Becoming the Gold Standard: The Importance of a Brand Positioning Strategy in Digital Marketing
When you think of some of the most successful companies – ones that have made themselves global household names – there’s at least one thing they have in common, and that’s a strong brand. Think of Coca-Cola, for example. Although they have plenty of competitors who offer a similar product, it is the Coca-Cola brand that truly stands out. How many times have you gone to a restaurant and heard someone order a cola? Probably never. But people order Cokes all the time. It’s a prime example of the power of a good brand positioning strategy.
Of course, the Coca-Cola example is somewhat of an extreme one, considering they are one of the largest brands in the world. But the importance of brand positioning isn’t any less substantial for smaller businesses. No matter your industry or the size of your business, chances are you’ve got at least one other competitor you’re up against, and the way you position your branding and marketing messaging is crucial for setting you apart from the rest.
In short, brand positioning refers to the way you establish your brand in the minds of your consumers. It is the practice of exploring, identifying, and refining your uniqueness within the market. With every interaction, you want your brand positioning strategy to deliver a positive, memorable experience that really resonates with your audience so that when they think of your brand, they make a positive emotional connection; and when they think of the types of products and/or services you offer, they think of you first and foremost.
Top reasons to put a brand positioning strategy into action
By now you should understand the basic importance of a brand positioning strategy: it helps to distinguish you from your competitors. But it actually goes even deeper than that. Right now, digital marketing is everywhere. Consumers are being targeted by digital ads no matter where they turn. Digital billboards, TV ads, in-app ads, website banner ads… the list is endless, and it can become overwhelming. But by establishing your brand positioning in the digital marketing sphere, you can help your audience break through all the other “noise” around them. You grab their attention, you foster a relationship of trust, and you make it easier for them to make their buying decisions. They choose you and ultimately push everyone else aside, because you’ve made their lives easier and convinced them that your brand is the gold standard.
Internally, the benefits of a brand positioning strategy are just as vast. And ultimately, they translate into dollar signs. Before you can show your consumers your value, you have to understand what that value is. It forces you to create your messaging and nail down the specifics of who your customers are, what their needs are, and how you are able to satisfy those needs. From there, it opens up your brand communication strategy to a whole new world – one where you can more efficiently target your audience and tell them your story. In the end, because you’ve developed such a focused strategy, you end up spending less money to target hotter leads. And, in addition to that, when you have such a strong grasp on your own value, it helps you identify and justify an appropriate price point for your products and services, whether that is higher, lower or on par with that of your competitors. There’s no more guessing required, and if anyone questions your pricing, you’ve got the data to back it up.
5 steps for creating your own brand positioning strategy
To create a brand positioning strategy for your business, you’ll need to dive deeper into your brand to understand who you are, what sort of value you offer to consumers, and where you want your business to go. These five steps will help you lay down a basic brand positioning framework for your business.
- Determine your current brand positioning. What are you currently doing to promote your brand and market your products and services? If the answer is nothing, that’s ok. You just need to identify your starting positioning in marketing before you can gain any insight into where to go next.
- Reacquaint yourself with your core values and messaging. What are your mission, vision and values? What are your value propositions? What’s your current brand persona? Who are you trying to target with that voice?
- Identify and research your competition. In addition to knowing who you and your consumers are, it’s just as important to understand who you’re up against. Do your own research by searching for keywords specific to your industry, and talk to your existing customers. Who did they use before finding you?
- Identify your unique markers. What sets you apart from your competitors? What do you do better than everyone else?
- Create your brand positioning statement. Take what you’ve learned from Steps 1-4 and come up with one or two sentences that convey your brand’s unique value to your customers in relation to your main competitors. Try to include details on who your target customer is, what product or service category you fall into, the top benefit of your product or service, and the proof of that benefit.
With your positioning statement in hand, it’s time to put your words into action. It’s time to live your brand. Show your audience – consistently across all platforms – who you are and what you can do for them. Show them why you are the gold standard.
For additional brand strategy consulting, contact us today. We can help you plan, establish and execute your own unique brand positioning strategy.