Have you found your niche? In this blog I’ll explain the concept of brand positioning – the act of carving out a space in the market for your brand – and what makes it such a vital step in any successful branding strategy.
1. It offers scope for development
Researching your market can bring important insights that will influence the future direction of your business. You might discover a gap in the market that’s ripe for development – a fantastic way to develop your brand position and make you stand out from the crowd.
2. It enables you to differentiate
Your market position is everything: it determines which rival brands you will rub shoulders with, where your product will be stocked and who will buy it. And, crucially, once you know your brand well enough to understand who you’re competing with, you can develop a plan to differentiate your offering from that of your rivals – and persuade your target customers to choose you.
3. It helps you get straight to the point
A well-honed brand positioning strategy cuts out the noise. When you’re conscious of exactly who you’re calling out to, and what you want to say, there’s no need to waste your energy on generalised PR campaigns that aim too wide – instead you can get on with communicating directly with your intended customers, in a way they’ll respond to.
4. It makes you memorable
Only when your brand position is fully understood can you create compelling branding that reaches out to your target audience. Branding positioning allows you to develop a pitch-perfect tone of voice and visual identity that sends the right message – a brand identity that gets remembered for all the right reasons.
5. It aids financial planning
However much passion you have for what you do, you need to make a profit or you won’t be able to carry on. One key factor in business success is your pricing strategy; aim too low and your margins won’t be wide enough to survive, but ask too much and you risk pricing yourself out of the market. When you have a good idea of your market position, it’s much easier to work out what you should be charging.
6. It helps you find your voice
When you know your brand position, there’s more potential to carve your own path. Instead of imitating others in the same field, you are free to create a unique brand personality, one that’s authentic and all your own.
7. It saves your customers time
Brand positioning helps you communicate instantly, through imagery that sends the right message. Your choice of fonts, colours, packaging and images all come together to create a snap perception in your customers. And if you can get this right, by knowing your audience, you’ll make it an easy decision for them to choose your brand.
Need some help in finding your brand position? I can guide you. Read more about the range of brand communications services I offer, all designed to support and showcase your brand.