The power of brand positioning.
Knowing your position in the market and who you’re targeting will empower your marketing and brand.
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 of 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 something 100% unique, so we compete with all the other players out there, who are all trying to sell 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 there’s a chance you could be missing out on new work and clients due to 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 positioning an existing brand or business creates several easy wins. Here are some simple tasks that can be completed 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 price-focused with an emphasis on cost-effectiveness?
Convenience: Can you make the life of your customer or client 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.