Which brands do you think are the best? Although defining brands as “the best” is relative to an extent, Interbrand has ranked the top 100 Best Global Brands, and there is no denying that they belong on the list. Now, we ask: what do all of these brands have in common? They position themselves well in their markets and strategize accordingly.
Brand positioning should be the backbone of your marketing strategy, and if it isn’t, you may be in trouble. It is the “act of designing the company’s offer and image so that it occupies a distinct and valued place in the target customer’s mind.” – S. Anil Kumar
- Who are we selling to?
- What do we do best?
- How do we stand apart from the competitors?
Keep these questions in mind at all times. It should be the first discussion when making decisions about new products or services, campaigns, or anything related to marketing.
Are you having trouble establishing your brand position? Here are our tips for making your brand stronger than ever.
Tip 1. Segment your market.
We can’t stress enough the importance of finding your target audience. You must know who you are selling to, what their preferences are, how they shop, and how they may perceive your brand. Make sure you divide the market into distinct groups so you can meet their needs more directly. Think about their demographics (age, sex, income, etc.), psychographics (values, opinions, lifestyles), location (international or regional), and behaviors (benefits sought, brand loyalty, usage habits).
Tip 2. Develop a competitive frame of reference.
Deciding your target market often defines the nature of your competition. Your market segments may be looking at competition in the future, or may already be considering them in their purchasing decisions. How does your brand measure to these competitors?
Tip 3. Define your point-of-difference.
Successful brands offer compelling reasons to pick them over the other options. There are three key considerations: desirability, deliverability, and differentiation. Don’t just be different; be relevant and have differences that matter. Deliver your message so that your customers see your ability to be effective and efficient in your market. And finally, be distinctive and stand out from the other brands.
Tip 4. Update your position over time.
We do not recommend making fundamental changes frequently. One of the keys to establishing your brand position is consistency. However, your brand position will evolve to reflect certain market challenges or opportunities. You may be considering an expansion or reacting to competitors in the market.
Tip 5. Consider a brand mantra and positioning statement.
Think of these two as brand guidelines that your company needs to follow when making decisions. A brand mantra captures the heart and soul of the brand. It is a short, three to five-word phrase that consists of three main components: an emotional modifier, a descriptive modifier, and a brand function. Consider these two examples.
Example 1) Disney – Fun Family Entertainment
Example 2) Nike – Authentic Athletic Performance
The brand mantra and positioning statement can be powerful tools when deciding how to market your brand. If you don’t have a positioning statement either, consider the following template. How is your brand going to be powerful without an identity?
For (target customers) that (need or care about) , (your company or brand) is a (category or solution) that (benefits or meets this need) . Unlike competitors , (your company or brand) delivers (points of difference) .
If your business is having trouble establishing a brand position or delivering messages that reflect this position, contact us today. Visit our website and learn more about how we can help you with branding campaigns.