Friday, June 5, 2020

4 Steps to Position a New Corporate Brand

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Having position of a company’s product or service in the market is very important in terms of marketing. The position of the service or product needs to be developed and organized into it, not to be as afterthought. “Brand positioning is a process that operates on the symbolic levels of customer’s consciousness where associations and meanings really hold weight. A brand must decide to stand for something, set their values and stand with the decision for a long time.” Says – CEO of Jet Airways Me.

Brand positioning is a long-term goal for the development of a successful company. Brand position involves not only product, website, name, and logo; it is the stuff of intangible feelings using various promotions, pricing, packaging, distribution, and competition to develop a unique impression in customers’ mind. If management takes the forward-looking and intelligent approach, it may positively influence brand positioning in targeted customer’s eye. Brand positioning is referred to as positioning strategy, brand positioning statement or brand strategy. 

A comprehensive brand strategy involves a successful positioning of a brand. These are:

  • Purpose
  • Consistency
  • Emotion
  • Flexibility
  • Employee Involvement
  • Loyalty
  • Competitive Awareness
  • Create a distinct positioning idea
  • Testing the efficiency of brand positioning statement
  • Identifying competitors
  • Determining current brand’s position
  • Understanding competitors position in the market

Brand positioning statements are for constitutional use which helps in guiding marketing and controlling decisions of business, to make important decisions that influence consumer’s perception about the brand. Below is a clear structure for developing brand positioning statement:

  • Target group of customers
  • Market definition relevance to customers
  • Brand promise relative to competition
  • Belief that is delivered by brand

This statement helps to differentiate brand, attract consumers and win market share in the market.

To strongly position brand means to stand for something and following the best techniques when you need them. Here are four ways any brand can target their product or service in a highly competitive marketplace:

Analyze The Brand and Corporate Design

It is important that every company checks individually the meaning and importance of those customers, employees and other targeted groups which support the company’s identity. While defining brand positioning, it is necessary to understand business promises in that, it serves as a differentiator between brand and competitor. For this, the company has to identify the real values which match the corporate culture and business strategy. A brand analysis report can help in understanding the brand equity and the progression as the strategy is implemented. It has following steps:

  • Analyzing competitors
  • Identifying customers
  • Making positioning decision
  • Determining competitor’s position
  • Monitoring brand’s position

Develop Brand Architecture And Define Corporate Design

According to Vishwa Deep – Founder of BestROWaterPurifier.in; “Brand architecture explains the structure of brand portfolio and roles brand play in the market. It describes interrelationships between brands and the rank assigned within companies. Customers, employees, business partners are able to create a bond and understand what brand is all about.”

Corporate design involves several steps and takes account of the images and graphics that are used to describe the brand. It has a logo of the company that differentiates the brand from competitions and gives recognition to others. It includes all descriptions, templates, and measurements for all internal and external communications including logo, picture, fonts, colors, style and word type.

Implementation Of Communication

To position a brand, an effective and developed communication plan makes brand identity visible to the internal and external target audience. Develop an effective communication with the employees because they are the most important ambassadors of the brand and they work to improve the productivity. Small and medium-sized companies should have brand ambassadors to help in answering employees’ questions about new training programs, corporate identity and motivating them. Communication strategy and plan integrate messages and tone of the new corporate identity.

Strategies for improving business communication:

  • Make it easy for consumers to communicate with brand
  • Inform customers with messages, emails and phone calls
  • Use video conferencing to make effective communication
  • Regular feedback for employees
  • Develop online platform where all employees can share their information
  • Use a social collaboration for a single platform for all employees

Evaluate Success

Evaluate the market penetration of brand by celebrating small successes such as repletion of brand promise in media or talking about consumers who give positive feedback on brand efforts. It should do surveys among employees, consumers, suppliers, and marketers that will give a concrete idea about successful brand positioning.

There is a need to position a company in order to have success especially if you are entering into an industry with better-funded competitors. Above are four ways to position brand successfully in any market environment.

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