So many brands and companies are constantly reinvigorating their businesses and positioning them for growth. There is a constant need to innovate, reinvigorate, update, recalibrate, or just simply fend off the competition in an effort to better explain "why buy me."
To move forward, companies and brands need to first take a look at their current brand positioning. But for a moment, even a brief moment, it would make sense to go back to the brand drawing board to answer the question, Just what is brand positioning anyway?
Brand positioning creates a specific place in the market for your brand and product offerings. It reaches a certain type of consumer or customer and delivers benefits that meet the needs of several key target groups and users.
The actual approach of a company or brand's positioning in the marketplace depends on how it communicates the benefits and product attributes to consumers and users. As a result, the brand positioning of a company and/or product seeks to further distance itself from competitors based on a host of items, but most notably five key issues: Price, Quality, Product Attributes, Distribution, and Usage Occasions
As companies and brands today look to brand repositioning, they first have to ask what the reasons are for repositioning the brand. They can include declining sales, loss of consumer/user base, stagnant product benefits, or the competition, including such issues as increased technology and new features.
What's next after identifying the reasons for pursuing a brand repositioning?
A four-phased brand repositioning approach will help guide you through the process and allow your company and brand group to best calibrate based on timing, budget, and resources to get the job done.
Phase I. Determining the Current Status of the Brand