The marketing strategy that used to work for your brand may no longer apply as times change. More and more communication channels are available for businesses to optimize. The modern consumer is more discerning than ever. Your competitors are possibly tapping an ROI-driven medium and you’re not.
Brand repositioning requires a lot of strategy and critical thinking. As a business owner, how do you know if it’s the right time to do a repositioning?
HERE ARE 5 THINGS TO CONSIDER:
Are your sales figures on a decline?
If you’re not getting the right number of leads to make your business profitable, evaluate the possible reasons for such decline. Is there something wrong about your product? Are competitors offering better premium? Are you still targeting the right market? Only after you’ve carefully studied the cause of those dropping sales figures can you identify if your brand needs a recharge.
Is your audience still the most profitable segment?
Your current consumer demographics could be the best market back when you started the business. But times are changing, the economy’s fluctuating, and many people are out of jobs. Consider their interests and how they are evolving as consumers. Have they outgrown your product? Do they still have the purchasing power to afford what you offer? Who is the next best market to tap and connect with?
Do you have sufficient communication channels?
If television, print, and radio are the only marketing channels you’re using, that could be a sign that you’re not in tune with the latest methodology. This could also be the reason why you need to reposition your brand to make it more appealing to an evolving consumer.
How do you plan to rebrand?
Are you going to continue investing in the existing brand, will you create a sub-brand, or introduce something completely different?
What do you plan to achieve from repositioning?
Change is good and, sometimes, it’s necessary. Repositioning doesn’t always mean that your brand is losing its zest. It could mean that you, as a business owner, are proactive enough to keep it from getting stagnant. If you think repositioning your brand will help breathe new life to it and drive your sales up, seek the help of brand experts right away. You could be missing out on the opportunity to keep it stronger than it already is.