Are your sales figures declining?

[mstakh.i.mo.mi]

Significance and Benefits of Brand Repositioning
More brands are choosing brand repositioning despite requiring substantial effort and financial investment. This is because the benefits it offers outweigh the incurred costs. Brand/product repositioning is beneficial as it helps infuse a new life into your products, urging your prospects to try them. It renews focus on the target audience and gives an edge over the competition. As stated above, it is the key to survive in a volatile market. By using this marketing strategy tactfully, you can even overcome negative publicity, connect better with your target audience, and strengthen your position in the market. It is known to enhance brand performance.

Distinguishing Between Brand Repositioning and Rebranding
Brand repositioning is often confused with rebranding, even though they are different. Here is how they differ from each other:

Repositioning is done to change the way your target audience perceives your brand. It may involve introducing a new product, changing the features of existing products, coming up with a new tagline, or modifying your brand message. The aim is to refresh your image in the market, restore your customers’ interest in your product, and attract a new customer base.

Rebranding is done to change a brand’s identity completely. This often jordan phone number list involves choosing a new name for the brand, designing a new logo, or changing the colour scheme. It is done to build a new identity. The aim behind rebranding is mainly to combat unwanted reputation that may have built over time. It enables business owners to start afresh and create goodwill in the market.

Indicators Your Brand Could Benefit from Repositioning
Repositioning is not a simple process. It involves a lot of time, effort, and money. Thus, it is important to determine whether your brand truly requires it to thrive in the market before you begin the process. You shall be able to gain clarity by answering the following questions:

Do you want to target a new or different audience?
Has a change in your competitors’ strategy impacted your performance?
Are you finding it hard to connect with your target audience?
Have you upgraded your product or service?
Are your current marketing strategies not yielding the desired results.