Any business striving for success requires a strategy that attracts and retains customers to build brand loyalty and make your brand stand out from others in the marketplace. With extensive competition — both from existing companies and startups — you will need to consider a variety of brand positioning techniques. However, navigating the different aspects of branding can be tricky for most companies, more specifically, for growing businesses.
That said, this guide provides great insights into what you need to know about creating a brand that sets your business apart and form a strong connection with your audience, ultimately increasing revenue.
WHAT IS BRAND POSITIONING?
Brand positioning refers to the process of creating your brand messaging and having it be understood by your customers. Unlike taglines and logos, brand positioning involves dedicated tools and techniques to grow your brand in the minds of potential customers. The motive is to make your company stand out from the competition.
With several types of positioning strategies, you can choose your preferred option based on your company guidelines to maximize consistency in delivering the message to your audience. And because brand positioning can be a daunting process, partnering with a branding firm can be helpful. This lets you create a reputable brand that is credible in the minds of your consumers.
WHY IS BRAND POSITIONING IMPORTANT?
Essentially, branding is a continuous process that facilitates the growth and success of a business regardless of the competition. It has the potential to provide many additional benefits to your business, but you need in-depth and expert knowledge to maximize benefits such as:
- Promote product personality: Business branding gives your product identity and helps customers relate with your business's personality readily.
- Help connect with your customers: A well-positioned brand focuses on solving customer problems, giving you the ability to communicate your values, vision, and brand's story more effectively.
- Differentiate your brand from the competition: Brand positioning enables you to stand out from your competitors, making customers distinguish your brand from the rest.
- Promote creative business decisions: Understanding what your brand needs allows you to create more focused and creative marketing campaigns crucial for your brand's growth.
HOW TO CREATE A BRAND POSITIONING STRATEGY FOR YOUR BRAND
Getting started with brand positioning strategies require adequate planning to achieve the set goals. Here are expert tips on how to create a brand positioning strategy;
DEFINE YOUR GOALS
A successful brand positioning strategy is only achieved when you've clearly defined goals and determined your target audience. Focusing on only your products can turn off potential customers; hence dig into what your consumers really need and zero in there. Check your business stats, conduct focus groups, and study market trends to define your goals more clearly.
IDENTIFY YOUR COMPETITION
Besides your consumers and business goals, identify the competition to learn how you're going to set yourself apart and claim a leadership position. Have a good understanding of how they operate and go-to-market so that you can identify appropriate strategies and position your brand. It is an excellent way to educate yourself about your competitors and develop a unique point-of-view that gives your business what it needs to thrive.
ANALYZE YOUR SWOT
Once you identify your competitors' strengths and weaknesses, analyze your SWOT (Strengths, Weaknesses, Opportunities, and Threats). This allows you to concentrate on your best-selling areas while giving you room for improvements. Again, develop ways to generate more leads while introducing more effort to alleviate customer complaints and improve expertise. It also offers an opportunity to capitalize on emerging opportunities and find measures to evade risks likely to affect your brand's reputation online.
FOCUS ON YOUR SELLING POINTS
Now that you have a better understanding of your business and competitors, you know what promotes your brand. Henceforth, focus on areas that make you shine because this is the differentiator to create a brand positioning strategy. Leaning on your unique selling points enables your customers to recognize your brand more quickly and remember it.
CREATE YOUR BRAND POSITIONING STATEMENT
With your strengths, competition, selling points, and goals identified, it's time to put everything together and create a brand positioning statement. Describe what your company does uniquely and for whom. It should be short and precise but convey your brand and its promise. Besides, make sure your brand positioning statement is focused, engaging, and direct.
ESTABLISH CONNECTION WITH CUSTOMERS AND LEADS
Connecting with your leads and customers is essential before getting into the actual brand positioning process. This enables you to create a positive experience with your leads, especially when focusing on solving their problems. For instance, take time to learn about problems your prospects are looking to solve using your products.
MONITOR AND EVALUATE YOUR BRAND POSITIONING
Once you've engaged your employees and executed your brand positioning strategy, monitor and evaluate if it is working. Conduct surveys and polls, monitor online conversations regarding your brand, and gather real-time customer feedback. This allows you to spot if your strategy is working or if you need to hire a marketing firm to assist in executing your brand positioning strategy.
As a leading marketing services firm, Phase 3 excels in offering state-of-the-art brand positioning solutions for both growing and established companies. We can help you build your brand and outshine your competitors. For more information, contact us to learn more today!