Houston, Texas – When it comes to marketing and advertising, the difference between promoting your brand or business can sometimes be misconstrued as positioning your company. Believe it or not, while the two share similarities, brand promotion is quite different from brand positioning. Let’s explore a few tips and the fundamentals with Herman Harris – business strategist and Principal Consultant of TEN 4 Enterprises, on how to position your business within the marketplace and the overall benefits when done effectively.
What is positioning?
The first thing we want to recognize is that business positioning has little to do with the product or service you provide and more to do with how your customer base views your products/services in their mind. When we speak about positioning we are changing perspective to view your business through the lens of the buyer. Additionally, we want to account for other variables including your customer’s motivations and impulses, as well as your competitors’ actions. Ultimately, positioning defines where your product (or service) stands within the marketplace in relation to others offering similar products and services through the mind of the consumer.
Positioning is your brand’s unique way of providing value to its customers. The associations that consumers have about a particular business directly reflect the brand’s position. In many cases, especially with large corporate brands, the company’s positioning is the sole or primary way consumers identify the business.
3 excellent ways to improve your brand or business position:
I. Position your company based on unique characteristics of your product
Correlate certain benefits and characteristics to your customer base that associate a relatable or beneficial attribute. For example, Cheerios’ position with the cereal market is that they are heart healthy. Toyota and Lexus’ position are reliability with the automotive industry and Jimmy John’s position is speedy delivery within the fast food niche.
II. Position your brand based on luxury
To the typical consumer, quality and price are generally directly associated with each other; the higher the price, the better the quality. However, positioning a brand on luxury is different than positioning it on price. Brands that engage this type of selective positioning articulate the prestige or exclusive opulence of the product. Inevitably, this causes customers to want the products or services of the brand regardless of the price. When the focal point of communication is geared towards a luxurious lifestyle, price is a limited factor. This result is largely in part due to the long-term reputation the company upholds as its positioning strategy.
III. Position your company in contrast to the competition
Competitor based positioning is a widely used variant of business positioning. It focuses on using the competition as a reference point for differentiation. The goal is to highlight a key difference about your brand services, in contrast to the direct competitors, to appear more advantageous when compared with opposing options within the marketplace. When executed effectively, your services become unique and appear in the minds of your consumer as the “better alternative”. Positioning your company based on the competition often leads your potential consumer to identify greatly with a specific attribute you choose to market – even if the competitive brands are virtually equal. We tend to see this style of business positioning with wireless providers, detergent brands and insurance companies.
Ultimately, you dominate your marketplace by strategically positioning your company as you market it. The power of position in business is connected directly to how the brand correlates with the mind of its consumer. Use the examples above to gain a new perspective on how to position your business. It’s also a common best practice to hire professionals to help advise your business on the best ways to position it.
Herman Harris is the founder and Principal Consultant of TEN 4 Enterprises – a management consulting firm located in Houston. He specializes in marketing, strategic planning, business development and operations management. To hire or learn more about the consultant once recognized as the Best of Brand Marketing by LinkedIn you may visit his website, HermanHarris.com, for more information.
Company Name: TEN 4 Enterprises
Contact Person: Herman Harris
Email: Send Email
Address:2800 Post Oak Blvd
State: TX 77056
Country: United States