Brand positioning is a marketing concept where marketers position their brands in the mind of their target audience.
The best brand positioning is putting your brand’s positive image in customer’s perception. This helps the brand in building competitive distinctiveness and subsequently, greater ROI.
Four essential elements should stay in mind when considering Brand positioning -
Reference Category Frame - what will be your competitive context? Which product or service of your company, you want your brand to be associated with?
The main point of difference - What advantages do you wish to deliver and position in your customer’s mind? The USP of your brand.
Target market - Obviously, not every person falls under your target market, you have to set it. So, that brand positioning becomes simpler.
Reason to believe - What evidence points you are going to show?
Most people are confused between the taglines of company slogans and Brand Positioning. They believe that both of these terms are the same and substitute for each other.
An external statement that is used in your marketing endeavors is known as Tagline. Marketers do use some positioning statement insights that can be converted into a tagline, but it is necessary to have a differentiation.
Also See: Competitive Analysis-Know Your Enemies Before You Go To War!
If you want to build a positioning strategy for your band, you have to understand your brand’s uniqueness and define what separates you from your opponents. Below we have talked about strategies on which brands can base their positioning.
#1. Price - When you position your brand’s product or services based on their price, you have to be careful about competitive pricing. In price brand positioning, marketers try to show their products or services as the affordable or one of the most affordable in the business, and their goal is to deliver the value.
#2. Characteristics of products - Here brands try to offer particular features that are unique and advantageous to your target audience. For example - In the motor vehicle industry, Porsche’s position is based on performance, Volvo’s position is safety and Toyota’s position is reliability. It is not like Volvo is not going to provide reliability and good performance but they have just made ‘safety’ their USP.
#3. Competition - Here brands try to prove that the products or services they offer are the best in the whole market when compared to others. Brands also compete with the other large brands that have a big market share. For this, they try to convert customers by launching the same type of product with the same benefits at similar prices.
#4. Product use or application - Here brands inform their customers about a special use of their product. It is done for positioning the brand. For example - many companies have now started offering meal replacement products for the people who have less time and people who desire better performance in the Gyms.
#5. Quality or luxury - People purchase Apple phones or Mercedes cars mostly because of the luxury they provide. These brands have created a perception in their target customer’s minds. People often relate high prices with good quality and luxury but it is not true. Many products are expensive but provide poor quality and zero luxury.
Before positioning your brand, you must segment the market and target according to it, this whole process is called STP (Segmentation, Targeting, and Positioning) in the marketing world. You have to decide how you will communicate your USP and make your brand as appealing and captivating as possible.
Also See: What Is The Difference Between Digital Selling And Digital Marketing?