Consumer-Centric Repositioning Strategies
Repositioning in Marketing
Repositioning in the realm of marketing is not just another buzzword. It is an essential strategy for brands aiming to stay relevant in the dynamic market landscape. What is Repositioning and why is it significant? Lets find out.
Understanding the Basics of Repositioning
What is Repositioning?
Repositioning is the way we alter the image of a product, service or brand in the mind of the consumer. It involves a shift in marketing strategy to adapt to evolving market conditions, changing consumer preferences, or to combat competitive pressures.
Why Reposition?
The marketplace is forever changing. Brands that remain stagnant often find themselves overshadowed by nimble competitors who adapt and evolve. It is required to keep the brand innovative and relevant for consumers.
Types of Repositioning
Tactical Repositioning
Slight modifications to a product or service, targeted at specific groups is tactical repositioning.
Strategic Repositioning
A more significant shift in the brand’s identity, often necessitated by major changes in the market or business environment.
The Process of Repositioning
Analyzing the Current Position
What is your current market standing? Know the answer to this question before repositioning.
Identifying the New Desired Position
What’s the goal? What are your thoughts on your brand/ product/ service’s position after the change? It is important to have a clarity on this aspect.
Developing a Repositioning Strategy
Crafting a roadmap that encompasses all touchpoints – from product modifications to advertising campaigns.
Implementation and Monitoring
Execute the strategy and keep a close eye on market responses. Adjust as necessary.
Examples of Successful Repositioning
Old Spice
From a dated men’s aftershave to a vibrant brand associated with youth and vitality, thanks to their memorable advertising campaigns.
Apple
Apple had a hard time in the market during the late 90s. With the introduction of the iPod and the “Think Different” campaign, they repositioned from a niche computer brand to a lifestyle giant.
Challenges in Repositioning
Consumer Resistance
Change is hard, especially for loyal customers. It’s crucial to manage their expectations and transition them smoothly.
Operational Challenges
From supply chain adjustments to training staff, repositioning has its set of internal challenges.
Benefits of Repositioning
Staying Relevant
As mentioned, the market is ever-changing. Repositioning helps brands stay in tune with consumer desires.
Gaining Competitive Advantage
By positioning oneself uniquely in the market, brands can often outshine their competitors.
Repositioning vs. Rebranding
Rebranding involves putting a total new spin on the brand’s identity, logos, colors and more. On the other hand, repositioning is about changing the perception of the brand.
Repositioning in the Digital Age
The Role of Social Media
Platforms like Facebook and Twitter can be potent tools for repositioning. They offer direct communication channels with consumers and can help shape perceptions.
Online Reputation Management
With online reviews and ratings becoming crucial, managing a brand’s online reputation is paramount when considering repositioning.
FAQs
- How often should a company consider repositioning?
It depends on the market dynamics and the brand’s performance. However, regular market analysis can help identify when repositioning might be beneficial.
- Is repositioning a costly affair?
The costs vary depending on the scale and nature of repositioning. Strategic repositioning typically demands a higher investment than tactical changes.
- Can a failed repositioning harm a brand’s reputation?
Yes, if not executed properly, it can lead to confusion among consumers and may harm the brand’s credibility.
- How can a brand measure the success of its repositioning efforts?
By analysing key metrics such as brand recall, sales figures, and customer feedback.
- What role do employees play in repositioning?
Employees are brand ambassadors. Their buy-in and training are essential for successful repositioning.
- Is repositioning only for established brands?
No, even newer brands might find the need to reposition based on market feedback and performance.
Conclusion
In the realm of marketing, repositioning acts as something beyond a strategy, its a tool that brands aim to excel in a dynamic market. By grasping the complexities, advantages and challenges, businesses can guarantee their continued relevance and align their products and services with the needs of consumers.
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