How to properly place your brand
Dr. Sanchit Misra??
Strategy & Transformation at CEO & MD's Office ?? Featured 34 Times for FMCG Insights ?? MBA, IIM Ranchi ?? Aspiring CFA L1 ?? Ex-Doctor, IMS BHU ?? KUINEP, Kyoto University ???? Freie Universit?t Berlin ????
Coca-Cola and Band-Aid are two successful corporations that have one thing in common: a solid brand positioning strategy. Indeed, their brand names have become general labels for all identical items in their area.
All organizations that want to succeed should have a solid brand positioning plan. Increased client loyalty, a better image, and a relatable personality that sets you apart from competitors benefit from successful branding.
What is the significance of brand positioning?
You already have a reputation, whether you like it or not, so make a brand positioning strategy to assist you in taking control of your brand image and reputation.
A soda business chose to provide a never-before-seen product more than a century ago: the first-ever cola drink. Coca-Cola has become a household staple with millions of sales worldwide. We regard it as the gold standard of soda in our imaginations.
This differentiation aids a company in raising brand awareness, communicating value, and justifying pricing, all of which impact the bottom line.
Here are a few prominent positioning tactics that you may use to set your business out from the competition.
Positioning Strategy for Customer Service
You've probably chosen a merchant, restaurant, or other service provider based on their customer service at some point in your life.
Companies with inattentive customer service problems benefit from emphasizing their excellent customer service to set themselves apart. Other businesses, particularly those with more sophisticated products, can use their robust support systems to attract new customers.
Excellent customer service can help justify a higher price point, which is this technique's most significant tangible benefit. Apple's products, for example, are expensive, but the company's support staff is courteous and quick to answer.
These service contacts are also an essential element of the flywheel; if a consumer has a positive service experience, they may become a promoter.
Use this method with caution. Suppose you promise excellent customer service but don't follow through. In that case, you'll get terrible reviews, angry phone calls, emails, social media shout-outs, and even Better Business Bureau complaints.
Positioning Strategy Based on Convenience
Location, ease of use, extensive accessibility, and compatibility for numerous platforms contribute to convenience.
The product's design may also contribute to the convenience. It can also justify a higher price point, like the prior technique.
However, providing convenience might be costly in some circumstances. For example, suppose you're in the B2B SaaS industry and want to offer your product on several operating systems. In that case, you'll need a strong and always-available development team to keep your promise. For this positioning strategy to succeed, those developers would have to be on call to fix bugs and other difficulties — and the expenses of supporting them might quickly spiral out of control.
Positioning Strategy Based on Price
A corporation adopts a price-based positioning approach to market its product or service as the most affordable choice. Because no one loves to spend more than they have to, positioning your product as the cheapest on the market might help you attract a broad consumer base.
However, this method has several dangers and drawbacks, including presenting the appearance of lesser production quality to prospects.
Pricing-based positioning can also spark a price war. However, this is more common in certain areas like air travel.
Positioning Strategy Based on Quality
When a company wants to stress the quality of their product – excellence that typically comes at a premium price — they use this method.
Excellent craftsmanship, small-batch production, high-quality materials, and even environmentally friendly procedures can demonstrate a product's quality. That makes it more expensive to manufacture.
Whether emphasizing quality (with a more significant premium) is the best option for your business depends on your target clients' income and purchasing habits.
Strategy for Differentiation
Compared to the traditional competition, a differentiation positioning approach emphasizes a product's distinctiveness or new traits.
There was no appealing, totally electric automobile available before the Tesla models. It is now the world's leading tech company in developing self-driving cars and AI robots.
Consumers who value innovation will be drawn to your brand and product if you adopt this strategy. One potential drawback is that the lack of prior experience may affect the audience.
These aren't the only options available. Take a thorough look at your target buyers and their behaviors when formulating your viewpoint. How you position your business will depend on whether they desire to save money, spend money on quality, or have the latest and greatest item.
Now that you've got a sense of the several techniques you might take. It's essential to develop a positioning strategy that positions your brand as the friendliest, most convenient, cheapest, or most excellent option among competitors.
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What Is a Brand Positioning Strategy and How Do I Make One?
These stages will assist you in developing a brand positioning plan specific to your company.
Are you currently presenting your product or service as if it were just another commodity on the market or as something unique? To study your competitors further, you must first comprehend your current position.
Finally, evaluate your value proposition and your current brand persona and voice. Begin by determining whom your (ideal and existent) target audience is and saying in their language.
Make a chart of your brand's essence.
It's time to delve into the nitty-gritty of what your brand represents to customers once you've defined where it sits in the market. A brand essence chart can aid in the organization of these concepts, making them more transparent and more straightforward.
Consider attributes to be featured: This might be easier to develop for a physical product than a SaaS or technological offering.
Benefits:?What does the customer gain from your product or service due to its features?
Personality:?These adjectives explain your brand's traits. Your character may and should be nuanced to set your brand apart from the competition.
Authoritative and Supportive Sources:?What is your brand's foundation? It could 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?
This area of the brand essence chart will assist you in determining a niche message angle for your company.
Finally, you'll connect these pieces to form a succinct statement explaining what the buyer should take away from your brand.
Determine who your competitors are.
After you've analyzed yourself, it's time to look at your competition through competitor analysis. Why? You need to know who you're up against to perform competition research.
Utilize client feedback:?Inquire which firms or goods your customers were contemplating before selecting yours.
Use social media:?Consumers can ask questions about products and services on Quora's platform.
Conduct a Competitive Analysis.
To compete, you'll need to look at how your competitors position their brands.
What are your rivals' advantages and disadvantages?
What successful marketing methods are they employing?
What is their current market position?
Determine your one-of-a-kind value offer.
Creating a distinct brand is about figuring out what makes you stand out and what works best for your company. You'll probably notice patterns after conducting a competition study.
Write a positioning statement for yourself.
A positioning statement is a one- or two-sentence proclamation that communicates your brand's distinctive value to your clients compared to your primary competitors.
Taking the time to position your brand in a way that appeals to a particular buyer is only the start. After establishing your positioning statement, it's time to put it to the test. The unique qualities of your company's offering should be easy to comprehend.
Make sure your customer-facing workers are brand ambassadors.
Prospects should have an experience that reflects your company's fundamental principles and is consistent with its brand. For example, if your company's branding is lighthearted and playful, you should use this language in your sales talks. An extremely serious or rigid tone is not consistent with your company's brand.