Repositioning Your Brand for Success in the “New Economy”

The word on the street is that many companies are waiting to see the results of the Presidential Election before they start investing money and resources into their business and brand.  If that’s the case, when you make the decision to start investing again, are you going to approach the market the same way you did 5-10 years ago?   I hope not.  As the economy changes, the business landscape changes, as well as, the needs and behaviors of your target audience.  It’s a healthy process for any company to take a step back and evaluate whether their brand needs to be repositioned for success in the “New Economy.”

Recently, Merlot Marketing did a presentation to C-level executives of mid-to-large sized companies, providing guidance on the essential steps of repositioning your brand.  Here are the key items for you to consider if you are going to reposition your brand:

IMPORTANT NOTE: To reposition your brand takes time, strategy, commitment and most importantly, buy-in from the key stakeholders within the company.  Without buy-in, the new brand position is just empty words and promises.

The 4 “R’s” of Repositioning Your Brand:

1.) Refocus (Market Opportunity)
2.) Renew (Message & Core Identity)
3.) Reintroduce (Marketing Materials/Tools)
4.) Reinforce (Telling Your Story/Outreach)

Questions to Ask Yourself:

Refocus (Market Opportunity)

  Can you narrow your customer base?
Can you broaden your target audience?
Is there a new market opportunity?
Can you repackage your product/service or use it differently?

Renew (Message & Core Identity)

Does your messaging speak to your target audience today?
Does your core identity (visual brand) resonate with your target?

Reintroduce (Marketing Materials/Tools)

Do you all of your Points of Brand Interaction represent your brand?
Are your marketing materials consistent and cohesive?

Reinforce (Telling Your Story/Outreach)

Are you distributing your story? Advertising, Public Relations, Promotions, Social Media, etc.
Stay top of mind! Are you telling your story consistently and frequently? And at EVERY POINT of Brand Interaction?

Has your company recently gone through a repositioning?  If so, what did you learn from the process?  What were the significant changes in your marketing strategy?  Did you identify a new market for your product and/or service?  Share your story!