Exclusive Research on Brand Positioning in 2021
When customers buy a product, what actually influences their decision to choose one product over another? Why do some brands have some sort of cult following while others are consistently scorned? What makes a brand inherently successful and others complete losers?
These are interesting questions that every budding entrepreneur must answer, and you can be sure that the answer isn’t down to luck. 95% of consumers base their subconscious decision to purchase a product on a brand’s position. So, properly positioning your brand will give you an advantage irrespective of your industry.
It’s true that the world of business is a world of unending competition. But what most entrepreneurs have failed to understand is that the market favors originality.
That’s why the business strategy of most entrepreneurs is keeping up with their business rivals and playing second fiddle in the industry. They copy every product line, imitate every design even down to their competitor’s brand messaging.
One reason this happens is that entrepreneurs lack the research information on how to position their brand as a leader in the industry. So we’ve put together an exclusive research on brand positioning to help entrepreneurs set their business up for success in this post-Covid world.
So What is Brand Positioning?
Simply put, brand positioning is communicating your brand identity through a particular character to your audience. Properly positioning your brand would completely set you apart from your competitors.
Brand position is important not only because it showcases your product and services but also because it reveals how they specifically meet the needs of your target audience with the emphasis on your unique approach in solving those problems.
And it’s your brand’s unique personality in meeting the needs of your consumers that’d ultimately position your business in the minds of your target audience.
Why Brand Positioning is Important To Your Company
One look at successful brands, and you can tell that these businesses are very particular about their brand’s position, and they’d also seek to uphold it to their customers.
And if your business must enjoy success, then you must pour your efforts into brand positioning because it can help your business:
- Present your brand on a more personal level that’d help you easily connect your target audience
- Distinguish your business from competitors by carving a secure niche for yourself within your industry.
- Boosts your brand’s reputation, making it easier for customers to choose your products or services.
- It amplifies your brand’s message and helps reduce any form of confusion from mixed identities.
9 Positions Brands Can Take in 2021
Although there are several positions your brand can adapt to achieve success, these brand positions don’t exist in a vacuum, they’re always dependent on other activities, and would have to be paired if you must see outstanding success.
Here are some of them:
1. Positioning by Product Features and Benefits
This involves setting the unique characteristics of your products or services and how they meet the needs of your customers as the cornerstone of your brand. Most successful brands that produce household equipment like washing machines, kitchen tools, etc positioned their business this way.
2. Positioning by Product Quality
Quality is one of the most reassuring branding positions in the market, because of its direct influence on your reputation. Brands like Apple, Adobe, and Gucci are known for the amazing quality of their products.
3. Positioning by Competition
This involves poking holes at your competition, and highlighting areas where they’re failing, and then providing a better alternative. Think of Samsung’s incessant attacks on Apple, or Tesla and the automobile industry.
4. Leader-based Positioning
This involves intentionally setting yourself in a position where you become your industry’s leader. This means you’re at the top of every aspect of your industry and also top of its price range. A great example is Facebook. The brand set itself as the market leader of the social media industry by buying every other social media platform.
5. Positioning by Specialization
Focus births excellence. That’s why fully specialized brands can harness their energies in ways that other brands won’t be able to achieve. This position works for young brands. Remember Tesla’s early days, and how the brand created what many had often thought was impossible.
6. Price Based Positioning
There’s a direct relationship between price and the perception of quality. Higher prices appeal to just a few customers capable of affording them, while lower price tags have a wider audience. Brands like Costco and Walmart rose to the top on the strength of this position.
But remember, both price extremes require different levels of infrastructure because compared to higher prices, lower prices demand more facilities and a robust supply chain.
7. Disruptive Brand Positioning
Disruption has the potential of changing the outlook of an industry forever. But bold companies that bring this sort of change end up positioning themselves at the top, while brands that couldn’t adapt fade away. Netflix disrupted the industry, and Blockbuster was too slow to adapt and died off.
8. Positioning by Diversification
This type of positioning is the opposite of specialization. Offering more services and products that solve relevant problems for your customers would make them more attached to your brand. A prominent example is the Samsung Group. The brand’s influence spans electronics, heavy industries, engineering, life insurance, etc.
9. Celebrity-Driven Positioning
Leveraging the popularity of celebrities and influencers to position your brand as a leading business is one of the most popular techniques today. And this technique is mostly prevalent in the entertainment industry.
How to Position Your Brand in 2021
Here are some quick ways to position your brand in its industry:
- Do extensive research on your target audience and competition. Identify what exactly your target audience needs and what your competitors are failing to offer
- Based on this research, create a unique brand name that captures your brand’s identity. And the best way to do that is with a great business name generator.
- Create a positioning statement that captures your unique offer to your customers
- Create an authentic story based on your research, experience, and motivations
- Test the effectiveness of your brand’s positioning statements
Be Better, and Different
Your brand’s positioning happens with or without you. The market is always making judgments on your product and service, and how you’ve delivered them. One poor decision could give you a negative reputation that could take forever to alter. Remember Ford’s Pinto.
So, actively creating a brand position of your own will go a long way to communicate the values, visions, methods, and ideals of your business. And this is something you must do to position your brand.