The Power of Positioning
The best way to communicate the company’s unique offers and attributes to the target audience, based on its needs, is the essence of positioning. This has become a lost art in recent years, but it’s slowly making a comeback with some of the world’s top business owners and marketers. While it’s still present at a product level, where the product management teams are continually looking for innovative ways to differentiate their new launches with added features, not many businesses have incorporated it at a company-level.
These carefully crafted messages and actions that are used to make the business stand out from the crowd are an underutilized yet very powerful way to reach and impact the public. Utilizing positioning means that the marketing messages promoted to the audiences make the company stand out and resonate with them, and compel them to take action.
For example, far too many companies in the finance industry echo the same messages as each other to the public, such as being people-focused, trustworthy, and having great rates, to the point where they all sound the same. But breaking out of the mold and truly standing out from the crows is difficult. Most companies lack the insights, drive, and capabilities required to effectively position themselves.
This is why they tend to copy all the key offers and messages from their competitors while also making a safe choice that’s proven it works for others. That’s how they all end up sounding the same at the essential company levels. Having a strong brand, along with the likes of Coca-Cola, means having strong positioning, to the point where the brand name becomes a generic product for all the similar products in the same niche.
Businesses with strong positioning see an average increase in revenue of 33%, increase customer loyalty, improve their image, and easily develop a relatable identity. Whether cultivated carefully or not, every business has its own reputation. The companies that want to position themselves have to dive deep into the brand’s details and find out what it is that they do better than everyone else.
The first step is to look into the current marketing campaign and determine whether the business promotes just another product in the market or something really distinctive for the consumers. After that, it’s important to look at what the competitors in the industry are doing and what type of positioning they are using to find out what the business does better than its competitors and gain an edge over them.
Once all of that research is complete, and the company understands what it does best and what it does better than its competitors, it’s time to create a brand positioning statement, which is a short declaration that can communicate the company’s unique value to its consumers, in relation to all the competitors.
Several things that should be kept in mind when creating that declaration is the target audience, the company’s niche, the greatest benefit that consumers get from making purchases from the company, and the proof of that benefit.