Whether your product or service is aimed at consumers or other businesses, how you are positioned in their minds is key to success. When consumers think of your brand, what is that image?
Where does your brand fit? Looking at the strengths and weaknesses of your product or service, along with opportunities and threats, is a good place to start.
First, who’s your target market? Who are those potential customers who are likely to buy your product, and is that group a big enough base to generate a profit? Here’s where good market research, in addition to information from your sales or marketing team, can help.
What makes your brand unique? Is it different from/better than the competition? Is there a clear benefit to the customer? How does it solve a problem or fulfill a goal? What does the present and future offer in terms of opportunities and competition?
Decide how to compete: is it price, is it quality, is it convenience?
There are a number of ways to position for success.
Positioning can be based on:
1. Product characteristics
For example, Apple (Macintosh) originally owned design and cachet in the computer arena. Whole Foods bases its positioning on healthy and organic.
2. Price
Is it cheaper or the cheapest? Generic brands are a good example.
3. Quality or luxury
Quality or prestige can win over price. BMW and Mercedes are examples in this category.
4. Product use or application
Examples are prepared meals or ready-to-cook deliveries that offer convenience, filling a consumer need.
5. Competition
This is the differentiation that makes it unique in the marketplace.
Take all of these into consideration and find where your brand fits. Good positioning=success. Contact us today to get your brand on the right path to good positioning.
