Strategies You Can Use to Reposition Your Brand
Often in business, there comes a stage in the life of a brand when it needs to undergo a transformation or be re-launched to achieve new heights. This doesn’t happen only to brands that aren’t doing well, but also for those that are seeking to reach new levels.
Is re-launching a brand showing a sign of weakness? Not at all! Businesses go through different phases of evolution and in a rapidly changing environment may need to be restructured, repositioned, revitalized or rejuvenated to improve their sales.
Brand Rejuvenation
This is a concept of adding new value, features to an existing product to augment its overall appeal. Brand rejuvenation is intended to re-focus the attention of consumers on an existing brand. For example, an indication of a brand going through a rejuvenation process can be seen when prefixes like new, premium, super are added to existing brand names.
Brand Build-Out
In the case of brand build-out the company releases more products with new brand names. As such, the business has several brands in the same product type or product category. It means that the number of independent branded products increases.
Brand Acquisition
Brand development is a relatively time-consuming activity that takes a lot of effort and resources. In order to overcome this challenge many companies (mostly big corporations) take the path of acquisition successful brands as an easy way to develop and manage their brands.
Brand Portfolio Optimization
As a business grows, it may accumulate a significant number brands and the product lines become confusing. At some point, a company may decide that it has too many brands, which drains its resources and efforts. As such, a sensible decision is to prune its brand portfolio by eliminating some of the brands. The goal is to have a manageable brand portfolio, so the company can concentrate their efforts on improving core brands.
Brand Extension
Brand extension is an effective tool in brand management to extend a brand name to more products. There are three types of brand extensions one can consider:
- Brand extension to other items in the same product line: In this case the same brand name is given to the product of same category i.e. in the same line. This has also been referred as line extension sometimes.
- Brand extension to items in a related product line: In this case the brand name is extended to the products within the same category but have entirely different use cases.
- Brand extension to items in an unrelated product line: In this categorization brand name is extended to the items, which are unrelated to each other. For example Tata has brands in Steel, Automobile and Salt.
