Part 3 - Brand Positioning.
Take time to define.
Now we’re getting to the really fun part! In week one we talked about brand foundations – what makes your brand and how did it come to life. Week two, we covered brand purpose and why you do what you do. Now we’re going to move into brand positioning. Brand positioning is defining who your customers are, who your competition is, and why you’re better. According to Forbes, 543,000 new businesses get started each month, and more will shut down. While it’s certainly possible to stay in business without answering all these questions and providing yourself a clear, well-defined purpose, position, and personality, it’s rare. It’s also more difficult. With a clear definition of who your clients and competition are, you can define a strategy on how you will go to market. This is also where we begin to define your brand narrative, because we’re answering the golden question: Who are you talking to, and why they should use you?
Where do you and your customers fall?
When setting out to bring your brand to the masses, it’s important to have a good idea of where you fit in the mix. Where do you see your brand in the market, and what piece of the pie do you have a chance at? If you’ve never or rarely seen a Rolex© commercial or advertisement, and you don’t have a substantial net worth, then their marketing is working. There is absolutely nothing wrong with not being wealthy, but let’s face it – a Rolex© customer is typically affluent. Rolex© has done a good job of knowing who their clientele is and advertising to that group only, because they’re concerned that their ad spend reaches the demographic that is most likely to purchase their product. In staying with this example, chances are wealthy people probably don’t see many discount store advertisements. Point being, you need to decide where in the spectrum you fall. Will you offer service above all else? Quality above all else? Or price above all else?
So, let’s get started!
1. What is your Unique Selling Proposition (USP)? If you don’t have a USP, I strongly recommend you develop one. This is a tool that will help you figure out your niche. If you work with Brandfirm, I’ll guide you through this process. We’ll use a comprehensive method to determine exactly where you fall in the fray. Once it’s complete, you’ll have a roadmap of where you are best served in your market.
2. What problems does your brand face? EVERY brand has problems to face. It's best to acknowledge them, so you can plan how to overcome them.
3. Who are your competitors?
4. What about your background, product, or service sets you apart from your competitors? Why should your prospect buy or engage with you?
5. Describe the value your brand adds to your clients and audience.
6. Who is your ideal client?
7. What is your current target audience?
Subscribe or come back next week when we delve into your brand purpose!
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