Three Steps to Repositioning an Existing Brand

Faith B

Active member
Repositioning an existing brand is a process that involves;​
  • New vision,​
  • New products, and​
  • New voice.​
The process is challenging, but it also provides an opportunity to innovate and create new strategies. Here are three steps to help reposition an old brand:

1. Define the problem and the customer: The first step in repositioning an old brand is defining the problem. The next step is identifying the ideal customer. To do this, conduct a customer survey to gather specific information about the needs, challenges, and preferences of the target audience.

Repositioning an existing brand
2. Develop a new positioning strategy: Repositioning an existing brand involves making the product or service more innovative, helpful, or convenient. For example, a traditional bank can be made more modern and online by repositioning itself as a bank. However, this strategy is not appropriate for every situation. Moreover, if the brand is not appealing to the target market, it will not be able to increase its market share in this market.

3. Monitor current position: Repositioning a brand is a long-term process. It requires constant monitoring of the product's current position and feedback from customers. The positioning of a product or service may change over time. This is why it is crucial to monitor the position of your brand over the years. If the market changes, you need to adapt your positioning strategy. It's important to keep track of the changing position of your brand because your competitors' brands might also be repositioning themselves.

When repositioning an existing brand, consider the needs of your customers and the market. Are your customers buying a similar product? Does the price of your product attract the right customer? If you aren't offering the right product, consider repositioning. Repositioning can help you increase your market share by making your product or service more convenient. You may also choose to introduce new features. The process of repositioning an existing brand can be complicated and difficult, so start your research early.

Repositioning an existing brand can also be a strategic shift. The market for a particular product or service may be saturated. The market will be more crowded than ever before, and your competitors may be offering products that have similar features. This means that repositioning an existing brand can be a good strategy. In some cases, the company has to change the product or service to attract customers. The changes to its positioning are crucial to the future growth of the product or brand.
Main goal
The main goal of repositioning an existing brand is to reposition the product or service to create a new identity and attract more customers. It can help the company grow by changing its image in the market. When the market is changing, the consumer's preferences may change. This will result in a more profitable brand. Alternatively, you can simply make the old brand look new by making it more modern. The new positioning can help the company increase sales by adding new products.​
 
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