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.