A.K.A - Knowing where your brand stands. Perhaps one of the most important considerations a company can make involves knowing what the public thinks of their product or service. In fact, I would argue that the public's perception is more important than the reality of products or services you provide.
Put simply, brand positioning is how your brand is perceived in relation to your competition. It's important to understand that perceptions will be generated regardless of whether you invest in shaping the market's ideas. That is why it's important to be proactive. You want to differentiate yourself in the minds of consumers so that they can clearly see the benefit of choosing your company.
Typically, the brand positioning process involves:
- Identifying your company's direct and indirect competitors
- Understanding how your competition is positioning itself within the market
- Determining where your brand stands in relation to your competition
- Evaluating your business and determining your key differentiators
- Converting your differentiators into value statements (written in the target's voice)
- Developing a strategy to cement your brand in the desired position relative to competition
The benefit of this detailed process comes in the ability to focus your marketing efforts. Once you have established your brand's positioning you will be able to speak directly to the consumer's needs. Plus, you will never look like a "me too" brand.
You have a choice: Either shape the market's perception or it will shape you.
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