Brand Positioning – Ultimate Guide to Captivate Your Audience in 2024

Last Updated on July 17, 2024 by DesignerPeople

A couple of decades ago, most products had a small number of players in the market. From toothpaste to biscuits, consumers didn’t have much difficulty choosing what they needed to buy. This leads to us asking two questions. First, does it mean it’s better to have fewer options to choose from? Well, not necessarily. A lack of competition can limit new ideas and fail to meet the diverse preferences and needs of all customers.

Second, when there are too many choices in the market, how does a brand differentiate itself from the others? The answer is effective brand positioning. Brand positioning can help you target specific cohorts and build a unique identity for your brand. In this blog, we’ll explore the various aspects of brand positioning and share a potent brand positioning strategy in 2024 with you.

What is Brand Positioning, and why is it essential for your business?

Brand positioning is the process of establishing your brand in the minds of your customers. It helps highlight the value your brand offers to your potential customers. People who buy your products should know your brand not only through your products but the values your brand holds. An essential medium of conveying your brand positioning is through a value proposition statement.

While creating your brand positioning statement, be sure to consider the essential aspects. They include understanding your target audience, specifying your product or service category and outlining their main benefits and effects. Brand positioning and brand positioning statements are a must to make your mark. So, it’s important that you have a solid brand positioning strategy in 2024 for your business.

Brand positioning helps your brand speak directly to your audience, making it easier for them to choose your product. It shows what sets your brand apart and why it beats the competition to meet customer needs. A solid brand positioning aids in your storytelling, brand voice and overall messaging so that you have a strong brand presence.

Main Elements of a Brand Positioning Strategy

Below, we’ve pulled together the major elements that should be included in your brand positioning strategy in 2024.

1. Your product

At the end of the day, your product is the hero of your brand. It has to be good; otherwise, people won’t be attracted to your brand. Use what makes your product special to stand out. Think about how your product helps your customers in a way other brands don’t. Ask yourself questions such as why you built it or what your product stands for.

Additionally, ask your customers about it through surveys or questionnaires to know what they like about your product and what needs to be improved. Include your unique qualities and value propositioning into your brand positioning so it clicks with your target audience.

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2. Your consumer

For any business, the consumer is the ultimate determinant. So, you wouldn’t want to miss out on the important details of what they like and dislike, right? When anyone starts a business, they usually have a vision in mind that includes the type of product they want to make and the type of people they want to serve. Make sure that your product is relevant to your customers.

Your brand design should be desirable to people so that they keep coming back to buy your products. Highlight the unique selling proposition of your products. Focus on distinct features, benefits and unique attributes that can address customers’ issues and meet their needs.

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3. Your Market Category

Under which market category does your product fall? Or, under which market category do you want to list it? Determining the market category for your brand or products can take time and effort. Before you start planning your brand positioning strategy in 2024, you should ascertain your market category.

After identifying your target audience, verify the market size. This includes identifying the volume of potential customers and the value that customers would be willing to pay for your products. Next, determine the competition and what makes your product different from theirs. Basically, find out the demand for products similar to yours and position your brand accordingly.

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4. Your company name

What’s in a name? Everything! Well, almost everything depends on a name. Your name alone has the power to attract customers if it’s unique and strategically on point. People should be able to recognise your company or brand name instantly. It should also reflect your brand personality.

Naming your brand is a challenging and challenging task. Your company name should instil confidence in potential customers, making them believe in your brand and products. Certain key elements to keep in mind while naming your company include checking the availability of the name (such that there isn’t an already existing company with the same or similar names), how well it fits your brand purpose and if it brings your brand positioning to life.

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5. Your Brand Promise

A brand promise is the foundation for your brand identity and brand positioning. It’s the distinct idea behind your brand’s existence. It includes your brand’s vision, mission and values. On the other hand, it leads to building your brand personality and positioning.

The more you can stand by your promise, the more people will trust your brand. If one of your values is sustainability, then include eco-friendly practices in your business operations and products. Please do what you say, as it helps your customers know what they can expect from your brand. It also helps in forging an emotional connection with them. The key is to stay authentic to your brand promise instead of engaging in unsubstantiated claims.

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6. Your marketing strategy

The marketing strategy of a brand is made up of different steps. It includes researching the market, positioning your brand, promoting it and then measuring the overall success. In other words, a marketing strategy is how brands figure out their markets and the ways of influencing customers to buy their products.

In order to create an apt marketing strategy, you need first to understand your target audience and devise plans to motivate them to buy your products. Also, keep track of what your competitors are doing and measure the impact of your marketing activities. A robust marketing strategy differentiates your product and sets a connection with your audience.

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Tips to Create the Right Brand Positioning Strategy in 2024

Here are a few tips to get a perfect brand positioning strategy in 2024:

1. Understand your present brand positioning

Building a brand takes a lot of effort. The aspect of brand positioning has two sides. One that you perceive and the other that your customers perceive. In the eyes of your customers, what does your brand stand for? Is it meeting their needs? Are they buying it for its qualities or just because of its looks?

Identifying your present brand positioning will help you understand how well your product is doing. It can also help you build your brand identity and elements like your brand’s vision, mission, values, and so on.

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2. Identify your direct competitors

Any brand’s sole aim is to reach its potential, and existing customers prefer their products over the competitors. The first step in achieving that feat is to identify your direct competitors. Next, you need to understand and analyse these brands and their products and services.

Identifying and understanding your competitors is important as it lets you discover better ways to serve your customers. It also enables you to pick up insights, adapt to the changing trends, create messages and improve products that truly click with customers.

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3. Define your unique value proposition

Your brand’s unique value proposition (UVP) is a statement that explains the benefits of your product, how it addresses customers’ concerns, why it’s unique and why customers should buy it. Also called a unique selling proposition, it helps customers choose by the sea of products.

Defining your UVP is an important part of your brand positioning. If you aren’t sure what your product’s or brand’s UVP is, make a list of all the benefits of your product and pick the ones that aren’t common with your competitors. Your UVP should position your brand as solving a problem that no one wants to encounter.

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4. Create a brand positioning statement

Now that you have made a strong brand propositioning strategy, it’s time to showcase it to the world. But that doesn’t mean you share long posts on social media with carousels that describe the process or your efforts. Let’s say you want to watch a movie, what attracts you first? The name, the actors, the genre and the brief one-liner description of the story, right?

Similarly, in the case of a brand or a product, the first things that grab people’s attention are the name, the products, the category and the brand positioning statement. Your brand positioning statement should sum up all your UVPs into one line. It should be catchy and authentic at the same time. It should explain how it meets a specific need in a way that sets it apart from its competitors.

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5. Develop an emotional connection with prospects and consumers

Next, focus on building an emotional rapport with your potential and existing customers. Instead of jumping straight into selling products and increasing production, take the time to build their trust. You can do this by learning more about your audience and understanding the problems they’re facing. Are your products helping them? What’s the best feature of your product, according to the users?

Use the help of social media and online surveys to extract such data. Make the sales experience a positive one for your potential customers. Also, train your customer-interacting team to represent your brand as welcoming and customer-centric.

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6. Evaluate and test if your positioning works

Do you think once you’ve created the marketing and branding positioning strategies and rolled them out for the public, you’re all set? Unfortunately, that’s not the case. Branding is a continuous process. Just like a baby needs attention 24/7, your brand needs your attention every day of the week equally.

Run continuous analysis on whether your positioning is working or not. Experiment with different methods and collect feedback from your customers to know if your positioning is achieving its goal. Also, maintain consistency and align your brand positioning with other brand elements, such as brand voice and brand identity.

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How can you determine the success of your brand’s positioning?

Brand positioning can turn your products into more than just commodities. But how do you keep track of your brand positioning and ensure that it’s evolving in the right direction? You should consider certain key elements to gauge the success and standing of your brand positioning. For example, analyse your website traffic or track your social media engagement to know if your brand awareness is growing. Your brand positioning should guarantee that people can recognise your brand as soon as they see your products.

Another useful element to measure the success of your brand positioning strategy is the general perception of your brand among the target audience and what drives that perception. You can check online reviews of your products and interview focus groups to know more about them. Additionally, you should track how often people choose your products over competitors. Calculate your customer retention rate and assess your customers’ brand loyalty.

Conclusion:

Brand positioning is a great way to know that it’s attracting the right customers to your business. Positioning your brand in the minds of your target customers, if done the right way, can reap great rewards for your business. It forms the foundation of marketing and promoting your products and helps in gaining more customers.

If you need a solid brand positioning strategy in 2024 for your business, look no further! Consult DesignerPeople to get comprehensive solutions for all your branding needs and witness your sales skyrocket in no time.

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Author: Anush Malik