The Power of Brand Positioning
Knowing your position in the market and who you’re targeting will empower your marketing and brand. When establishing a service or product, never underestimate the power of brand positioning.
Let’s face it, when most of us set up our businesses, we did so because we had experience in that field or knew the market in some way. We went from working for someone else to running our own thing, doing the same or similar. If this sounds familiar, there’s a good chance you paid little notice to your brand positioning.
What is brand positioning?
It’s the marketing strategy that will help you stand out in a crowded marketplace. You already offer a product or service, but strong brand positioning will help focus your offering, clarifying to your customers what you do and why it’s right for them.
The importance of brand positioning
We rarely offer anything 100% unique, so we compete with other players who are selling something similar. If you position yourself correctly, you can target a more focused area, but as we mentioned earlier, these things might not have been taken into account when the business was in its early stages.
Why a rethink could be on the cards
Maybe business is good, but it could be better. Or you could be missing out on new work and clients because of how your company or product is perceived in your industry. It could also be that things are changing in your industry, and you want to get out in front of that change.
Reassessing who and what you’re targeting doesn’t always require a rebrand. Thinking about the power of positioning and how it affects your existing brand or business creates several easy wins.
In a recent Medium article, the question was asked, Why is Brand Positioning Critical in Today’s Market? The answer is simple. In business, many find themselves grappling with rapidly evolving market conditions. A company can no longer rely solely on a high-quality product or service to thrive.
Here are some simple tasks you can complete in-house to help refocus your purpose and goals.
1: Brand Positioning Statement
What do you want to change, and what will you offer that’s new or different? If you’ve decided to work on your brand positioning, we want to take that reason and turn it into our Brand Positioning Statement.
2: Define your positioning: Quality, Price, Convenience, Service.
Brand positioning can be as straightforward or as complex as you want. But any plan to identify your positioning will help. That’s why narrowing your offering down using these four directions can make it easier.
Quality: Are you offering a high-end product or service with superior skills or delivery?
Price: Will the positioning be cost-focused, emphasising cost-effectiveness?
Convenience: Can you make your customers’ or clients’ lives easier?
Service: It’s not just what you deliver but how you provide it. Quality service or aftercare can be a brand-defining offering.
3: Focus on your target market
Knowing your target audience is essential if you’re looking to diversify or pivot what you’re doing. You could speak to a new market with little knowledge of you or your company, so your messaging has to be spot-on.
4: Look at your marketing
How do you market yourself? What does this marketing say about you? And most importantly, can the message be adjusted to deliver your new market position?
Having a new theme or defined purpose can re-energise your business. If you have taken time to think about your brand positioning, everything else can fall into place.
Want to learn more about how to create your own brand positioning strategy? Get in touch.
