Tags – Brand Positioning Strategy
Creating a brand positioning strategy can be difficult.
You want to make sure that you are appealing to your target market, while also differentiating yourself from the competition.
Successful companies, like Coca-Cola or Band-Aid have one important thing in common: a strong brand positioning strategy.
And they’ve achieved this so well that their names have become generic terms for similar products within their niche.
That said, improved customer loyalty, a better image and a more relatable identity that sets you apart from the competition are just a few of the benefits derived from excellent branding.
In this blog, we will share what brand positioning is and how to create a strong strategy that works for your business.
What is Brand Positioning?
The practice of developing a brand’s image in the mind of customers is known as branding.
Brand positioning is more than a tagline or a beautiful logo; it’s the method used to set your company apart from the competition.
When a brand is perceived as reputable, valued and trustworthy by the consumer, it is said to have achieved effective brand positioning.
The combination of those three becomes your company’s trademark, and consumers create a place for you in their thoughts.
Whether you want to develop a reputation or not, you have one, so it’s worth creating a brand positioning strategy that can aid in taking control of your reputation and brand image.
To put it differently, a company’s branding allows it to set itself apart from rivals.
This distinction helps a business improve brand recognition, convey value and justify pricing, all of which have an impact on its bottom line.
However, it takes a while for the positioning message to sink in, so consistency is key.
Create a Brand Positioning Strategy in 7 Steps
Here’s how you can create a powerful brand positioning strategy for your business:
1. Assess Your Current Position
You already have a marketplace position whether you realise it or not.
As such, the first step in a brand positioning strategy is to assess your current standing.
Start by asking the questions you already know:
- How do you see your business compared to the competition?
- What unique characteristics set you apart?
To help answer these, use your existing customer source as a valuable source of information: e.g. refer to surveys and customer satisfaction scores.
From this, you should be able to identify any recurring themes or trends in their responses, whether or not there are any similarities among certain customer demographics and which of your products or services are most popular.
With this data, you can compare how people see you now vs. the perception you want them to have.
2. Assess Your Competitors
You can’t know how to compete unless you understand what you’re up against.
As a result, competitor analysis is the next stage in a brand positioning strategy.
Start by determining how many competitors there are in your industry; list five to ten, but no more than ten.
Next, examine their websites, social media profiles and criticism sites.
Then, go through the same questions you did in step one of this exercise.
In addition, ask:
- What are they most known for?
- How do they position themselves? i.e. cheap, premium or mid-range?
- What promises do they make?
3. Create a Positioning Map
In this stage, you’re seeking to identify the many market positions that exist in your field.
You may do so by mapping, creating a table or drawing a tree.
To begin, list all your products and services and those of your competitors.
Next, list the features and benefits of each.
Finally, jot down the price points and types of customers that could buy them.
When you’re done with your brand positioning map, you’ll be able to see a picture; you’ll notice patterns between firms and product holes.
And with new product offers, you could discover potential revenue streams.
4. List Benefit Claims
The biggest question: why should someone choose your business over others?
A unique offer is crucial to all brand positioning.
Of course, this offer will not appeal to everyone.
The objective is to connect the benefit claims with the sort of consumers that you wish to attract.
For example, do you have a secret recipe or use unique materials? How do they improve upon your product or service, when compared to others like it? (Keep a hold of this information for step 6)
5. Make Sure You Can Deliver
The most important stage in the brand positioning strategy is delivery.
The reason why customers abandon a brand to purchase from a competitor is because of a lack of delivery; availability, convenience and speed are all factors that influence delivery.
So from your list in step 4, are you confident that you can deliver each benefit?
To help clarify delivery, ask yourself:
- Does your product or service do what it’s meant to every time without error?
- Can people get it when they most need it?
- Can you demonstrate the highest quality possible?
Quality is associated with materials and manufacturing processes for tangible products.
If you operate in the service sector, knowledge is the most important quality indicator.
Premium brands are constantly on the lookout for the highest possible level of excellence, regardless of the cost.
6. Create Your Brand Positioning Statement
A brand positioning statement captures your company’s essence: what you do, why you do it, how you accomplish it and who you help.
When writing your statement:
- Focus on the target customer: identify how people relate to what you do, i.e. don’t use industry terms or jargon – use their words to describe you, not yours
- Establish your unique place within the market: decide where you fit in among your competitors by assessing your company’s unique strengths and offers
- Leverage your strongest benefit: make the most of your greatest advantages to have an influence on your positioning assertion. Make sure it’s different from what your competition says and worth something
- Offer proof: providing proof simply offers guarantee that you can do the job and make sure you can back up any claims
- Check your work: you may have to tweak your statement several times before it feels right. So don’t promote it until you’re 100% happy with the final version, otherwise you’ll just confuse your target market
7. Take Ownership
After following all of these steps, your new brand positioning strategy will completely change the way you do business.
But this isn’t the end – now you need to put it to work.
That said, keep it front and centre. Everyone in the business should know about your positioning statement and consistency will help keep your company focused, improving results overall.
The Takeaway
A strong brand gives you a leg up when entering or competing in any market.
A distinct brand positioning strategy is needed to express yourself, capture (and keep) your target audience’s attention and expand your business successfully.
So, use the brand positioning framework outlined in this article to secure your place in the sweet spot of your target market.
Please get in touch with us if you have any questions.
In the meantime, take a look at more business advice here.
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