Repositioning within the realm of sales and marketing is a strategic maneuver aimed at reshaping the way consumers perceive a product, brand, or company within the market landscape. This entails altering the product's image, approach, value proposition, or competitive stance, all with the objective of either capturing a new segment of the market, establishing a competitive edge, or reasserting relevance in response to evolving market dynamics.
The impetus for repositioning can arise from various factors, including shifting consumer preferences, the emergence of new competitors, technological advancements, or the necessity to adapt to changing economic circumstances. This strategic undertaking may necessitate adjustments in communication strategies, product design, pricing tactics, or distribution channels.
An iconic instance of repositioning can be observed in Volvo's journey. Initially, Volvo positioned itself as a manufacturer of robust and secure automobiles. However, it subsequently undertook a repositioning effort by refining its image to prioritize safety, while introducing elements of luxury and comfort.
Achieving a successful repositioning hinges on a comprehensive grasp of the target demographic, meticulous market assessment, and the implementation of a sound marketing strategy. Additionally, it necessitates skillful communication of the alterations made, enabling consumers to perceive the brand or product in a fresh and enticing light.
The Marketing Glossary is a compendium of all the most commonly used terminology in sales strategy. Many of the concepts listed here are used when implementing a CRM system or a digital sales funnel, no matter if they are legacy systems or an online CRM. See also our blog that deals with sales techniques, marketing and sales culture.