Finding Your Brand Position
There are three key questions to consider when designing your positioning strategy...
It’s designing your brand’s offering and image so that it occupies a distinct and valued place in your target consumer’s mind, and demonstrates what is unique about your brand. Put simply, it gives people a reason to buy your brand.
All so often we hear, “We want to be like Nike or Apple.” It’s all well and good to aim this high, however, as we’ll see below, it’s unwise to base your strategy off of other brands, especially if you’re in a completely different industry (and if you don’t have the decades of brand building to go with it). When determining your positioning strategy, it’s important to be realistic.
There are three key questions to consider when designing your positioning strategy…
Have we established a frame?
In this first step, think about what industry your brand competes in. This is your frame of reference. Is it sporting apparel, electronics, or something completely different? It’s in this step that you need to figure out who your target market is.
Once you’ve done that, think of your main competitors. Using them as your frame of reference is a good way of establishing yourself within a product category. Don’t worry, you can have multiple frames of reference.
Are we leveraging our points of parity?
Once you’ve figured out your frame, have a think about your competitors and what their product offering is. What attributes does your brand have that are similar? (These are things that are not unique to your brand). Ideally, you want to be able to offer everything that your competitors offer, especially if you’re new to the industry.
Let’s go back to the Nike reference. If you’re a sporting apparel company, that’s a lot of products that you need to tick off to be in the same ballpark as them. So it’s important that you narrow your competitors down to realistic ones that are on a similar path to you. Make sure you’re able to match them, otherwise, consumers won’t be in a rush to jump ship to your product or service.
Are our points of difference compelling?
Once you’re confident that your product offering matches your competitors’, it’s time to think about what sets your brand apart. Your points of difference are anything that makes your brand unique. Think back to when you first came up with the idea for your brand.
What gave you the idea? Was there a problem that needed solving that was being neglected by your competitors? Odds are, this is the basis for your points of difference. When deciding on these, continually put yourself in the shoes of your customers and ask; ‘Would this persuade me to purchase this brand?’