What separates you from the rest of the competition? Companies like Nike and Adidas have one important thing in common: a strong brand. Iconic brands like those have become so generic that their terms used for products in their market. If a baby needs changing, do you go out to buy nappies or Pampers?
Building a strong brand that has an abundance of brand recognition, should be a priority for all businesses if their end goal is to achieve success and it only makes sense when you look at the numbers. Brands with high recognition see roughly a 23% increase in revenue. Let’s not forget about the other benefits of increased customer loyalty, brand relatability and a higher margin of EBITDA
If your looking to build yourself a strong brand in 2020 then here’s how to successfully do it
What is Brand Positioning?
Brand positioning is the process of positioning your brand in the mind of your customers. More than a tagline or a fancy logo, brand positioning is the strategy used to set your business apart from the rest.
6 Steps to Position your Brand
Creating your own brand positioning strategy involves diving deep into the details of your brand and discovering what you do better than anyone else. These six steps help you create a brand positioning strategy that’s unique to your business.
1. Learn about the competition
Are you currently marketing your product or service as just another item on the market, or are you marketing it as something distinctive? Your current brand positioning gives you important insight into where to go next. You’ll need to understand your current position to further analyze your competition.
Start by considering your target customer and defining who they are. Next, identify your mission, values, and what makes you different from the rest of the market. Finally, take stock of your value proposition and your current brand persona and brand voice.
Matylda Chmielewska at LiveChat Partner Program advises, “We all like connecting with brands that sound and feel authentic to us. Instead of building a complex lingo that no one will be able to understand, just talk human. Start with researching who your (ideal and existing) audience is, and use their language.”
Step 2: Determine your competition
After analyzing yourself, it’s important to analyze your competition by performing competitor analysis. Why? You’ll need to see who you’re up against to conduct competitor research. That research will help you decide what you can do better in your strategy to gain an edge.
There are different methods for determining your competition, including:
- Conducting market research: Ask your sales team what competitors come up during the sales process, or do a quick search using a market keyword and see which companies are listed.
- Use customer feedback: Ask your customers which businesses or products they were considering before choosing yours.
- Use social media: Quora offers a platform where consumers can ask questions about products and services. Search these forums to discover competitors in your niche.
Step 3: Conduct competitor research
Once you’ve determined who your competitors are, it’s time to conduct in-depth competitor research. You’ll need to analyze how your competition is positioning their brand in order to compete. At its simplest, your research should include:
- What products or services your competitors offer
- What their strengths and weaknesses are
- What marketing strategies they’re using successfully
- What their position is in the current market
Step 4: Identify what makes your brand unique
Building a unique brand is all about identifying what makes you different and what works best for your business. Chmielewska suggests, “Start by defining what ‘effective’ really means for your brand — and then build its image based on that.”
Chances are, after you conduct competitor research, you’ll begin to see patterns. You’ll start to see some businesses that have the same strengths and weaknesses. As you compare your product or service to theirs, you might find one of their weaknesses is your strength.
This is what makes your brand unique; and it’s the perfect starting point for positioning your brand in the market. Take note of your unique offerings as you compare, and dive deep to identify what you do better than anyone else.
Step 5: Create your positioning statement
It’s time to take what you’ve learned and create a brand positioning statement. According to The Cult Branding Company, “A positioning statement is a one- or two-sentence declaration that communicates your brand’s unique value to your customers in relation to your main competitors.”
There are four questions to answer before creating your positioning statement:
- Who is your target customer?
- What’s your product or service category?
- What’s the greatest benefit of your product or service?
- What’s the proof of that benefit?
From there, you can craft a simple but compelling positioning statement. For example, take a look at Amazon’s positioning statement: “Our vision is to be the earth’s most customer-centric company; to build a place where people can come to find and discover anything they might want to buy online.”
Amazon’s target customer — although incredibly broad — is anyone. They sell a wide range of products for everyone, which is also their greatest benefit. And the proof? It’s all online.
Step 6: Does your positioning statement work?
Taking the time to position your brand to appeal to a certain customer is just the beginning. Once your positioning statement is created, it’s time to test, experiment, and gather feedback from your customers on whether or not your positioning achieves its goal.
As Ryan Robinson of Close.io says, “Investing the time and effort into positioning your brand to appeal toward a specific vertical, type of consumer, or demographic is only a small part of the battle. It’s crucial to test, experiment, and actively gather (real) feedback from your target customers on whether or not your positioning is actually having its desired effect. We’ve doubled down on our positioning by consistently asking for (and listening to) feedback from new customers when they join, and it’s clear that both our content and its delivery style remain a key asset for our brand.”