Hey there! In today's business world, sometimes a company needs to shake things up to keep up with the times. Repositioning a brand is one way to do that. It involves changing how people see your company so you can reach new audiences and stay relevant. However, it's not always easy. People might not like the changes, and if your brand is already popular, it can be even harder to convince people to get on board.
Here are six things to think about if you're considering repositioning your brand in 2023:
Figure out where you're starting from
To reposition your brand, you need to be honest about where you are now. This means understanding how people currently see your brand and what you're known for. Once you know that, you can figure out what needs to change and what you want to keep the same. For example, Weight Watchers changed its name to "WW" to show that they're not just about losing weight anymore - they're about overall wellness.
Figure out who you're trying to reach
To change how people see your brand, you need to figure out who you're trying to reach. This means doing some market research to understand your ideal customer. Abercrombie & Fitch has gone through a few rebrandings by focusing on different audiences. They started selling outdoor sports equipment, tried to appeal to the middle class, and then went after teenagers. Their most recent rebranding targets young adults by emphasizing inclusivity and being wholesome.
Figure out what sets you apart
Once you know who you're trying to reach, you need to figure out what sets you apart from your competition. Nike did this by focusing on inclusivity and diversity in their "Dream Crazier" campaign. This helped them stand out as a brand that stands for equality and empowerment.
Make a plan
To reposition your brand, you need a plan. This should include specific tactics and a timeline. Dunkin' Donuts changed their name to "Dunkin'" and focused on coffee to appeal to a wider audience. They also updated their logo and changed their store design to be more convenient. By doing this, they were able to stay true to their brand while also expanding their reach.
Double-check everything
Before you launch your rebranding, make sure you've done your research. You don't want to offend anyone accidentally or accidentally use slang in a way that changes your message. For example, when SyFy changed their name to look like text speak, they didn't realize that in some countries, "syfy" was a slang term for syphilis. Keep it up Rebranding isn't a one-time thing. You need to keep up with the changes you've made and keep your messaging consistent. This will help your new brand position stick in people's minds. Good luck with your rebranding!
Repositioning a brand can be difficult, but it is essential to remain competitive in the current market. It involves evaluating your current brand position, identifying your target audience, defining your brand positioning, and devising a rebranding strategy. Remember that your brand encompasses more than just your logo or product; it includes the complete brand experience you provide to your customers. By repositioning your brand, you can create a superior customer experience that differentiates you from your rivals.
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