Brand positioning is a vital part of creating any successful business, keeping the company at the forefront of consumers’ minds. Without effective market positioning, brands become forgotten, failing to capture potential customers’ attention and essentially struggling to get business.
Brand positioning is a difficult concept to grasp and includes many aspects of marketing. Here are some easy ways to understand your own brand positioning.
Brand positioning means creating a USP (Unique Selling Proposition) or desirable aspect of your business which is not overcrowded in the market. However, a brand can either create market space or find it. A great way to do this is to understand gaps in the market and explore the services you can offer that others can’t.
You need to understand how your brand differs from similar brands, as there will always be competition in any market. Create reasons for customers to choose you over other businesses, whether it is through creating additional value for customers or being able to offer competitive pricing.
Here are some areas to consider when deciding on brand positioning:
How do consumers see your brand? What makes it unique and what are your greatest selling points? Consider the more unique areas of your business which competitors don’t offer, and if there aren’t any stand-out aspects, think about how you can create some.
List your values as a business, helping you to understand where you fit in the market. Think about how you can get these values across in marketing materials, your website and social media platforms, communicating how you are unique and offer an experience your competitors do not.
It’s impossible to overtake competitors unless you know what they offer. Look at your direct competitors’ businesses, the content they create, the things they do well and the areas they fall behind in. Do the same for your own company, understanding the strengths and weaknesses you have. This will help you understand where you can stand apart from the competition, and getting inspiration from those in the industry.
Make a note of the unique aspects of each direct competitor, working out the areas which make them stand out. Often, these USP’s should be avoided as it will stop you offering a different, or standout service. Importantly, the only time you should look to replicate your competition’s business is if you are confident you can out-perform them to reach their customer base. Beware though; this can lead to competitors improving their performance!
You’ve done the hard work and decided where you want to position yourselves in the market, so use all data, research and competitor analysis to meet your objectives. In addition, take your strengths, competitors’ weaknesses, market knowledge and any unoccupied spaces in the market to carve out the space your brand will occupy. This is then a space which none of your competitors occupy, meaning you will capture your target market’s attention and they will appreciate that you offer something new and exciting.
You know what you want to offer, so now it’s time to create a statement on your brand position. This should be one or two sentences that explain your brand and why it is unique. Definitely, make sure you know the sector you will target, what you are looking to promise, who your target market is and why consumers should choose you, as opposed to competitors. Once it’s written, leave it a few days before revisiting it, checking if you are still happy. Ask potential customers what they think, using this feedback to make any alterations.
Your brand positioning statement should:
Finally, a brand positioning strategy should give you a unique space in the market that enables you to stand out from the competition. Furthermore, it needs to be reassessed regularly to ensure it meets objectives and reflects changing trends and markets.
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