To stand out in today’s competitive market, businesses must design their image and offerings in a way that occupies a distinctive place in the minds of consumers. This brand positioning helps prospects realize what sets you apart from your competitors and impacts the way people perceive your company. Not only do you want your business to be front of mind for consumers seeking your goods. You want them to think about the benefits you deliver that others cannot. Brand positioning is an essential element of any company’s marketing strategy.
What Are the Objectives of Brand Positioning?
Businesses who use brand positioning are trying to reach four main objectives.
1. Gain Recognition
Brand positioning helps people become familiar with your company. Through a careful marketing strategy, your logo and business name become recognizable. Then you become the first company people recall when searching for the solutions you provide. Eventually, these same people will refer you to their own contacts with similar needs, expanding your reach and broadening your recognition among consumers.
2. Set Yourself Apart from the Competition
Successful brand positioning helps consumers see how your product is different from that of your competitors, and why it’s a superior choice. This differentiation enables you to focus on the key aspects of your offering that make it unique and preferential. When successful, consumers will be attracted to your products. This sets you apart from the crowd, drives more traffic to your site, and brings more sales for your business.
3. Indicate Brand Strength
Understanding your current position in the market can help you determine the strength of your brand and reconsider your marketing strategy. You can see how far your reach is and whether you’re succeeding in positioning your business as a front-of-mind brand for consumers. An analysis of brand position can help you identify areas of your marketing plans that may need adjustment so that you can propel your products (and your business) beyond their current state. This is key for continual growth, improvement, and success.
4. Justify Your Pricing
On average, nearly 69% of online shopping carts are abandoned before a purchase is made. This is often due to price. An effective brand positioning strategy highlights the quality and value of your company and the products you sell. When consumers see this, they can justify paying your prices, even if they’re a little higher than people might initially want to pay. This results in more customers, more sales, and more revenue.
3 Steps to Create Effective Brand Positioning
Creating an effective brand positioning strategy can be completed in three basic steps.
Step 1: Assess Consumers and Competitors
Before you can plan where you’re going, you first need to understand where you are. Conduct audience research to gain a clear realization of what it is consumers really want. What are their needs, concerns, and pain points? Then determine your capabilities, how your brand and products can meet those needs and solve those problems. Lastly, research your competition and see what they’re doing to position their brand. Identify what’s working for them and what areas could be improved upon.
Step 2: Craft a Positioning Statement
Use the information you’ve gathered to develop a positioning statement that resonates with your audience. Be sure it doesn’t over-promise something you can’t deliver. Keep capabilities in mind and focus on your strengths while realizing your limitations. Ensure your message is different from that of your competitors. Remember, your brand positioning should point out what makes you unique and sets you apart from others in your industry.
Step 3: Embrace Your Brand Positioning in All Areas
Once you’ve broadcast your brand positioning, you must include it in all areas of your business. Your position should be reflected in everything from packaging and brand identity to service and communications. Ensuring your company constantly operates by this guideline helps to build customer trust and loyalty, which translates to sales growth and revenue generation.
Rely on Trusted Brand Positioning Experts
Migration Marketing specializes in brand strategy and activation. We can help you develop an effective brand positioning strategy that solidifies your company in the minds of your consumers.
Contact us and learn how we can help position your brand.