Repositioning
Repositioning- Back from Holy Grave!
When the recovery will begin? This question has been asked to me several times or almost in each of my class by my students (as they were worried about their future) in past 5 months & my standard answer was always “ NEVER, It will be.”
Because Recovery means ‘A RETURN TO NORMAL.’ For the probable future, where as Now is the new normal. Recent worldwide Economic collapse has permanently shifted customer expectations & business dynamics. Today’s consumer is worried about his Income Resources and future, as he should be. Now consumers are extremely price as well as value conscious. One approach, which attempts to maintain growth and margins while meeting the new demands of the transformed economy, is called repositioning.
Repositioning, in classical sense, stands for marketing communication strategy designed to re-frame a company’s offerings in a more favorable light to appeal better to changing consumer sensibilities. And in today’s scenario, it’s primarily intended to lure customers by emphasizing value for –money. For example Instead of using advertising to position a luxury automobile as a status symbol, a company may choose to reposition it as a sound investment.
But is repositioning a brand, enough to convince consumer to remain loyal, maintain purchase regularity, or trade up and pay a premium during tough economic times? This will depends on many factors, including, the numbers of competing substitute, the comparative price, the price differential, the creative approach. However, what matters when consumers are actively sensitive towards the relative worth of competing brand that adds unique & tangible meaning and value to their lives.
As the new world which revolves around the rapidly changing needs & wants of the customer, Market leaders must realize that it’s not about trying to engineer your brand through creative messaging and associations. Instead, stay tuned and connected to the living & breathing market place of your consumers fears, challenges, and aspirations. The best way to assure that consumers choose your brand, is to create a unique mix of value, build the capabilities to deliver that value over time, and then reposition the brand to reflect those offerings. When repositioning the brand, it is essential for a marketer to capture not just the emotional & physical needs of the customer, but the dynamics of the situation in which those needs occurs. This can be called upon as the customers “frame of reference.” Importantly, the frame of reference set the parameters for customers’ consideration set – the brands they will choose from. Repositioning of the brand too far from the frame of reference can create confusion in the consumers mind when result in failure of reposition of brand.
Repositioning singularly is not enough, if it sounds relevant, fresh and give undeniable meaning & value. Value those customers, who are willing to go out of their way for or pay a premium for. Value that customer, who feel compelled to share the same with their family & friends. Value that makes a difference in their lives during a troubled time.
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