Repositioning | 5 DIY tips
Face it... things don’t always go to plan. Growth slows, sales stall, click-rates crawl and social engagement screeches to a halt. Almost every business experiences this at one point or another. You might need to reposition your brand if there’s a change in the direction of your business; you're not standing out from the competition; it’s hard for people to understand what you offer; or you're not generating enough sales. There are 5 key marketing steps to reposition your brand for growth:
1. Determine your existing positioning
Start by considering your current and target customer and defining who they are. Next, identify your mission, values and what makes you different from the rest of the market. Finally, take stock of your value proposition and your current brand voice.
2. Analyse the market and the competition
By checking out the positioning of your competitors you can better understand the overall conditions of the market and how much influence they have on your target demographic. Market research, industry surveys and competitor research are the way to go. Check everything – their position, offering and marketing strategies.
3. Compare yourself against competitors
Investigating the competition helps to determine your strengths and weaknesses and also to carve out your positioning in the market. Compare the differences between your messaging strategy across all types of communication channels and those of your competitors to outline gaps and opportunities to exploit within your new messaging.
4. Create a new positioning statement
A positioning statement is the identity your business is striving for – it identifies who you are and what you stand for. Ask yourself: Who is my target customer? What’s my product or service category? What are my target audience’s pain points? What are the main benefits of my brand?
5. Test your market positioning
The final step is to test your model on your industry and target audience. It includes qualitative and quantitative data gathering: focus groups, one-on-one interviews, surveys and polls. Based on the findings of these tests, you can solidify your positioning and transform your marketing efforts!
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