6 Smart Steps of Devising a Winning Brand Positioning Strategy
Liberalization of economies backed with a technological boom has empowered customers with smart shopping skills. Customers like spending money on offerings that suffice their needs at the best. Every hour a market witnesses entry of new, ambitious marketers and that results into clutter often. If you are one such business owner, have you devised any apt way of distinguishing your brand from the rest? If not yet, then developing a winning brand positioning strategy is the need of the hour.
Importance of a Brand Positioning Strategy
A brand positioning strategy allows your business to connect with like-minded customers and leads them at making informed purchase decisions. The strategy also motivates customers to build a brand legacy after they undergo the experience that they desire.
Building a Brand Positioning Strategy
Developing a brand positioning strategy requires a few logical steps that you must follow meticulously. Here is the smart guide.
Jot Down Product Benefits
Make a list of features that your product offers. Then translate those features into benefits that are emotional, economic, functional or self expressive. Remember, customers always invest on benefits for the fulfillment of their esteemed needs.
Identify Right Customers
After having made a list of benefits that your brand offers, the next step is figuring out the target audience. Conduct a research on age, gender, attitude, behavior and lifestyle while segmenting your customers.
Choose a Demanding Market
Select a market wisely after conducting a thorough survey. Ensure that the chosen market is potential enough at supporting your long-term business goals.
Make Product Comparison
Identify your competitors. Make a list of attributes that their products offer. Compare those with your brand. Now, figure out those benefits of your product, which the target segment may perceive as unique. The uniqueness created, acts as the differentiating factor for positioning your brand in minds of targeted customers.
Create Brand Positioning Statement
Now you have got the differentiating factor, it is time for writing the brand positioning statement that include four essential components like target audience, market definition, competitive differentiator and reasons to believe. Ensure that such statement is no more than two sentences long.
Implement
Incorporate the brand positioning statement through your marketing plan. Ensure setting SMART goals for the new strategy to succeed.
The success of a brand positioning strategy lies at emphasizing the unique strengths of your brand. Once you make apt claims, your business growth is not far behind.