.Positioning maps work by showing the relation between existing products and services on the market and identifying gaps and opportunities within that sector where there is a customer need. A simple example of a perceptual map can be one that examines product quality against market prices. Let’s say you are looking at novelty coasters; you will be able to identify gaps in the available products immediately. The same practice can be adopted across multiple industries in order to uncover opportunities that may otherwise not be visible. Think of the two factors which make the most sense for your industry for the X and Y axis and map out yourself and your competitors to find the holes in the market.
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