People often say that markets are over-saturated and it’s almost impossible to get your business noticed.
Some think that certain industries are a waste of time to try to enter as a small fish because the big corporations have taken up too much space.
Well, both of these statements could have some validity to them but they aren’t the final say. The truth is that if you can develop a strong brand then you can stand out and have a good chance for success.
And you don’t have to be a multi-million dollar company to do so. Keep reading to check out some brand positioning strategies to help your company win over customers and make profits.
What is Brand Positioning?
Brand positioning refers to the idea of making a strong enough impression on customers that determines where and how you sit in their minds. Therefore, the strategy is to use a variety of factors, including imagery, pricing, etc., to get buyers to associate these things with your brand.
Businesses develop brand positioning statements to use as road maps for making decisions that will continue to shape the customer’s overall perception of the company. This is not to be confused with a tagline, which is a shorter, external statement used for marketing.
There is quite a bit of planning and important details that go into this. However, with the right intentional moves, you can position your brand for a win. Check out these following tips to help you do this for your company.
1. Determine Your Current Position
Before you start attempting to position your product or service in the market you have to know where exactly you are at this moment. You can do this by identifying some key marketing and operation factors that are already established within your company.
One of the first things to always focus on is the customer. Determine who they are and what appeals to them. Then you should be figuring out how they currently perceive your brand.
After this, you want to start identifying other key components of your brand that can help you to stand out. This includes your values, credibility, and overall brand persona. Focus on tightening up any loose ends around these things to get moving toward your best brand positioning.
2. Compare With Competitors
Another key to knowing where exactly your brand falls in the market is to be familiar with where other brands are. Know which ones are favourable for your shared audience and why.
Take the time to analyse your competitors and make sure you understand why or why not their brand positioning works for them. You can conduct research by simply observing, looking into keyword searches, doing surveys with customers, and checking in on the talk around forums.
Knowing the inner workings of the opposing team can help with giving you a competitive edge.
3. Identify Your Unique Qualities
If you really want to nail brand positioning you need to know what exactly makes your company special. What makes people stop in their tracks for your business? It’s important to be able to identify the unique qualities that you have over your competitors.
Having a clear picture of the factors that help to differentiate your brand is what will help to direct what your future decisions are based off. Ask yourself what you have that can’t or hasn’t been done before.
4. Establish Positioning Idea for Differentiation
Now that you have a good handle on the things that make you different, its time to develop an idea or angle that will be valuable to your customer base. How are you going to show them that you are, in fact, something special in a familiar world?
This part is pretty much helping you lead into crafting a good statement for your brand so be clear on your distinct approach.
5. Develop a Brand Positioning Statement
The brand positioning statement, as mentioned earlier, is a few sentences detailing what your company uniquely offers to customers and subtly sets it apart from the competition. Writing a strong statement will help with future navigation for making essential decisions for your brand that will further impact customer impressions.
A solid formula to follow would be to include who the product or service is for (target ideal customer) and what the exact product or services are. Then make a promise of what it can deliver (benefits and value) based on qualities unique to your company (differentiation).
Also, be sure to include the category that your brand is competing in and proof of the benefits and value that you’ve promised to customers. These components can help to make a perfect brand positioning statement.
6. Test & Retest Positioning
There are no successful businesses that have gotten to where they are without continuous trial and error. The next important step to developing your brand positioning statement and strategy is actually testing it out.
The whole purpose of positioning is to place your brain in the customer’s mind. However, at the end of the day, only the consumer is in charge of that. And the only real way to determine whether you are making any progress or not is through checking out data and results, then tweaking things when need be.
With all of this being said, you should still be testing and paying attention to responses, as well as making changes when needed, to make sure your actions and decisions stay in alignment with your company mission and values.
Put Your Company in the Right Spot
Again, a lot of brand positioning will ultimately be determined by how the customer perceives you. And everyone’s perception is different. But you can have an influence on it by sticking to a brand positioning strategy.
This can definitely help to guide your customer’s view of your company’s brand in the long run and doesn’t leave your positioning up to chance alone. If you’re looking for more assistance with putting your business in the right spot, feel free to contact us today.