How Do You Know If It's Time To Reposition Your Brand?
Repositioning a brand affords the opportunity for a business to re-establish the very core of their company’s offering - and there are many times when a brand might need to do this.
A reposition could be due to a number of things. Perhaps your core business offering has changed, or maybe the ever-changing market has shifted too far away from your original brand concept.
Did you know that according to Marketing Profs, 45% of a brand’s image can be attributed to what it says and how it says it?
But what does a brand reposition involve? We explore this in our latest pixel8 blog.
Identifying The Issues With Your Brand
One of the hardest parts of this process is differentiating your brand from your business. For example, just because you feel your brand is 100% right doesn’t mean that your business will instantly fail - yet it could have some serious knock on effects if it isn’t resolved.
Below we’ve listed a few ways to help you identify if you need to make the brand position shift.
1. Your Brand isn’t Keeping up with the Competition
If you’re an established brand in your sector but still find yourself losing out to other brands, a lot of them younger in age and experience, it could be down to your brand.
To figure out whether this is the case, you can do a few things. Why not bring your team together and place your brand alongside others? You’ll soon start to see the differences. Surveys are also a good idea in this field, and this is especially effective if you’re a b2c business and can head out and ask the general public’s opinions on why they might choose another brand over your own.
Did you know in a recent study it was revealed that: 41% of people feel overwhelmed by the wealth of choice online, which makes it hard for them to make purchase decisions?
It’s obvious - now’s the time to make your brand stand out.
2. Understand your Target Audience
Another warning signal that things aren’t quite going in the right direction is that the wrong types of customer are being drawn to your business.
This can occur for a number of reasons. Perhaps you were originally targeting Generation X, but are now adapting your business to attract Millennials? Or perhaps you have a youthful, vibrant look but in actual fact are trying to pull in Baby Boomers? The above are all small issues that can be fixed relatively easily, all that you need to do as a business is to realise where these areas for improvement really lie.
To really understand your target audience it can be a good idea to get a focus group together. Invite them into the office and be ready with a questionnaire. It’s best to get a broad mixture of current customers and also new prospects you want to target. From there you’ll be able to gauge an honest view of your product, and understand the areas where your brand is missing the mark with your ideal prospect.
3. You’ve Gone into New Markets
Our third, and probably the most common need for a brand reposition is that your businesses has evolved.
It’s a natural state of affairs. Businesses grow, and with that comes new ideas and new markets to grow into. But if this does occur then it might emerge that your original brand isn’t telling the whole story of your business anymore.
Yet it should.
That’s why it’s so important to reassess every time you go into a new market or release a new product. Do people know what you’re offering? If not, think about repositioning.
How to Decide on the Best Position for your Brand
If you’ve identified a need for a reposition of your brand, you then need to sit down and consider what your new place in the market will actually be.
Did you know: It costs 6 times more to attract a new customer than it does to keep an old one?
With this in mind, you need to ensure your new position is still recognisable - but also that you’re repositioned in an effective way.
Surveys are a good starting point for this, as is looking at others in a similar market. Much like using these tactics to help identify your brand's current downfalls, they can also assist in the search for a new era of your brand - one that brings a bright future and further prospects.
However, it’s important to remember that a survey won’t provide 100% accurate findings. According to thebalance.com: ‘On the one hand, consumers tend to act on their feelings but they consciously report what they believe they are thinking.’
With this in mind, any business planning on conducting market research in this way must have a thorough plan of action to hand, allowing for and combatting any pitfalls should they occur.
Pepe Martinez, author of The Consumer Mind, recommends looking at how best to analyse the data according to New Balance. He recommends highlighting what are the most relevant bits of information and how to isolate them from everything else. He also enforces the task of making choices based on what has a higher probability of being factual, as opposed to the actual results.
This means keeping in mind the flaws of the human mind upon collecting and analysing research, and using initiative to come to the right conclusions of your findings.
You can also consult an external agency if you need further guidance. These types of companies assist with repositioning brands on a regular basis - and they’re expert at understanding what you want, what your customer will be looking for, and how to bridge the two together.
How to Reposition your Brand
This section has been designed to provide you with a few hints and tips should you want to go about repositioning your brand on your own.
Your brand is your business, and your business is your brand - so when it comes to repositioning, you need to have a very clear idea of what you want to achieve. Going in blind will only make this difficult for you, and could also cause your brand to suffer.
Be sure to identify your new brand niche and then start thinking of ways to slot into it before you do anything else.
2. Do your Research & Understand the Markets
If you're extending into a new area, it’s important to get a full understanding of the market before diving in. It won’t be simple figuring out where you and your company align in a sector you might not be familiar with, but it is achievable if you study the competition and bullet point all the things they’ve done to get to where they are.
3. Find a Hole in the Market
The main thing no business wants to do when repositioning is to dive head first into a new sector and get lost amongst the others brands already out there. To reposition you need a niche. What can you offer that the competition can’t? This will be your golden selling point and the key to your success - so give it some thought.
4. Consider How Much it Might Cost
If you want to position your brand along with an agency, that’s a decision that only your business can make. Yet you still might need some support when it comes to designing a new logo or brand style guide, for example. Therefore, you are going to need a budget.
Approaching a few external agencies will help you to get an idea of what kind of costs you can expect to be associated with a brand reposition.
If you’re interested as to what we can offer here at Pixel8, click here.
5. Create a Brand Mission
Your brand mission is the one thing you set out to do with your business. Perhaps it’s providing only the highest quality of ingredients in your freshly baked bread - or maybe it’s ensuring your plumbing systems are something your customer can rely on. Figuring this out will enable you to focus in on the best brand position for your company. Everything from your tone of voice through to the colours you choose tell the story of your brand, and your mission needs to shine through.
To find out more about that, read our handy blog here!
How pixel8 Can Help…
Our branding strategies harness design thinking and rigorous insight to build compelling propositions. Whether we’re creating a brand from scratch, repositioning an existing one - we’ll explore your brand, its customers, and the world it lives in.
Together, we’ll bring clarity to your brand, reinforce its place in the market and create a strategic roadmap for real world success.
Wondering what we can achieve when we work our branding magic? We recently helped shoe brand Hotter with a great brand reposition that you can find out about in our 2015 highlights blog.
To find out more about what we can offer your business, fill in our contact form or give us a call on 0161 228 6489. You can also visit the branding section of our website to discover everything you need to know about the pixel8 way of life!