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What are the risks involved in repositioning a product that has already been established in the market?

Con Spieght

Well, when it comes to repositioning a product that has already been established in the market, there are a number of risks that a company needs to be aware of. For starters, there's the risk of alienating your current customers. If you're making changes to the product, whether it's in terms of its pricing, features, or even its branding, you need to be aware that there may be customers who were drawn to the product in the first place because of the way it was before. If they don't like the changes, they may decide to take their business elsewhere.

Another risk of repositioning a product is the potential for confusion. If you're making significant changes to the product, such as changing its name or its branding, customers may no longer be sure what the product is or what it does. This can make it harder for them to find the product in stores or online, as they may not know what they're looking for.

Other potential risks of repositioning a product include the possibility of diluting your brand. If you're making changes to a product that has a strong following, you need to be careful not to water down that brand by changing it too much. Likewise, if you're repositioning a product in response to new competitors entering the market, you run the risk of being seen as a follower rather than a leader.

Finally, there's the risk of not achieving the desired results. If you're making changes to a product, it's presumably because you're hoping to improve its sales or its overall performance. However, you need to be aware that repositioning a product is not a guaranteed strategy for success. There are plenty of cases where companies have tried to reposition products, only to end up with lackluster results.

All of these risks need to be carefully considered before embarking on a strategy of repositioning a product. However, if done correctly, repositioning a product can be a highly effective way to breathe new life into a brand and attract new customers. It's just a matter of weighing the potential risks against the potential rewards.