In the branding world, it’s all about positioning. Positioning allows you to stand out from your competitors, and it lets you carve out a space for yourself in your marketplace and in your target customers’ minds.
Put simply, it can mean the difference between a wildly successful brand and one that misses the mark on all cylinders.
So how do you go about ensuring your brand is properly positioned? That it will draw in the right type of customers, sales and profits? Well, there are six approaches you can take. Let’s take a look at each one:
- Price positioning – One of the most popular ways to position yourself is with your pricing. This only works if you’re a budget brand, offering deeply discounted prices that your competitors can’t touch, or if you’re a luxury brand – one that offers a sort of panache with its products and services.
- Geographic positioning – Geographic positioning can be a good option if you want to target buyers in a certain part of the country or world. Maybe your umbrellas are great protection for the rainy weather in the Pacific Northwest, or maybe your bikes are primed for off-roading and riding the hills of the Tennessee mountains.
- Broad market positioning – This is an interesting type of positioning, as it requires you to establish your brand as a substitute for some larger-market item. Say you’re selling hot dogs. Instead of positioning yourself as a great alternative to all those other hot dog brands out there, you’d position yourself as a substitute for some bigger, broader market – maybe hamburgers, brats or just tailgating food in general.
- Psychographic positioning – With psychographic positioning, you’re establishing your brand as the choice for buyers with a certain mindset. They could be concerned with the environment, worried about their family’s safety, or have some other priority in mind.
- Use positioning – Use positioning is a great choice if you can get creative and think of alternative uses for your products and services – uses that aren’t the “norm” or what most consumers would expect. A good example? Let’s stick with the food example and say you sell mustard. Rather than marketing your mustard as a great topping for hot dogs and hamburgers, you’d instead market it for some other use – maybe as a great marinade for meat or as some type of sauce. You’re basically carving out a niche for yourself by creating a new use that your competitors haven’t thought of.
- Distribution positioning – Does your product or service only work for one certain channel of distribution? Is it only important during one season of the year? Or maybe it’s only useful if you’re at a certain point in life or you have certain weather in your area. By positioning yourself for these specific channels, you can target the right type of buyer and improve your sales and profits.
It’s possible that one, two or even more of these positioning strategies can work for your brand, but there’s always one that offers a bit more potential than the others. Want help determining the best positioning route for your brand? Contact the branding experts at Haley Brand Intelligence today to get started.