Brand positioning strategy process is steady and also requires comprehensive understanding of customer mind. Connection between brand name and consumer brings about long term partnership as well as loyalty. As well as, continued assistance to marketing efforts of the firm. So when a company is attempting to accumulate brand expertise, Brand name Positioning comes to be quite pertinent. For instance, Apple and Windows both are well known brand. Consumers know that they both are computer brand names dealing in amusement, but Apple stands for style, cool quotient, iPod and so on where as Windows stands for world class os, high quality etc. Customer can conveniently determine factor of similarities as well as factors of difference between both brand names.
This process of developing point of similarities as well as factors of distinction in customer’s mind is called Brand Positioning.
1- Brand placing method is about locating an appropriate location for a brand in market location also customer mind.
A consumer needs to quickly determine that for an offered need or desire this is the brand. If brand name falls short to do this, it merely becomes just an additional item or product on supermarket or shopping center rack. So for successful brand positioning, adhering to factors are of utmost relevance for firms; target consumer, primary rivals, point of similarity with competitors as well as factor of distinction with competitors.
2- So, to determine target customer we have to limit target audience.
A market comprises of cluster of private with similar actions, referred to as sections. These segments can be specified on basis of individual usage profile, that includes marriage condition, usage of product, use price of item as well as expectation from product. An additional is group that includes age, sex, income degree, race and family members. Further division can be done on location, if customer, that is whether they are regional or international. Other segmentation can be done on basis of psychological profile, which includes personal idea as well as values, picked way of life, spiritual association etc
3- Another market which is essential is service market.
Segmentation of organization market is starts with product course, suggesting target market (chemical, agriculture etc). Another section is buying choice, that is, via tender procedure, bidding procedure. By end consumer (federal government, not make money organization and so on). Finally segmentation is done on basis of business account, which includes financial strength and geographical location.
4- Recognizing your competitor is really vital for survival in market.
SWOT analysis is certainly great beginning point. Competition might not be originating from the very same item course yet perhaps from substitute, such as, tea v/s coffee. The point below is that not to limit competition too much as to lose focus. In current time fashion industry has encountering competition from customer electronics market, as individuals agree to invest buck on iPod, HDTV to make style statement and also not garments.
5- Factor of difference could be specifying in regards to the method consumer assumes for an offered brand.
These are the points which will make the brand name stand out from competitors. Factor of difference resembles one-of-a-kind marketing proposition and also this difference can be in form of look, foreseeable performance, high quality, far better customer service. For example Wal-Mart, faces competition not only from Target yet likewise from Macy’s and also Shaw’s. Yet point of difference is the item array it can use at competitive prices compared to other shops.
6- Factors of similarity are common traits important to ensure that consumer comprehend the item.
It helps in imposing a straightforward point of determining product within item course. This becomes important especially if brand is in expansion setting and also looking to go into another classification. This is more common in durable goods market, such as Old Spice earlier it was concentrate on cutting product yet later on transferred to grooming items like antiperspirants.
Brand positioning is extremely important step in developing client based brand equity. Target audience, Understanding rivals, Point of difference as well as Point of similarity with each other contribute to tactical branding procedure.