The Importance of Brand Positioning in 2023
Recently at WG Media, we took a leap in our brand positioning growth and education so we want to share the importance of brand positioning, along with some case studies.
Premium brand positioning is no longer a luxury. It is a necessity for businesses striving to succeed, especially when it comes to achieving success in today's highly-competitive market. Effective brand positioning creates a unique and memorable identity for a company and helps it stand out from the crowd. In 2023, this is essential, as businesses must find ways to differentiate themselves to succeed.
Not only does brand positioning help differentiate your business, it also provides clarity on your target audience, pricing strategy and ultimately, generates you income. In fact, studies show that those who leverage personalised content can achieve a higher average revenue increase of 40%.
If you want to ensure your long-term growth and success, investing in a strong brand positioning plan is a must. In this article, we share our expertise as digital marketers and share insights on the growing importance of brand positioning and how it’s crucial for long-term growth and success.
What is Brand Positioning
Brand positioning is the strategic process of establishing a unique brand identity, differentiating you from competitors and creating a favourable perception among target consumers. Good positioning directly influences consumer perceptions, shaping their attitudes and behaviours towards a brand. This gives your business a competitive edge, helping you capture and retain consumers.
The Benefits of Effective Brand Positioning
In the modern marketing climate, the importance of brand positioning is vital as customers seek tailored experiences and products. This is especially hard as more and more businesses are growing and there is less opportunity for brand differentiation.
Premium brand positioning can provide a number of benefits, including:
Differentiation
Differentiation in marketing is the unique and distinct set of qualities, characteristics and values that set a brand apart from its competitors in the eyes of consumers. This is arguably the most important benefit of premium brand positioning and
can mean the difference between being lost in a sea of similarity or rising to the top as a trusted leader. Differentiation can give businesses the edge they need in order to be recognised and respected in a crowded market.
Brand Recognition vs Brand Salience
Recognition, or brand awareness, refers to the extent to which a brand is recognised by consumers. Brand awareness is seen by 70% of social marketers as their top goal for social and is crucial to business growth.
However, brand salience goes further than recognition and refers to the awareness or recognition your brand receives at a specific moment. Brands with stronger brand salience are thought of first whereas brands with weaker salience are thought of last.
For example, what’s the first brand that comes into your mind when you think of fast and convenient junk food? Did you either say Burger King or McDonald’s? If you did, this is because these brands have mastered their brand salience and remain market leaders in the fast food industry.
In essence, brand awareness is about being known by consumers, while brand salience is about being top of the mind and being strongly associated with a product or service.
Brand Loyalty
Brand loyalty is the dedication of consumers to repeatedly purchase a brand’s product or services. This may be regardless of shortcomings, competitive actions, or environmental changes, due to their positive sentiments towards the brand.
Loyalty is a significant benefit of premium brand positioning as it fosters long-term customer relationships, promotes consistent revenue streams, and establishes a competitive edge in the market.
Competitive Edge
For a competitive advantage to be effective, it needs to differentiate a company from its industry peers and should be challenging to replicate. This is what helps the company stand out in the market, attract customers, and maintain a strong position against competitors.
A great example of this is Tesla, with its cutting-edge electric vehicles. The brand’s unique combination of sleek design, battery-powered ability and autopilot features have created a distinct market position that is challenging to replicate quickly, setting Tesla apart as a leader in the electric vehicle industry.
Consistency
Brand consistency is huge! This involves maintaining a consistent presentation of your company and its values across all marketing channels. It unifies the image and message seen by customers and potential customers, enhancing their perception and understanding of your brand.
Incorporating a Premium Brand Positioning Strategy in 2023
Lay the Foundations - Laying the foundations of a successful brand positioning strategy is essential. It starts with understanding your target audience and market dynamics through market research.
By crafting a compelling brand positioning statement that sets you apart from competitors, you can effectively communicate the advantages of your brand positioning. This will set you up for success in the long term.
Engage with your target audience - By actively engaging with your target audience and collaborating with your peers, you can create compelling branding that resonates with your audience.
Analyse market research - By analysing market research data, businesses can make informed decisions, develop effective marketing strategies and identify opportunities for growth and competitive advantage.
Adjust to The Market - By adjusting to the market, you can create opportunities, mitigate risks, and maintain a competitive edge in a dynamic business landscape. It allows you to meet evolving customer needs, capitalise on emerging trends and sustain long-term success.
Learning to embrace change and lead the charge will help you stay ahead of the competition.
Zero in on Key Messages and Themes - Zeroing in on key messages and themes is vital for brand positioning. Identify your brand’s core values and unique selling points. Craft compelling, consistent messages that resonate to make a lasting impact.
Dedicate, Coordinate and Foster - Allocating resources and effort to brand development is the last crucial element in a successful brand positioning strategy. Coordinate messaging and actions across all channels and foster strong relationships with customers.
Emerging Trends in Brand Positioning
The future of premium brand positioning is unmapped. However, we are moving into a stage of embracing emerging technologies and leveraging them to create innovative brand experiences. We also know that storytelling and emotional branding play a significant role in creating an emotional connection with consumers.
Market Research
Having a strong foundation in market research can help to directly influence consumer perceptions and craft a compelling brand position that aligns with consumer needs.
Those who use the power of market research to leverage premium brand positioning will be ahead of the marketing game, making it easier for companies to market their products.
Purpose-Driven Branding
Purpose-driven branding is increasingly important as consumers gravitate towards brands with a clear purpose and commitment. This type of brand positioning is vital in the modern business landscape and leads to long-term relationships and increased customer lifetime value.
Influencer Marketing
With the rise of social media, the use of brand advocacy is rapidly growing. Consumers can play an active role in shaping brand perception and brands can leverage social trends to enhance their brand positioning and engage with their target audience.
Case Study: Successful and Simple Brand Positioning in Apple
In the fast-paced world of consumer electronics, Apple has managed to establish itself as a global leader through its unwavering commitment to brand positioning. It is focused on simplicity.
Apple has captured the hearts and minds of millions by using this power of simplicity to create an unmatched consumer experience.
The Essence of Premium Brand Positioning in Apple
To understand brand positioning in this case, Apple shifted from being product focused to consumer centric. This means they have transformed their brand into creating meaningful consumer benefits, breathing life into positioning.
Functional Benefits of Simplicity
Apple excels in three key areas within simplicity; simplifying life, sensory appeal and the overall experience. These benefits differentiate the brand and form Apple’s unique positioning strategy.
Emotional Benefits of Simplicity
Alongside rational benefits, Apple understands the significance of forging emotional connections. By capturing a special place in consumers’ hearts, Apple cements its status as an iconic brand.
Conclusion
In conclusion, the advantages of brand positioning are immense and it’s the key to standing out in a competitive landscape. Building trust with customers and aligning your messaging with their desires is crucial and with evolving insight data, it’s increasingly easy to become onboard.
In brand positioning, the ideal position where a brand stands out and succeeds, aka, the ‘winning zone’ is the ultimate goal, as it requires creating a unique, compelling and ownable space that sets the brand apart from competitors and resonates with consumers.
So, invest in defining your brand’s uniqueness, understanding your audience and crafting a positioning strategy that resonates deeply with your customers.
At WG Media, we specialise in the art of brand positioning, helping businesses unlock their true potential in the ever-evolving landscape of 2023 and beyond.