Business positioning strategy
“Authentic brands don’t emerge from marketing cubicles or advertising agencies.
They emanate from everything the company does…”
– Howard Schultz, Author
What is a brand?
In the most basic terms, a brand is the promise you give to your customers. What do customers receive when they purchase your product or service? Your brand is more than your physical products or intangible services, it is an expectation.
Your brand incorporates everything that your prospective client thinks when they hear your company name. It’s factual (e.g. It’s packaged in pink tissue paper) as well as emotive (e.g. It’s cute).
What is a brand positioning strategy?
A brand positioning strategy is all about finding the place for your brand in the market, as well as your prospective customer’s mind. A consumer should be able to easily identify that your brand fulfils a given need; Failing to do this means that your company simple produces another product or service that is of no specific use to them.
For successful brand positioning you need to identify your target consumer, key competitors and point of difference with competitors (otherwise known as your USP).
Positioning strategy: Five examples
Find a Niche
A niche market is when a product/service focuses specifically on a smaller portion of a larger market with differing needs. For example a niche market within mobile telephone manufacture is that of the elderly market. Mobile’s within this niche may have louder ring tones and bigger buttons. Pinpointing a niche market that isn’t being satisfied is the ultimate goal.
What niche in your industry is missing in the market? Can your business fill these specialised needs? Find a way to distinguish yourself from the competition and build credibility.
Gain Niche Business Customers from Your Biggest Competitors
Now that you’ve identified a niche, you can gain customers from bigger competitors by becoming (and demonstrating) yourself as an expert. Your ultimate goal is to become a respected industry expert. As long as you show yourself to be more knowledgeable and engaged with the industry you’re in, the more your potential customers will trust your brand.
Gain dissatisfied Customers from industry ‘Giants’ by providing what they cannot
Every ‘Big Name’ company has many dissatisfied consumers that are positively open to other propositions. If you can demonstrate that your brand can fulfil (and improve) on the ‘Big Name’ proposition then you’re in line for some business.
One reason consumers may be dissatisfied with an industry ‘Giant’ may be because they are lacking in local know or personal relationships with their customers. Often consumers are attracted by low prices, but are put off by these factors, as well as poor customer service. If you can identify exactly why people are unhappy with a local ‘Big Name’ then you can offer an improved choice.
Never EVER Compete on Price
It may be tempting to offer a ‘We match any quote’ service or ‘Lowest price’ product but ultimately this leads to disloyal customers who are constantly searching out the lowest prices.
Rather than getting into a pricing battle, stand out from the crowd by:
- Forming personal relationships with your customers
- Offering expert advice (and demonstrate your knowledge)
- Offering a unique product or experiences
- Forming emotional attachments between your consumer and your product (an example of this would be Apple, whose iPhone customers are considered to be the most loyal in the world!)
Build an unforgettable Customer Experience
Provide a customer experience that your consumers won’t forget and which will be relayed to others. Provide small ‘extras’ that they don’t receive anywhere else. If your client’s come to see you then lay on a little treat in your reception like croissant’s and coffee. Exceed expectations and customers will keep coming back.