What sets your business apart from competition? Successful companies such as Google, Amazon, Apple among others have one thing in common, and that is a strong brand. A strong brand should be a priority for any business striving to achieve success. There is one surefire tactic such businesses do and that has everything to do with brand positioning. Brand positioning involves the process of positioning your brand in the minds of your customers. It is more than just a tagline and a fancy logo. It entails all the strategies you out in place to set your business ahead of others. Effective brand positioning is the extend in which a brand is perceived as favorable, different as well as credible in the minds of consumers.
Importance of brand positioning
Every business has a reputation to protect. Brand positioning helps you to take control of your reputation and brand image. It allows companies to differentiate themselves from competition. This differentiation helps increase brand awareness, communicate value and justify pricing. When you are deciding on how to position your brand in the marketplace, you will have many options to choose from. It will depend on what your competitors have to offer. In most cases, you will need to tailor your strategy to highlight the competitive advantage of your product and indirectly or directly point out to the shortcomings of your competitors.
Not all brand positioning strategies have the same objective. Depending on your product, service or industry, the positioning will always vary. Here are some of the most common types of brand positioning strategies that are most common.
Customer service positioning strategy
With this strategy, companies aim at highlighting their prompt, friendly customer service to differentiate themselves in verticals that are known for inattentive support. Other companies highlight their strong support system if their product has a particularly complicated implementation phase. The most tangible benefit of this strategy is that great customer service can and will justify higher price point. This can be the case where Apple attracts higher price point for their products but always tries to leave its customers highly satisfied.
Convenience based positioning strategy
Convenience based positioning strategy highlights the reason company’s products or services are more convenient as compared to those of competitors. This convenience can be based on location, ease of use, availability in multiple platforms, wide accessibility, support among others. Convenience may also come as a result of product design. If you can position your products or services as the most convenient it will automatically attract busy buyers. Same can also be used to justify higher price point.
Price based positioning strategy
Companies make use of price-based strategy to present their products and services as the most affordable option. If you can position your products as the cheapest in the market, you will without a doubt attract a large customer base. This is because no one likes to spend more than they have to. Offering the lowest price presents an easy way to entice your prospects to make a conversion. One limitation associated with this strategy however is that it may convey lower production quality. It can also initiate price war depending on the industry you are involved in.