What Is Brand Positioning?
The brand positioning definition is, essentially, how a company differs from its competitors. Brand positioning describes the conceptual place a company takes up in the minds of its consumers, and it’s created by the associations and perceptions people build over time. Companies spend a lot of resources tailoring their marketing efforts to affect brand equity and perspection, but the positioning itself is ultimately formed in the minds of their consumers.
Why Is Brand Positioning Important?
Brand positioning uses strategies that directly impact brand equity, consumer loyalty, and how willing an audience is to make repeat purchases. Additionally, brand positioning makes your company stand out against its competitors and increases the overall value that your business has in the minds of your audience. One of the best ways to ensure that your position stays high is to commit your consumer to practice reliability and consistency so you can continuously make purchase decisions easy for the consumer.
How To Establish Proper Brand Positioning
Every company is positioned to some extent, but their positions may not be placed as optimally as they could be. One way to move the needle of your position is by altering brand touchpoints and keeping a pulse on brand demographics. However, understanding the current state of your industry and the competitive landscape are also huge keys to success. Luckily, Compass by The Harris Polls provides the research tools necessary for working on brand positioning in a strategic way. Find out how by requesting a demo today!
Evaluate The Current Brand Positioning
As you’re creating a marketing strategy, it’s important to understand how your business currently exists in the minds of your users. This information will help guide your marketing strategy and increase overall brand equity, which can elevate your brand’s position. To help you find out just where your organization stands, Compass does the hard work for you by providing direct from consumer thoughts and opinions from several different touchpoints to give you a full picture of your audience’s thoughts on your company.
Competitor research is one of the most important steps you can take to find out how to position your brand to your audience. It not only helps you stay up-to-date with what your competitors are offering to the consumer, but it can also point to any gaps that need to filled by your products. Compass makes this phase easier than ever before by giving you a look at competitors from a variety of angles through real-time consumer insights.
Utilize Brand Differentiation
Brand differentiation is the means that set a brand apart from other, similar brands in their field. This concept is measured by three elements, relevancy, uniqueness, and credibility.
- Relevancy: The brand must be appealing to consumers in a specific way.
- Uniqueness: The brand must offer a value proposition that is different and better than competitors.
- Credibility: It is important to portray the brand accurately and the brand must follow through on its promises.
Each of these elements needs to be in balance with each other to ensure positioning success. A brand needs to be equally relevant, unique, and credible to occupy space in the minds of their consumers, and if any of these elements is lacking, it can cause the brand to fade into the background, which will affect your bottom line.
With Compass by The Harris Poll, however, you won’t need to worry about this happening. That’s because, with our brand tracker, you’ll be able to see consumer insights in real-time that will inform you of your brand position so you can course-correct if need be. With Compass, your marketing strategy can be agile and data-driven, which will only lead to more success.