Considering the high number of companies and businesses created every day, most brands don’t transition to be successful as expected. As a result, business owners and top executives are forced to go back to the drawing board and map out effective marketing strategies that will make them stand out, brand positioning being one of them.
It is almost impossible to discuss top business strategies without mentioning brand positioning because it has proven to have a monumental impact on businesses over the years. So, what exactly is brand positioning?
Understanding Brand Positioning
Brand positioning is the strategic process of creating a unique perception of your brand in the minds of the target consumer. You can think of it as how your customer thinks of your business. What comes to mind when your business is mentioned? How does your target audience relate to your products/services? What distinguishes you from your competition?
All these questions narrow down to one critical point; value proposition, which plays a huge part in why existing and potential customers should choose you over others.
According to experts, 95% of customers are drawn to the well-positioned brands in the industry. In fact, some brands have positioned themselves so well to the point that their names have become synonyms with all products in their niche—think of Coca-Cola, Band-Aid, Jacuzzi, etc.
The Difference Between Brand Positioning Statements and Tagline
For what it’s worth, people usually confuse brand positioning statements with company taglines or slogans. Brand positioning statements are typically used internally and constitute concise statements on how a brand wants to be viewed in the market. It helps define the target audience, its value proposition, and what sets it apart from competitors.
On the other hand, taglines, straplines, or slogans are externally-focused statements brands use to communicate their essence to target audiences. In most cases, brands use it in their advertising campaigns to imprint a lasting impression in their consumers’ minds.
Why Is Brand Positioning Critical To Business Growth?
Several reasons make brand positioning an essential element in a business. They include;
- Creating market differentiation: The market is already competitive as it is, and to stand out among the crowd, you must provide a unique proposition, offer the desired experience, or resolve an unmet need. The more customer preference your brand attracts, the more it experiences customer loyalty and retention.
- Improves the effectiveness of your marketing efforts: Almost every business today is vying for customer attention, and as a result, customers bombarded with promotion messages from all corners. In this case, brand positioning can help you speak directly to the right market, enhancing customer engagement.
- Offers a sustainable competitive advantage: This comes in handy when a brand is consumed in the industry noise. It helps implant a brand’s identity into the mind of the target consumers. This way, they don’t have to skim through endless alternatives to make the right decision when buying.
- Brand relevance and consistency: As it plays a significant role in how people perceive the value of your 3, brand positioning helps your business remain consistent across all touchpoints. With a well-defined brand positioning, you can strengthen your business’s recognition, customer engagement, and consumer loyalty.
- Pick the ideal pricing for your products: Last but not least, it helps you know what customers are willing to pay or what competitors are charging, making it easy to come up with the right pricing. This could be a lower or higher price depending on your value proposition to the target market.
So what does this mean for businesses?
As a business person, it’s best to invest in making your brand unique, as well as implementing strategies to attract high-quality and organic traffic to your business. If you get this right, rest assured you will have a competitive edge over your business counterpart in the already saturated business landscape.
Tips on How Businesses Can Achieve Brand Positioning in the Current Market
As noted above, businesses must navigate through the noise to set themselves apart in the already competitive digital marketing world. Here are impactful brand positioning strategies you can leverage to stand out among the crowd;
1. Research Your Competitors
By conducting a competitive analysis, you will be able to know your competitors’ strengths. Use the information to identify aspects you can excel in and focus on them.
In this case, you would identify the gaps your competitors have failed to fill. For instance, if your counterparts are targeting “safety” for women, you can focus on “performance” for men.
2. Define Your Target Audience
Another proven way to position your brand as a thought leader and household name in your industry is by assessing your target market and figuring out what brand positioning they are most inclined to.
Market segmentation plays a huge role in determining the success of your business, and every aspect of your business plays a significant role in making your business stand out from your competitors. Having mentioned market segmentation, factors that affect consumer behavior and the results you get from your marketing campaigns include the age of your target audience and location, among other demographics. In doing this, you’d be better positioned to create a tailored brand positioning that they can resonate with effectively.
Therefore, when coming up with a brand positioning statement, avoid defining its category in your words. Instead, try figuring out how your customers describe it.
3. Have an Emotional Connection with the Audience
In this case, create a compelling brand story. A narrative that the target market can emotionally connect with.
Remember that the story must align with their values and be consistent in all your marketing channels. When creating a brand story, focus on factors like your vision, mission, and purpose. Keeping in mind that a brand is a promise, ensure you deliver on the point of difference you choose.
In this case, it would be wise to involve others when creating a brand positioning statement, including employees and your brand’s stakeholders.
4. Double Down on Customer Experience
Customer experience can change the consumers’ perception of your brand very easily. The opposite is also true.
Therefore, go above and beyond to deliver exceptional customer support both online and offline. Emphasize every touchpoint of your audience’s consumer journey. Build a compelling reason for them to believe in your product.
5. Define your Unique Value Proposition
If you want to stand out and reach your full potential in any industry, you must make efforts to create products that solve the problems of the people you are targeting. This has been demonstrated by top brands like Netflix, Tesla, and Amazon. The common denominator between these brands is that they can be easily associated with their unique selling proposition, and that is branding at its peak.
In this case, you would highlight specific benefits your brand offers consumers. Some of the factors to consider are convenience, sustainability, product quality, reliable customer support, innovation, etc.
6. Avoid Overcomplicating Your Brand Name
Considering that so many businesses compete to reach the same market and gain as many loyal customers as possible, it is only logical to build a distinct brand identity — you can start by exploring brand name ideas that appeal to your target audience.
Have you ever wondered how Apple’s popularity would have been if Steve Jobs had stuck with Executex instead of Apple? How about if Phil Knight hadn’t changed Blue Ribbon to Nike?
That is not all! Others include;
- If Jeff Bezos adopted “Cadabra” as his business name?
- If Zappos remained as “Shoe Store”?
These point to the fact that brand name ideas and tone of brands ultimately affect their visibility, company personality (persona), and how they will receive them or think about them. Think about how your brand will evolve in the future.
Tips for Brainstorming Brand Name Ideas for Your Business
- Choose names that are easy to spell and pronounce
- Avoid words that are similar to your competitors
- Your brand name ideas should be memorable
- Choose names that are web friendly; it helps with SEO
- Go for brand names that are consistent with your brand persona
Other elements to consider are your brand’s overall aesthetics, tone, voice, and visual identity. All these attributes should be consistent in all your marketing channels to build a strong familiarity among consumers.
7. Use Digital Marketing Channels Optimally
You must have a strong online presence to succeed in the current digital marketing world. Start by developing a compelling digital marketing strategy to reach the target market effectively. Here, the secret is to focus on platforms your target audience uses the most.
Don’t forget to consistently monitor and evaluate your customers’ feedback in order to know how you can enhance their experience. However, as you make adjustments, ensure you don’t dilute your brand identity, as it can be confusing to your customers.
Strategic brand positioning rarely changes, but campaigns do. Therefore, you must get it right and stick to it unless your category changes, which would make your brand irrelevant.
Being different from your competitors means doing something remarkable. That said, brand positioning is an ongoing process, from crafting a unique value proposition to strengthening your brand’s differentiating qualities to offering exceptional customer support. You need to stay up to date with market dynamics to ensure you have an edge over your counterparts.