River City Bank recently went through a brand repositioning when the decision was made to move from a consumer bank to a premier business bank. As the economy changes, the business landscape changes, as well as, the needs and behaviors of your target audience. It’s a healthy process for any company to take a step back and evaluate whether their brand needs to be repositioned for success in the “New Economy.”
Here are key items for you to consider if you are going to reposition your brand:
The 4 “R’s” of Repositioning Your Brand:
1.) Refocus (Market Opportunity)
2.) Renew (Message & Core Identity)
3.) Reintroduce (Marketing Materials/Tools)
4.) Reinforce (Telling Your Story/Outreach)
Questions to Ask Yourself:
Refocus (Market Opportunity)
Can you narrow your customer base?
Can you broaden your target audience?
Is there a new market opportunity?
Can you repackage your product/service or use it differently?
Renew (Message & Core Identity)
Does your messaging speak to your target audience today?
Does your core identity (visual brand) resonate with your target?
Reintroduce (Marketing Materials/Tools)
Do you all of your Points of Brand Interaction represent your brand?
Are your marketing materials consistent and cohesive?
Reinforce (Telling Your Story/Outreach)
Are you distributing your story? Advertising, Public Relations, Promotions, Social Media, etc.
Stay top of mind! Are you telling your story consistently and frequently? And at EVERY POINT of Brand Interaction?