Photo via Unsplash by Brayden George
How to position your brand in a competitive market
By: Jake Smith
In a crowded market, subtle differences set brands apart from the competition in the minds of consumers. By considering how your business fits into the greater landscape of your industry, you can establish a defining identity and attract the right audience to your product or service.
The goal of brand positioning is to capture a unique place in the market through intentional marketing decisions which maintain and strengthen consumers’ perception of who you are.
Start with “who”
Who are your consumers? More important even than your product or brand is your audience. It is vital to recognize what your consumers are looking for and what they need from your business.
A customer analysis serves to understand consumer motives and behaviors in order to identify how your business can provide value to them.
Who are your competitors? Established brands can occupy space in consumers’ minds that detracts from your brand, especially if they seem too similar to your brand position.
A competitor analysis allows you to discover and navigate the empty space in the market to claim part of it as your own brand position.
Establish the “what”
What can your business do differently or better for your consumers than your competitors? Brand positioning is about much more than simply being where your competition isn’t – it should be authentic, and it should be meaningful to your audience.
Your positioning informs your brand identity and should be the basis for all decisions your business makes, from product development to advertising strategy.
Because it is at the core of all operations, your position needs to be truly unique in order to develop a value proposition that can be regularly and consistently conveyed through your messaging and communications.
Get down to the “why”
Why does your business do what it does? Your brand positioning can be perfect, but it means nothing without the motivation behind the decisions you make as a business.
Consumers may be attracted to your positioning on the basis of your product or service being cheaper or healthier or faster. But if they are also able to understand the story behind your brand, they can develop a much deeper connection leading to brand loyalty.
For the sake of consistency, it is wise to develop a clear and concrete positioning statement that can be referenced internally. This statement should incorporate insights from your consumer base within the market you serve, the value your business provides for consumers and the reason why your business alone provides this value.
Keep it simple
Once you have developed a brand position that is uniquely your own and formed your value proposition, you are ready to develop a marketing plan that strategically communicates your business’ value to your audience.
The best brands keep it simple – they are the best at what they do. Maintaining consistency in everything your business does is key in capturing audiences and growing, and it all begins with understanding where you can position your business in the market.
Our Campaigns Team at 1893 Brand Studio can effectively assist your business in reaching the right audiences with your messaging and overall strategy. Contact us today.