Brand Positioning and Branding Strategy
Mitra Ferdows, business Management graduate from the United States Loyola Marymount University and consultant in start-ups, expresses her point of view on brand positioning and branding strategy. Mitra Ferdows stated that the principal goal of positioning a brand is to create a unique impression in the minds of the customers and at the market place. Effective brand positioning empowers a firm’s brand to be readily discernible from competing brands in the market. The brand distinguished from other brands can be in terms of associated brand attributes, benefits to users, and/or market segment emphasis along with other factors. Efficacious brand positioning further spotlights elements of superiority along one or more distinguishing dimensions which are valued by customers. Mitra Ferdows added that organizations setting up a new brand need to follow the essential steps to position their brands. These steps include identifying the current standing and the direct competition, understanding the standing of the competitor brands, identifying the uniqueness of the company, developing the unique selling proposition, and formulating the messaging statements.
How to Build a Brand
Mitra Ferdows stated that in order for a brand to be built and positioned there are several important steps to be taken. Researching target audience and competitors is the first and foremost factor to be taken into consideration. She added that before you start making any decisions about your brand, you need to understand the current market, i.e., who your potential customers and current competitors are. Searching the product or services, brand settlers can analyze the direct and indirect competitors that would come up. Brand positioning departments need to take into account who their lowest hanging fruit customers and top-of-mind competitors are.
Mitra Ferdows Points out Steps to Create Brand Position
Pinpoint Your Current Standing
Mitra Ferdows reiterated that in order to create brand position we need to identify the current standing except for the brands which are new to the market. She clarified by stating that identifying the current standing is vital for the brands which are already an established player in the market and wish to resurrect its brand positioning and the overall brand architecture. It is the responsibility of the management and the branding department to scrutinize and identify the current positioning of the brand; its attainment of the overall business aims and objectives. Then after the loopholes are identified, the management of the company needs to determine whether there is a need for repositioning of the brand.
Identify the Direct Competitors and Standing of the Competitor Brands
Mitra Ferdows considers identifying the direct competitors as one of the most significant steps in the line of creating the position of a brand in the market. There are some brands which would mainly pose a direct threat to the brand. This can be done clearly by analyzing and understanding the core value, brand strengths, nature of products and services offered, ethos, and fundamentals of the competitive brands plus spotting their unique selling propositions. It is also crucial to consider factors that make brands different and unique in the market and in the minds of the customers. To understand the positioning of the competitor brands, branding departments basically need to figure out their vision statement, mission statement, core values, brand fundamentals, and the entire architecture of the competitors. Intricately studying the competitor brands positioning and strategies sheds lights on the positioning and thus will give a competitive edge in the market.
Determine What Makes the Company Unique and Develop the Uniqueness Selling Proposition
Mitra Ferdows stressed that one major step to help with positioning a brand is to determine the uniqueness of the company through the in-depth introspection of the brand within the company along with identifying the core values, fundamentals on which the brand is formulated, strengths, value propositions, long-term vision, and the features and attributes that make the brand unique and distinguishable from the rest of the brands in the market (who offer the same lines of products and services). Furthermore, depending on the features, objectives, attributes, core values, etc., the company needs to develop the unique selling propositions.
Contrive the Messaging Statement
The messaging statement like mission statement, vision statement, and the tagline or the brand slogan attached with the official logo of the brands is next on the line. Mitra Ferdows emphasized that the messaging statements should be clear, crisp, and unique in line with the attributes and inherent nature of the brand. Mitra Ferdows pointed out that a clear messaging statement is significant for two main reasons: the first is that you need it to connect with customers, investors, potential employees, the press, etc., and the second reason is that without a simple, compelling message, no one bothers to identify your brand.
Why Brand Positioning and Strategy is Important
Mitra Ferdows stated that market differentiation, justification of the pricing strategy, having a competitive advantage, and making the brands more creative are among the outcomes of positioning your brand in the market.
Brand Positioning and Market Differentiation
Unique and creative brand positioning will not only pave the way for the brand in the market but also gives the factor of differentiation to the brand as compared to its competitors be it direct or indirect. It helps making the brand stand out in the market and in the customers mind with its unique selling proposition. This, undoubtedly, will get the brand ingrained in customers minds and work as a recall factor.
Brand Positioning will Help Justify the Pricing Strategy
Justification of pricing strategy is another chief advantage of brand positioning. It helps the management of the company in justifying the pricing strategies. If the pricing of the products offered by the brand is high on account of the feature of quality and class, and the brand positioning is formulated in such a way that showcases the factors of quality and class, the pricing part gets automatically justified in the minds of the customers. It is also applicable for the products that are reasonable and affordable in nature and the positioning strategy is planned and executed accordingly.
Brand Positioning and Competitive Advantage
Mitra Ferdows stated that every business aspires to accomplish the objectives of higher sales, increased market share, customer loyalty, attracting the new sets of customers and elevated profits. A well-founded brand positioning that tactfully and strategically highlights the core values, strengths, attributes and the unique selling propositions of the brand enjoys the facet of competitive advantage. In addition, brand positioning will help making the brand different and unique from other products by being innovative. Mitra Ferdows reiterated that novelty and creativity are in harmony with brand positioning so when a brand is more creative it can find the top position in the market being valued by customers and admired by stakeholders.
