Repositioning of a brand is one of the major decisions taken by a business and it needs to have concrete reasons to move ahead with such a decision. Here, we will look into some common reasons that necessitate the need for brand repositioning.
Looking to attract new customers
Like all of us, our businesses age too and they need to stay relevant by migrating generations. With time, new market segments may come up where the existing positioning of a brand may cease to resonate. Therefore, the business must try to capture new customers and new markets, without losing its existing customers. It can do so by tweaking the present brand positioning and strengthening the brand engagement in the process.
Change in customer needs
The needs, lifestyles and attitudes of customers change over a period of time as the generations move through. Hence, the key USPs of a product may no longer stay relevant with a certain target market. By repositioning the brand, a business may respond positively to such changes.
Adapting to competition
Every business should be alert to the ‘moves’ of its competition. If your competition launches a better product or service and you fail to react in time, your brand may go obsolete. By repositioning your brand, you can give your product/service a better value proposition or an alternative selling point with regards to the competition.
Change in macro environment
The macro environment around the business may experience significant change owing to economic conditions, legislative change, technological advances and political conditions. Such changes may necessitate repositioning of a brand. For example, a certain change in climate may surge environmental awareness and a business may need to reposition its brand to align itself to such a change.
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