A strong brand is what sets apart in a vast competing world of business. For example, if you cut yourself, you will not ask the pharmacy for a bandage but a Band-Aid. Any company should prioritize in strengthening ding. A study shows that companies that invest in strengthening the branding show an average revenue increase of 23%.
Brand positioning is the method of placing your brand in the mind of your customers. It is referred to as a positioning strategy, brand strategy, or brand positioning statement.
You need to place the brand in the market to position your niche for the customers to distinguish your products and services. It includes price, promotion, distribution, packaging, and competition. The aim is to create a unique impression to the minds of the customers and look at you to be distinct and unique from the rest in the marketplace.
Taglines and Positioning statements
Often, companies are confused with company taglines or slogans to brand positioning statements.
Brand positioning statements are for internal use that will guide the business in marketing and making decisions in the operations. The positioning statement can help you make decisions that can influence the perception of your brand.
A tagline is for external use to maximize marketing efforts. However, there are best practices that brand positioning statement turned to slogans. It becomes easy for decision-makers to track down results. Nevertheless, at a corporate perspective for planning and decision making, it is still essential to distinguish tagline and positioning statement.
Strategies to ponder to position your brand
Your brand can be an influence on your industry. Brandlaureate Awards is magnifying the brands that position as key opinion leaders. The following are the key strategies that your company should consider to be on top of your industry;
Determine what is your current brand positioning
- Determine if you are really marketing your product or you are only placing another item on the market, or are you promoting it as something distinct. You need to understand your current position and analyze the dynamics of the competition.
- Who your customers are. Identify the goals, mission, and values of your company that makes it different from the rest of the market. Take a stand on your values and transpire them to your brand persona and brand voice.
- Assess the language that your brand is using. Does your brand communicate well with your target consumers? For example, the language of millennials is used by mobile phone companies when making their taglines.
Know your competition
- Whom you are competing. It is useful if you can conduct competitor research and use the results to develop a better strategy to gain the edge. The following are the best ways to know the dynamics of the competition:
- Conduct market research
- Customer feedback
- Social media- use forums or trigger questions with the netizens
Conduct the competitor study
- In-Depth competitor research and analyze their positioning in the marketplace. At the minimum, you need to know the following:
- The products and services your competitors are capable of offering
- Strengths and weaknesses
- Their successful marketing strategies
- What is their current position in the market?
Determine the unique features of your brand
- What makes you different and what works best for you. Know the patterns of your competitors, and you can see their strengths and weaknesses. Determine if their faults are your strengths because that will start you to define your strengths and uniqueness. It is the perfect starting point to draw your brand to the position in the market.
Create the positioning statement
- The recent results to create your positioning statement. The following questions are your best guide;
- Who are your target customers?
- What are your product and services offered?
- What is the evidence of benefits from your products or services?
Test if your brand positioning statement works
- Feedback from your customers and checks if it achieves your goal. Do not be afraid to make adjustments and improvement until you reach the desired effect. Be consistent in asking feedback from your customers.
The World Brands Foundation TWBF is the opinion leader for setting the standards of branding that will lead to business success. It is a great platform for great brands & great personalities and is the world’s only branding foundation and a non-profit organization dedicated to developing brands in a myriad of business backdrops.
“Branding has the power to transport you to the realms of the unimaginable.” – Dr.KKJohan, founding President of The BrandLaureate.
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