Brand Positioning Strategies to Consider
Your business needs to know its position in the industry. Brand positioning enables a business to create compelling marketing messages and stand out from competitors. A brand positioning statement encapsulates your positioning strategy; it outlines what your brand does, who you’re targeting and what makes you better than your competitors. In order to get to the point where you can write a compelling brand positioning statement, you need to work out your positioning strategy; here are some examples of successful strategies businesses can consider.
Positioning based on price
Some businesses choose to position themselves as a low-cost option; their entire strategy is all about bringing the customer value for money. This positioning strategy works well for cheap airlines such as Ryanair. When travelling with Ryanair, customers don’t expect high-quality service; they expect adequate service that matches the price they’ve paid for the low-cost flights. Ryanair makes money by charging customers for every single add-on, including picking a seat and any additional luggage. Customers are usually ok with this approach as they can make the flight as cheap as possible by travelling lightly and avoiding add-ons. People who want a more comfortable and luxurious experience won’t choose to travel with Ryanair, but that’s ok; the brand is not positioned at this audience;it is positioned for people who want to fly cheaply to their destination.
Quality positioning
High quality is a good differentiation factor that sets some brands apart from others in the industry. Many brands try to claim to be high-quality or provide a luxury experience, but a few do this well. When it comes to a high-quality positioning at the very top of the market, customers are usually willing to pay large price tags for your products. As a business, your sales volume is likely to be much less, but the profit will be far higher on each item. If you choose a quality positioning, you must consider quality in every part of the customer journey, from the advertisements to the website and through to the after-sales and customer service. Customers will expect a high level of quality not only in their products but also in the service they’re offered. Rolex is a brand that’s known for high quality;price isn’t even considered for most Rolex customers, so much so that they don’t openly advertise the prices of their products on their website; this is all part of their quality positioning and strategy. Many brands try to use quality positioning, but in reality, their products don’t stack up to the price tag they’re offering. You can speak with abrand positioning agencywhen you're unsure whether your business can benefit from a quality positioning strategy. The agency will be able to advise on your positioning strategy and help your business succeed.
Product based positioning
If you sit somewhere between the low price and high-quality area, which most brands do, you’re likely to position your brand based on your product. Product-based positioning looks at the unique attributes of your product that make it stand out from the competition. This could be a number of things, including the safety of your product, the design, the appeal to a specific niche audience, and your customer service. As a business, you need to work out the benefits of your product over the competition. Octopus Energy has used a product-based positioning strategy or, in their case, a service-based strategy. Octopus energy is known for its high level of customer service and green credentials. They only sell renewable energy and focus on providing high customer service.This attracts customers who have had bad past experiences with utility companies and want to help the environment.
When evaluating your brand positioning strategy, there are several frameworks you can use. Mapping your business and the competition on a positioning map is a good way to get a sense of how you compare. A positioning map looks at quality vs price as a matrix; this can help organisations decide where to position their product. Ideally, you need to identify a gap in the market where there is demand and position your product or service can fill; this will enable you to cater for unfulfilled demand.