How to Brand Your Company in the Marketplace.
In today’s global economy, companies face more competition than they ever have before. Online marketing and shopping have made it simple for consumers to compare products and search for bargains when they used to content themselves with shopping locally.
The only way to compete is to find a way to position your company so you stand out from your competitors. Market positioning allows you to orient yourself so that the people who are most likely to buy from you can find you when they need you. That’s essential if you want to get a decent ROI on your marketing expenditures.
What is Brand Positioning?
Your brand is a combination of the qualities you project and how your target audience perceives them. Your brand position is an indication of where you stand in the market. It involves using what you do and who you are to differentiate yourself from your competitors.
It might be helpful to imagine that your customers are lost. They need a particular product or service and they are faced with an overwhelming array of choices. If you position your brand properly, it’s like handing those customers a GPS system. It helps them find you when they need you.
Your brand position tells people who you are as a company. It explains what you do, how you do it, and why you’re better than the companies you’re competing with. It’s a simple and effective way to shine a spotlight on your company and reach your target audience.
Elements of Brand Positioning
The first element of brand positioning is your target audience. Who wants your product or service, and why do they want it? Asking these questions can help you narrow your audience so that you’re not wasting time marketing to people who simply aren’t interested in what you have to offer.
The next key element to consider is your competitors. Who are they and what do they do? Who is their target audience? It may also help to consider how they market their products or services. If your top competitors has a stranglehold on Twitter marketing, then you might do an end run around them by focusing on Facebook or Instagram.
The final element is your company and what you do. How do your products or services differ from your competitors’ products or services? For example, you might have higher rates, but do you offer services that they don’t offer? Does your product have unique features that theirs can’t duplicate? These questions can help you define your place in the market.
Writing a Brand Position Statement
Once you have determine who your target audience is, who your competitors are, and how you differ from them, you can move on to the final step of brand positioning. Your job now is to write a clear and compelling brand position statement that defines your particular corner of the market.
Your brand position statement should clearly state who your product is intended for and what it can help them do. It should also address your competitors and then delineate any ways in which your product or service is different than theirs. Any person reading your brand position statement should understand exactly where you stand in the marketplace and who you are targeting.
The value of having a coherent brand position statement is that it can help you define your marketing plan and maximize your ROI. It isn’t possible to market to the entire world, but when you narrow your audience, it becomes much easier to reach the people who are most likely to buy from you.
Positioning your brand in the marketplace is the first step to building a successful marketing strategy. It allows you to maximize your reach while minimizing what you spend—and to take on your competition in the most efficient way possible.
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