What sets a business apart from the competition? Successful businesses such as Coca-Cola have one thing in common, and that is a strong brand. When building a business, one of the greatest things you should look at is creating a strong brand. Brands that are consistent and well established see a surge in their revenues. There is one sure way of building a strong brand, and that is through brand positioning.
Brand positioning refers to the process of positioning your brand in the mind of the customers. It is more than a tagline and a fancy logo, but it includes the use of strategies that sets businesses apart from the rest. Effective branding refers to the extent to which a brand is perceived as favorable, different, and quite credible in the minds of consumers.
Importance of Brand Positioning
Any business will always have a reputation to protect. You can create brand positioning to help you take control of your reputation and brand image. Brand positioning allows a company to differentiate itself from the competition. This differentiation helps in increasing brand awareness, communicating value as well as justifying pricing on products and services, which all influence how a business performs. Brand positioning strategies all have the same objective. Depending on the product, service, or industry, they all aim at advancing a brand.
Here are some brand positioning strategies include the following;
Customer Service Positioning
Companies always highlight their prompt and friendly customer service with the aim of differentiating themselves from the competition. Other companies will be quick to highlight their strong support systems based on the products and services they offer. The most important thing is that great customer service can justify why a product attracts certain pricing. Take for example the high prices commanded by Apple products, yet customers seem to be satisfied by those prices. There is a danger in advertising great customer service if you are not sure you will not deliver. Band reviews and ratings will be directed your way.
Convenience Based Positioning Strategy
With this strategy, businesses aim at highlighting how their products or services are quite convenient as compared to those of a competitor. This convenience can be based on location, ease of use, wide accessibility, multiple platforms support as well as other aspects. If you can position your product or service as the most convenient, you will automatically attract a lot of customers, who want to have an experience with what you can deliver. At the same time, understand that offering the highest convenience can come at a cost.
Price Based Positioning
Companies use price based positioning strategy with the aim of presenting their products and services as the most affordable option. When you position your products as the cheapest in the market, you will without a doubt attract a lot of customers. No one likes to spend more than they should. Offering the lowest price is an easy way to entice a lot of customers. The only limitation with low prices might be associated with cheap quality.