04/ 29/ 2002
by Vicki Gerson
Is it time to reposition your brand?
Take time to evaluate the strengths and weaknesses of your product, study your competitors and figure out the needs and wants of your target market, as well as what your product has to offer them. If you find that itÆs time for some changes, ask yourself the following questions:
What is meaningful or different about what my business is selling?
A flour manufacturer wanted to distinguish its brand from others in the marketplace. After carefully analyzing the situation, the manufacturer discovered that busy consumers would love to bake, but just don't have the time. So they repositioned the brand by placing easy recipes on each package to help customers save time and continue to bake.
Is the business positioning itself against a specific competitor?
With this type of repositioning, a business goes directly against the company versus the product. Think of Hertz vs. Avis or Burger King vs. McDonald's. If your business is going to go up against another in your area, it must have the necessary resources and management commitment to compete. Even though small business owners have a difficult time taking on national chains, the other locally owned businesses in your industry are competitors also.
Is the product repositioning against a category?
Look at the changes in the beer market. When light beer was introduced, it was competing against regular, high calorie beers. In time, other beer companies introduced light beers, and a new subcategory was born. In 1999, the light beer market grew to 40.1 percent of the total beer market. Light beer has made an impact and cut into high calorie category of the market.
Now that youÆve analyzed what your product is up against, closely evaluate how your product ties to the target market:
- List your key target markets.
- Match your product's characteristics to your target market's needs and wants.
- List the product's attributes by importance.
- Depending upon the product, decide if the packaging is current and/or attractive.
Many strategic brand marketers and advertising agencies recommend that a business reevaluate - not necessary reposition - their brands once a year. This process allows the business owner to re-evaluate the changes in the target market as well as the ups or downs of the economy and the need for the product. To stay relevant many brands must change, or risk losing their market share.
