The term used is ‘Brand Positioning’. Let’s explore what is it?
Put simply, brand positioning is nothing but the positioning of your brand in the minds of customers. While making a brand visible (or setting up a brand’s position), the ultimate goal is to create an impression in customer’s mind that they start associating something desirable or specific with your brand. It obviously would require various strategies to be followed including promotions, distributions, pricing, and packaging.
Brand positioning involves proactive and intelligent approach by the management and the team as the results are going to affect the brand in a bigger way.
There are few things we need to mull over:
- First of all, forget to satisfy too many things for too many customers at a time as this will be difficult and utterly confusing. A company should start by deciding on specific customer needs or a single need with maximum number of customers drawing towards it.
- A company should think about fulfilling those Needs of Customers, they think they are really good at. It should go in a way; no other company could match with. This is where company’s competitive advantage comes to play.
- Explore what’s unique in you that only few competitors can compete with considering your target audience.
Points to note when Establishing a Brand Positioning
Evaluate what you are offering: You need to look at your brand and its competitors closely. Evaluate how the services you are providing are better than your competitors and be honest about what you discover. This means, you might think, you are offering an exceptionally stylish hand bag that women can’t wait to get a hold at, the reality could be something else as the customers today are well informed and rarely get fooled.
Stand out of the crowd: Quite evidently, there will be a lot of similarities between you and your competitor’s services and products. We insist, not spending time on them, instead know the points that make you different and work on making them exclusive. Often times, there are few or at least, one point that makes a difference.
Know the Top competitors: A company should pay close attention to their top competitors, including what strategies and tactics they are utilizing. Everyone in the company should have a clear understanding on brand positioning, so that they can use it as a context for making decisions and identify if their decision is in line with the overall brand message. Remember the goal is to place your brand firmly in the minds of customers in a place that would maximize the benefits to your firm.