How to create a strong brand position in your marketWritten by Amelia Boothman 16 July 2020
Anyone in the industry will tell you this, but in case you needed any reaffirmation – a quote we read earlier today from social media speaker Pam Moore suggested that it typically takes between five and seven impressions before someone is able to remember your brand. This view is shared by global media company Forbes, who suggest that brands need to establish a unique selling point and determine where they stand in the market to grab the attention of their target audience within this timeframe.
It’s important to realise that brand positioning strategy encompasses more than just a website, advert, logo, slogan or company motto; a brand position is a gap in the market that you aim to fill. As a business cultivates its image, its target audience should remember, recognise and value the product or service, making it an essential ingredient of the brand’s success story.
In order to develop a strong brand that appeals to your chosen market, as well as one that is powerful in physical presence and from a commercial standpoint, you need to dig deep into what your business is, what makes it unique and the type of role it could play for consumers. Part of this means looking at competitors and finding a balance between covering the same angles and offering something different. Another part is to answer one simple question: why is it important that your brand exists?
How to develop a brand positioning strategy
When developing your brand positioning strategy, don’t overcomplicate things. The planning behind these strategies is typically made up of three key elements that must be considered throughout:
- The specific product or service you’re offering
- The category of the product or service and its relevant competitors
- The attitudes, wants, needs and overall mindset of your target audience
As you begin to formulate a strategy to suit your brand, you need to fully understand all three elements. You should also strive to anticipate possible changes in retail and consumer trends to make your business forward looking and future-proof. If you were to ask someone in the mid-1980s about Apple, it’s likely they’d recognise it as a computer company akin to Hewlett-Packard, Dell or Acer. Skip ahead to the 21st century and they’re now arguably better known for iPhones and iPads. If they’d refused to adapt to the changes around them and stayed solely making computers, who knows if they’d be the 560 billion dollar business they are today.
How to measure the impact of good brand positioning
For brand positioning strategy to work, it needs to be measured in ways that cover all bases. The continued success and development of your brand is crucial, so you should be keeping tabs of it in a number of ways, not least of which include:
- Purchase intent
- Sales value and volume
- Market penetration
- Purchase frequency
- Customer retention rate
- Customer lifetime value
You should also assess your brand from a third-party perspective, in other words, as if you were the consumer it’s aimed at. Does it make sense? It is clear and easy to digest? Is it relevant to your needs and attitudes? Does it fulfil the intended aim? Does it stand out from the crowd as something unique?
Once you’ve seen a positive impact from your brand positioning, it means you’ve landed your concept and that it is meaningful and distinctive in the eyes of your target audience. You shouldn’t need to tell consumers that it’s been around for a long time and is therefore worthwhile, and you shouldn’t be attempting to directly convince your target audience that it’s worthy of their attention. If you feel like you’re having to do this, there’s still work to be done.