WHY IS IT IMPORTANT TO INVEST IN BRAND POSITIONING?
Consider the following: trademark, content, logo, and website design all need a vision.
Vision plays a huge role in delivering a brand. Defining a vision for your company will shape your brand’s identity and will build the solid customer base. Understanding your product and how it affects your potential customer is necessary to assess all opportunities. Finding your niche is the first step.
Market Research – Brand Positioning, Target Marketing, Segmentation and Competitive Analysis
Target marketing is the key to any business’s success. It involves breaking consumer’s market into segments and then focusing your marketing efforts on one or a few strategic segments.
While market segmentation can be done in many ways, three of the most common types of consumer market segmentation are:
• Geographic – based on location such as zip code or country
• Demographic – based on measurable statistics, such as age, sex or income
• Psychographic – based on lifestyle preferences, such as real suburban housewives, business world travelers or young tech-savvy consumers
Monitoring and rebranding
After a new brand has launched, it’s important to monitor and care for it, as it’s a living and breathing organism that engages with your customers. Honestly, that’s not an overstatement, as there are so many brand success stories. Regardless, over time, if your target audience changes, the market evolves, or the brand’s products and services adjust to the new market, it may be time for a rebrand. The main challenge with rebranding is trying to maintain loyalty and consistency so that your customers will remember you.
Finally, it’s crucial to develop a “business survival kit” and a market analysis map – a CRM platform, which an explicit and explicit information depository that helps to zero in on target market, including concise definition of your potential customer – a buyer persona.
All of the above build a strong base for your company, distinguishes it from the competition and defines its position in the marketplace.