Companies are constantly exploring ways to reinvigorate their business to achieve their ultimate goal of increasing their profits. They continuously look for ways to improve their products or services to stay on top and to simply exceed the competition. They also consider new techniques in creating their marketing campaigns such as a new batch of
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‘Why buy me?’ is the single most important question companies have to answer. Yes, it is a simple question but one that would require a not so simple answer. Companies realize that the answer to this question involves self assessment, and a look at how their products are currently doing. They need to first take a look at their current brand positioning. But before we go on any further, let us first examine what brand positioning is.
There are two words to this concept: brand and positioning. These two words mean creating a specific place in the market for a particular brand and product. Brand positioning is focused towards capturing a specific type of consumer or customer and delivering benefits that meet or exceed the needs of this particular group.
In the event that a particular brand is experiencing declining sales, loss of consumer base, stagnant product benefits, then the company must find ways to immediately solve these challenges. One strategy that can be adopted is what is referred to as brand repositioning. Brand repositioning is determined by how the company repackages and communicates the new benefits of the same certain type of product or service to consumers and users.
What's next after identifying the reasons for pursuing brand repositioning?
A four-step brand repositioning approach will help guide you through the process and allow your company and brand group how to best regulate based on timing, budget, and resources to get the job done.
Step 1. Identifying the Current Status of Your Brand
You must first understand the company and the brand to obtain a clear picture of how it is perceived in current times. This will offer a clear insight to opportunity identification and assessment.
To understanding the brand means reviewing the complete history of the company and brand, including its current brand positioning, the original positioning, how it has evolved, and most importantly, what the company and brand stands for today.
Step 2. Have a Feel of What Your Brand Represents in Today’s Times
You now need to have a sense of how consumers feel about your company and brand. You may want to talk to more people to determine what your company and brand stand for today. For instance, if you have milk and yoghurt as products, you might want to talk to moms and kids to have a feel of how they perceive your particular brand.
Getting a clear insight to the way consumers feel and relate to your company and brand will give you a good starting point.
Step 3. Developing the Brand Positioning Platforms
Now that you have a good understanding of the basics, the next step is to find out how far to grow, expand, and stretch the brand. This process will develop and create several key brand positioning platforms to showcase how far your brand can move to retain existing customers and acquire new ones.
Step 4. Refining the Brand Positioning and Management Presentation
After going through the first three steps, you now have to review and refine the new brand positioning and communicate to all function departments in order to align efforts. It is important that everyone on the brand team and all function areas understand, buy in, and support the new brand positioning. Essentially, this will become the umbrella strategy for the brand group dictating marketing programs and tactics.
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