Brand Positioning Market Research
What is Brand Positioning?
Brand Positioning relates to the unique value that a brand presents to its customer. According to master marketer Philip Kotler, Brand Positioning is “the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market.” Brand Positioning, in other words, describes how a brand is different. It shows what sets your brand apart from your competitors and tells us where or how it sits in customers’ minds.
Companies use UX Market Research to define the brand position. They examine how potential and current customers interact with the Brand. They also use data to fuel the next steps. This type of Brand Positioning Strategy Market Research is powerful. Research allows advertising and marketing teams to understand their market of interest better. It’s better than making assumptions or resorting to what worked in the past.
Why is Brand Positioning Important?
Brand Positioning strategies have a direct connection to consumer loyalty. Why? Because they shape consumer preferences. They also have a link to consumer-based brand equity. These customers have shown their willingness to buy the Brand.
Another tool that companies use is Competitive Analysis to collect and study data about their competitors. As a matter of fact, it helps them assess their market position and improve their products. Thus, they better their marketing strategies.
Brand Positioning is essential for a company. It gives them a straightforward way to share the value their Brand brings to customers. It is internal, through a Brand Positioning Statement. It’s also external, through various marketing strategies.
Why Businesses Need Brand Positioning
A logo or tagline alone won’t do the job of building a solid brand. You have to think about how customers will see you. What will make you different from other firms offering similar products or services? That’s why it’s essential to be strategic about positioning. Ensure that your Brand appeals to the right audience.
Brand Positioning gets your Brand out there. It establishes it as something worth considering. It silences the noise of other brands so yours can shine through. Another thing about Brand Positioning is that it allows you to get your message across to your target audience. Sales and marketing messages bombard us every day, at every corner. Everyone is vying for your attention and time. Your Brand Positioning breaks through the clutter. It speaks to the people you intend to attract amid all this noise.
Key Success Factors in Brand Positioning
Which do you ask for when you cut your finger: a bandage or a Band-Aid? Here’s how Brand Positioning enables you to build, develop, manage, and further the progress of a strong brand:
- Brand Positioning is a way of setting out your stall. You do it in a way that makes it different from your competitors. When your target customers decide on a brand, your uniqueness ought to attract them. Furthermore, it should make them choose you.
- Create a brand essence chart. Brands answer needs, which is the start of any Brand Positioning statement. A brand essence chart can help organize your ideas, so they’re clear and concise.
- Find your current Brand Positioning. Start by thinking about your target customer and defining who they are. Next, identify your values, mission, and what sets you apart from the rest of the market.
About Brand Positioning Market Research
It is essential to approach both potential and existing customers. That’s the only way to gain a proper brand position. Moreover, your customers are an excellent source for finding out your current brand position. They can also help you find those of your competitors.
You can establish this position through Qualitative Market Research. With this type of research, customers talk about their purchases. Or, you can use Quantitative Market Research Surveys.
You’ll also need to do Market Sizing Research as part of your Brand Positioning effort. This type of research looks at the prospects of your market. It shows you where you’re falling short, so you can improve and strengthen your brand.
Key Success Factors in Brand Repositioning Market Research
In the dynamic business world, the clarity and distinctiveness of a brand can significantly impact its market performance. That’s why brand repositioning is not just a marketing strategy; it’s a vital component of sustaining relevance and driving growth.
How can businesses navigate the intricacies of brand repositioning to ensure they not only meet but exceed market expectations? The key lies in comprehensive market research tailored to unearth the insights that drive successful brand transformations.
What Is Brand Repositioning Market Research? Why Is It Important?
To remain competitive and relevant, businesses must reassess and adjust their brand’s position in the market. This reassessment is where brand repositioning market research steps in, it involves analyzing every facet of the brand’s current standing and meticulously planning its future trajectory.
For this reason, brand repositioning market research helps businesses understand how their brand is perceived, determine the direction it should take, and identify the gaps between current perceptions and desired positioning. Moreover, it encompasses a variety of research methods (including qualitative and quantitative analysis) to gather comprehensive insights into consumer attitudes, market trends, and the competitive landscape.
The importance of brand repositioning market research becomes even more pronounced for companies in the public eye. For companies on the brink of going public or those that have recently done so, this research is crucial. The findings provide a strategic foundation for crafting a brand narrative that aligns with investor expectations and market demands.
Key Success Factors in Brand Repositioning Market Research
The success of brand repositioning efforts relies on several factors, which can greatly enhance the effectiveness of the research and, consequently, the repositioning strategy itself.
For market research to be a valuable tool in brand repositioning, it must be comprehensive, exploring different angles of the brand’s presence and perception in the market. It should encompass a wide array of data sources, including direct consumer feedback, competitor analysis, industry trends, and media portrayal.
Efficiency in the research process is another crucial factor. Time and resources are often limited, especially for companies adjusting to the scrutiny of the public market. The research must be designed to gather the most informative data most efficiently, without redundant or irrelevant inquiries that can drain resources and extend timelines.
Additionally, the accuracy and reliability of the data is a key factor because the decisions made based on this research can have far-reaching implications for the brand. Therefore, ensuring that the data is a true reflection of the market and consumer sentiment is paramount. This means employing rigorous methodologies and cross-referencing data points to verify findings.
A successful brand repositioning market research must also be flexible and adaptive. Markets are dynamic – and consumer behaviors shift rapidly. Research methodologies and strategies must be capable of pivoting in response to new information or sudden changes in market conditions to remain relevant and useful.
Lastly, the insights must be translated into actionable strategies that are aligned with the brand’s objectives and market opportunities. This requires not just data analysts, but strategic thinkers who can connect the dots between data points and real-world applications.
About SIS International
SIS International offers Quantitative, Qualitative, and Strategy Research. We provide data, tools, strategies, reports and insights for decision-making. We conduct interviews, surveys, focus groups and many other Market Research methods and approaches. Contact us for your next Market Research project.