What is brand positioning?
A Strong brand is what sets apart the products of one company from another. Companies use brand positioning strategies to create a brand association in the minds of customers in order to make them perceive a brand in a particular manner. Effective brand positioning maximizes customer relevancy and competitive distinctiveness while enhancing the brand value in the market. The extent to which a brand is considered favorable, credible, and unique by customers determines the success or failure of a strategy.
What is a brand positioning statement?
A brand positioning statement refers to a brief description communicated to the target customers about the brand’s unique value in relation to the key market competitors. It is an expression of how the company’s products fill the gaps in a particular customer need better than the competitor brands in the market. It involves identifying a market niche and then establishing the brand in that area.
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Steps in an effective brand positioning strategy
A successful brand positioning strategy requires companies to deep dive into the brand details and discover their unique selling propositions that make their offerings unique and more desirable than similar products in the market. Experts at Infiniti Research have highlighted six critical steps to create an effective strategy:
Determine current brand positioning
One of the first steps towards creating an effective strategy is to determine your brand’s current positioning. This gives you important insights into where to go next and also provides an opportunity to further analyze the competition. Start by segmenting and defining your target customers. The next step is to identify your brand’s vision and values and understand what makes your brand different from others in the market.
Determine your competition
Using competitor analysis, you can analyze your key competitors in the market. This will help you gain a better idea of who you are up against in the market and what their key strategies are. Some of the key methods you can use to determine your competition include:
- Market research
- Customer feedback
- Social media
Identify your unique selling proposition
A successful brand positioning is all about communicating to customers about what makes your brand different from the others. Competitor research will reveal patterns in the business operations of competitors that would have been previously unnoticed. Also, as you examine the strengths and weaknesses of the competitors, you may notice that their weakness is your strength. You can use this as a key element in promoting your brand.
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Create a brand positioning statement
As mentioned earlier, a brand positioning statement is a comprehensive declaration that communicates your brand’s unique value to your customers. Before drafting a statement, some of the questions that you must answer includes:
- Who are your target customers?
- What are the categories that you deal in?
- What are the core benefits that your products offer?
- What is the proof of those benefits?
Test your brand positioning statement
Creating a brand positioning statement is only the beginning. The real challenge lies in testing and gathering feedback on whether the positioning strategy is living up to what is expected. You must take out time to gather feedback from the target customer and identify if there are any improvements that can be made to achieve the desired result. Contact us to know more.