Absolutely, a failing brand can be successfully repositioned. It’s not easy, and it requires honest assessment and a willingness to change, but we’ve seen it work time and time again with Australian SMEs. The key is understanding *why* the brand is failing in the first place. Is it a product issue? Has the market moved on? Or is it a positioning problem – does the brand no longer resonate with its target audience?
Repositioning isn’t about a superficial makeover; it’s about fundamentally changing how customers perceive your brand. Here are a few insights that matter when tackling this challenge:
- Understand Your Current Position: Before you can move anywhere, you need a clear picture of where you are. We use techniques like perceptual mapping to visualise how customers currently view your brand relative to competitors. This helps identify gaps and opportunities.
- Identify a New, Relevant Position: This isn’t about inventing something from scratch. It’s about finding a space in the market where your brand can genuinely offer value. Consider unmet needs, emerging trends, or a different way to frame your existing benefits.
- Communicate the Change Consistently: Repositioning requires a unified message across all touchpoints – from your website and social media to your advertising and customer service. Inconsistency will confuse customers and undermine your efforts.
- Don’t Abandon Your Core Values: While a repositioning might involve a shift in focus, it’s crucial to maintain the fundamental values that define your brand. Authenticity is paramount, especially in today’s market.
A common mistake we see is trying to be everything to everyone. Successful repositioning often involves narrowing your focus and targeting a specific niche. This allows you to build a stronger connection with a defined audience and become known for something specific. Think about how some brands have successfully pivoted during challenging times – focusing on a new benefit or appealing to a different customer segment.
Repositioning takes time and investment. It’s not a quick fix, and you’ll need to track your progress closely to ensure you’re moving in the right direction. However, with a well-defined strategy and consistent execution, you can breathe new life into a failing brand and set it up for sustainable growth. The first step? A thorough brand audit to understand your current positioning and identify potential opportunities.
