Do you ask for a bandage or a Band-Aid if you scrape your knee? Coca-Cola and Band-Aid are two successful firms that have one thing in common: a solid brand positioning strategy. Indeed, their brand names have become generic labels for all things in their area that are identical.
All organizations that want to succeed need a solid brand positioning plan, and the evidence is in the numbers. Brands that are constantly presented enjoy a 10-20% boost in sales on average. Increased consumer loyalty, a better image, and a relatable personality that sets you apart from the competitors are all benefits of successful branding.
You’ll learn the framework for placing a brand successfully within your ideal market in this post. Don’t worry, we’ll dig into the weeds so you have a firm grasp on how to position your business.
What is Brand Positioning?
The process of establishing your brand in the minds of your customers is known as brand positioning. Brand positioning is more than a catchphrase or a flashy logo; it’s a strategy for distinguishing your company from the competition. When a brand is viewed as positive, valuable, and believable by the consumer, it is said to be effectively positioned. As a result, your customers carve out a place in their imaginations for you as a result of the combination of those three.
This is critical since simply being “different” from the competition isn’t enough to succeed in business. Take it from Will Barron, a brand positioning expert at Salesman.org: “When you’re doing something amazing, you only get the chance to position your brand. Anything else is merely a comparison.”
Why is Brand Positioning Important?
You already have a reputation, whether you like it or not, so make a brand positioning strategy to assist you to take control of your brand image and reputation. A soda firm chose to provide a never-before-seen product more than a century ago: the first-ever cola drink. It was able to establish itself as the original in this way. Coca-Cola has become a household staple with millions of sales all over the world. It’s regarded as the gold standard of soda in our minds.
A company’s brand positioning allows it to stand out from the competition. This differentiation aids a company in raising brand awareness, communicating value, and justifying pricing, all of which have an impact on the bottom line.
However, not all brand positioning strategies are created equal or have the same goal. Your positioning and messaging will differ depending on the nature of your business and industry. Let’s take a look at the way to create a brand positioning strategy and get you started.
How to Create a Brand Positioning Strategy?
Developing your own brand positioning plan entails delving into the nitty-gritty of your business and figuring out what you do better than anybody else. These stages will assist you in developing a brand positioning plan that is specific to your company.
What’s your Current Position?
Delving into the nitty-gritty of your business and determining what you do better than anybody else is the first step in developing your own brand positioning strategy. These steps will help you create a brand positioning strategy that is unique to your firm.
According to Matylda Chmielewska of the LiveChat Partner Program, “We all want to interact with brands that seem and feel genuine. Instead of inventing complicated jargon that no one will understand, just speak plainly. Begin by determining who your (ideal and existent) target audience is and speaking in their language.”
Brand Birth Chart
It’s time to delve into the nitty-gritty of what your brand represents to customers once you’ve defined where it stands in the market. A brand essence chart can aid in the organization of these concepts, making them clear and simple. This chart can also be used for copywriting and design inspiration. There are seven parts to the brand essence chart:
- Attributes: Consider attributes to be featured. This might be a little easier to come up with for a physical product than for a SaaS or technological offering.
- Benefits: What does the customer gain out of your product or service as a result of its features?
- Personality: These adjectives describe your brand’s traits. Also, don’t be scared to use a thesaurus for this section. To set your business apart from the competition, your personality may and should be complex.
- Authoritative and Supportive Sources: What is your brand’s foundation? It might be a long history of industry knowledge, awards, and regulatory recognition in your vertical, scientific research, or even unwavering consumer support in the form of reviews and testimonials.
- What does It suggest About You (The Client): What does your brand say about your ideal customer based on the aspects we’ve explored so far? To help you complete this section, draw inspiration from the personality section.
Competitors? Check.
After you’ve analyzed yourself, it’s time to look at your competition with competitor analysis. Why? To perform competition research, you need to know who you’re up against. This research will assist you in determining what you can improve in your plan to obtain an advantage.
It’s time to undertake in-depth competitor research once you’ve discovered who your competitors are. In order to compete, you’ll need to look at how your competitors are positioning their brands. At its most basic level, your study should comprise the following:
- What services or goods do your rivals provide?
- What are their advantages and disadvantages?
- What successful marketing methods are they employing?
- What is their current market position?
USP + Framework = Positioning Statement
You’ll probably notice patterns after conducting a competitor study. You’ll notice that various companies have similar strengths and shortcomings. When you compare your product or service to theirs, you can discover that one of their flaws is also one of yours.
This is what makes your brand unique, and it’s a great place to start when it comes to market positioning. As you compare, take note of your distinct offerings and dig deep to discover what you do better than anyone else.
Now is the moment to put all you’ve learned into a brand positioning statement. “A positioning statement is a one- or two-sentence proclamation that communicates your brand’s distinctive value to your clients in respect to your primary competitors,” according to The Cult Branding Company.
Before drafting your positioning statement, consider the following four questions:
- Who is your ideal client?
- What is the nature of your product or service?
- What is the most significant advantage of your product or service?
- What evidence do you have that this benefit exists?
Conclusion
As you can see, having a strong brand when entering or competing in any market makes all the difference. Making a statement, capturing (and maintaining) your target audience’s attention, and successfully building your brand all require a unique brand positioning plan. To position yourself in the sweet spot of your target market, use the brand positioning tactics and frameworks discussed in this article.
The biggest plus with market research is staying on top of trends and of course – the market! If your vision is to beat your competition, market research should be at the top of your list and Maction can help you with that. Book a call with us today to explore what a market research partner can do for you.
