Caring for your company is sometimes like being a homeowner.
Maybe your house needs a fresh coat of paint. The driveway has some crumbling blacktop or concrete. And wouldn’t adding some plants and flowers help refresh your home’s appearance?
Companies are no different. The need to reposition can manifest itself in a number of ways, such as fewer sales, less of an audience, the arrival of new competitors in the industry, changes in the industry itself and new technology.
A reposition is an adjustment that you plan for your business — just as you would plan updating your living space for maximum appeal — in order to keep up with the changing needs of your customers and to move forward and upward as a company.
Rebranding, on the other hand, is more encompassing. It could include a name change, new logo, revised business model and review of core products when the company is really struggling, wants to move past a crisis or refocus its mission and vision.
You’ll know if you should consider repositioning your company if things just don’t seem to be in synch any longer. Does what you’re offering correspond well with what your customers are telling you they want? Do the product updates you’re promoting mesh with the brand promise you’ve established? Does your product appeal to younger generations and the current market? Maybe your brand wants to distance itself from a negative issue or rejuvenate interest in a historic brand in a novel way while remaining authentic to your existing audience.
Your company can be repositioned with the help of embracing emerging trends. This includes social media platforms that may already be fully integrated into your customers’ activities, just not by your company yet. For example, you might expand to Instagram or TikTok.
Repositioning your brand involves taking a good look at demographics, including who your customers are, what customers you want and what customers you need. Utilizing social media can help you adapt your message to new target audiences without changing the essence of your brand — the feeling a customer expects to receive when interacting with your brand. Just like on the commercials, the first sip of an ice-cold Coke is quickly followed by an appreciative “ahhh!” and then images of the soft drink being affiliated with happy people having fun experiences alongside the beverage. (Think of the slogans: Have a Coke and a Smile. Coke is it. Open Happiness. Taste the feeling.)
When you’re repositioning, consider how emerging trends can play a role in enhancing your success.
Where are you now? Look at your brand’s current position in the market Does your unique value proposition hold true? Start to establish a brand repositioning strategy that looks at your established audience, target audience and the ways they like to get their information and then align with it. For example, a shoe company like Skechers may advertise in Reader’s Digest or the AARP magazine for older customers focusing on comfort and support, and look to social media to engage younger buyers seeking stylish, colorful options serving their on-the-go lifestyle well.
Once you implement changes, see what your customers think and whether they believe you’re being true to your brand. Just as you have friends of all ages and walks of life, so can your brand. Take fast-food restaurant brand White Castle’s 100+year legacy of serving small, square hamburgers – Sliders – with a slogan to “buy ‘em by the sack.” The company has repositioned and expanded to adapt to current food trends, adding chicken & waffles, veggie, Impossible, breaded fish and cheese Slider options and catering to home and office gatherings and parties by offering the Crave Clutch (20 Sliders), Crave Case (30) and Crave Crate (100) and online ordering for those whose phone is a permanent fixture in their hand.
Emerging trends can involve dietary preferences, such as Pedialyte Sport drinks for athletes. Emerging trends can also involve embracing an unexpected use of your product, such as Avon’s Skin So Soft exhibiting repellent properties. This resulted in the company deliberately producing mosquito repellents, bug sprays and lotions that add a cosmetic touch to a product line designed to drive away insects.
Regardless of your industry, utilizing emerging trends needs to be integrated without altering the established bond between customers and your business. Appealing to additional demographics and generational groups can be beneficial. Alienating your core audience in pursuit of another may solve your challenges of the day, but will not ensure longevity and staying power for your organization and brand.
It pays to do research before leaping. Adapt trends in a logical manner for your organization to enhance the success of your brand repositioning.