The dos and don'ts of brand repositioning
Deploying a brand repositioning strategy can help your business become more relevant and sustainable. Here are the dos and don’ts of making a brand change.
COVID-19 has been having a detrimental impact on most industries in Australia and around the world. But the silver lining is that it could be a great time to overhaul and optimise the way you do business. So, if you’re considering a brand reposition for your venture, here are the biggest dos and don’ts.
Just like starting a business from scratch, brand repositioning takes thorough research, patience and a strategy. There’s likely a lot riding on this transformation, so take the time to do a thorough audit of your current business and ask yourself the hard questions:
Once you have a thorough understanding of the inner workings of your business, you’re likely better placed to improve it.
Updating your logo or brand colours could absolutely help give your brand a fresh look – and therefore attract new customers – but it shouldn’t be the beginning and end of a brand reposition. Your visual rebrand should be part of a holistic business transformation that looks at what your customers need, how you interact with them, how you manage your staff and cash flow, and how you market yourself.
A common reason for businesses to consider brand repositioning is because they’re struggling to gain traction with younger demographics. To tackle this challenge, it can be helpful to take stock of how other businesses approach the market to see what works for them and how you could mimic their approach in your business. Do you need to create a stronger web presence? Could you drive up sales by being more engaging on social channels? Should you consider leveraging emerging technologies?
You’ve succeeded in business up to this point for a reason, and while you might need a little help to get a greater market share, don’t risk losing your loyal customer base by spreading yourself too thin. Instead of simply offering more, consider focusing on your most popular offerings. Shedding what’s not currently working could help you improve your hero products and services and have more time – and resources – to expand them to a wider target market.
Watching your competitors soar could have been the reason you’re now considering a brand reposition. Take a look at how they’re succeeding where you aren’t. What tactics are they using to bring in customers? What technology solutions or cost-cutting strategies are they using to reduce their overheads? You can also look at what they are doing wrong – this can help you avoid some of the common pitfalls of doing business.
Your brand reposition might take anywhere from days to weeks to months – or even years. For you, the changes might have been under way for a long time but your prospects have not been on that journey with you, so it might take them longer to catch on emotionally. You can help by educating them on the changes that you’ve made. So, once you’ve embarked on this voyage, it’s important to stay the course and be committed and invested in the change.
Staying relevant in business is both challenging and demanding. While COVID-19 is making life harder for most Australian business owners, it could provide you with the time to think about your offering and help make a positive change through brand repositioning.
This information does not take into account your personal circumstances and is general. It is an overview only and should not be considered a comprehensive statement on any matter or relied upon. Consider obtaining personalised advice from a professional financial adviser and your accountant before making any financial decisions in relation to the matters discussed in this article, including when considering tax and finance options for your business. Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.