Brand positioning can help to differentiate yourself from the competition, justify your pricing structure and clarify your messaging. Which is why understanding your position in the market is a crucial piece of your overall brand strategy.
There are 8 brand positioning strategies that you could use in your business. But first you need to make sure you know who your target audience is and who your competitors are. Without this information you will struggle to identify the best market position for your brand.
The 8 strategies that you can us are:
Differentiation Strategy– this strategy relies on your product or services uniqueness, or innovative qualities positioned against to the rest of the market. For example, how Tesla brought innovation to the car market.
Niche Focused– Starting off your business in a super niche market and solving a problem in a unique way. Facebook is an example of this, would you believe, when it started out it was an online site for Harvard Students to make connections and share photos. So very niche just for a set audience to do a specific job.
Market Leader –This is where you are saying you are the best at what you do in your market compared to anyone else. It means you have to be very confident in the product or service that you are offering. The danger of this positioning strategy is that it can open you up to criticism as competitors will try to knock you off the top spot.
Price based –Basing your position in the market purely on price can be risky as you don’t want to end up in a price war with your competitors. That said lower the price, the broader the market. Conversely, the higher your price the fewer people there are that can afford it.
Quality based strategy –Similarly to the pricing strategy, a low-quality offering can be risky if customers’ expectations are higher and will likely result in low repeat purchases. Unlike, with a high-quality positioning strategy where you give yourself the opportunity to build a loyal customer base who come back time and time again because of your top-quality product or service on offer.
Value based strategy –regardless of the price point customers want to feel like they are getting value for their money. This positioning in market is very powerful as people like to feel like they have had good value and when they feel like this, they tend to tell people about it, boosting your word-of-mouth awareness and referrals.
Disruptive brand positioning strategy– This is where a new player or product enters the market and disrupts the status quo by doing things differently to everyone else. Technology has really impacted this over recent years, so much so that there are not many industries left that haven’t been disrupted one way or another. An example of this is when Uber entered the taxi market.
Convenience based strategy –This strategy is where you communicate that your can help make your customers life easier, better than everyone else in the market. For example, customers may be more likely to purchase from you over a competitor because you have a more convenient returns policy.
There you have it, 8 different strategies to help position your business in the most effective and strong position in your market.
Which strategy will you adopt to give your business the best competitive advantage?
