Brand positioning process

parašė , 2011-12-28 21:51

Effective Brand Positioning depends upon identifying and communicating with brand’s uniqueness, differentiation and verifiable value. The question is, what makes a particular brand preeminent, compared to other competing brands. It is important to note that “me too” brand positioning contradicts the notion of differentiation and should be avoided at all costs. This type of copycat brand positioning only works if the business has to offer something that may be not as good or appealing, but significantly cheaper, compared to the other competitor(s).

The process of brand positioning usually involves:

  1. Identifying main competitors to the business.
  2. Getting to know how identified competitors place their products and position their business at the moment.
  3. Defining your own brand positioning as it is today, although it may not exist at the moment.
  4. Comparing the company’s positioning to its competitors’ to search for space to improve or differenciate.
  5. Creating a distinctive, differentiating brand positioning statement, based on product values, producing key messages and customer propositions.

 

Adapted from wikipedia

Brand positioning definition

parašė , 2011-12-10 17:56

What is brand positioning? It can be described as identifying a market niche for a brand, product or service utilizing traditional brand marketing placement strategies. In marketing, brand positioning has come to mean the process by which marketers try to create an image or identity in the minds of their target market for its product, brand, or organization.

Re-positioning is described as changing the identity of a product, relative to the identity of competing products, for variuos purposes in the collective minds of the target market.

De-positioning can be described as attempting to change the identity of competing products, relative to the identity of your own product, in the collective minds of the target market.

The original work on brand positioning was consumer marketing oriented, and was not as much focused on the question relative to competitive products as much as it was focused on trying to somehow distinguish itself from other similar products and making way to the mind of the recipient.

The growth of high-tech marketing may have had much to do with the shift in definition towards competitive brand positioning. An important component of hi-tech marketing in the age of the internet is positioning in major search engines, which can be accomplished through Search Engine Optimization , also known as SEO. This is an especially important component when attempting to improve competitive positioning among a younger demographic, which tends to be web oriented in their shopping and purchasing habits as a result of being highly connected and involved in social media in general.

One should agree, that brand positioning is something that happens directly in the minds of the target market, nowhere else. And this process can be both explainable and paradoxical. It is the aggregate perception the market has of a particular company, product or service in relation to their perceptions of the competitors in the same category. It will happen whether or not a company’s management is proactive, reactive or passive about the on-going process of evolving a position. But a company can positively influence the perceptions through enlightened strategic actions.

Adapted from wikipedia

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How to reposition your company?

parašė , 2011-12-08 22:13

In volatile markets, it can be urgent to reposition not only the product or brand, but an entire company. Companies do change their interests, markets, go into other sites of interest. When doing so, the entire company structure is introduced to changes: investors, employees, clients and regulators all need to be shifted.

This is especially true of small and medium-sized firms, many of which often lack strong brands for individual product lines. In a prolonged recession, business approaches that were effective during healthy economies often become ineffective and it becomes necessary to change a firm’s positioning. Upscale restaurants, for example, which previously flourished on expense account dinners and corporate events, may for the first time need to stress value as a sale tool.

Repositioning a company involves more than a marketing challenge. It involves making hard decisions about how a market is shifting and how a firm’s competitors will react. Often these decisions must be made without the benefit of sufficient information, simply because the definition of “volatility” is that change becomes cult or impossible to predict.

 

Adapted from wikipedia

Brand equity purpose

parašė , 2011-12-08 17:55

The purpose of brand equity metrics is to measure the value of a brand which is overall important part of brand management. A brand encompasses the name, logo, visual communication, and perceptions that identify a product, service, or provider in the minds of customers. It takes shape in advertising, packaging, and other marketing communications, and becomes a focus of the relationship with consumers. In time, a brand comes to embody a promise about the goods it identifies—a promise about quality, performance, or other dimensions of value, which can influence consumers’ choices among competing products. When consumers have brand trust and find it relevant, they may select the offerings associated with that brand over those of competitors, even at a premium price. When a brand’s promise extends beyond a particular product, its owner may leverage it to enter new markets. For all these reasons, a brand can hold tremendous value, known as brand equity.

There are many ways to measure a brand. Some measurements approaches are at the firm level (firm level approaches measure the brand as a financial asset), some at the product level (to compare the price of a no-name or private label product to an “equivalent” branded product), and still others are at the consumer level (to map the mind of the consumer to find out what associations with the brand the consumer has). All of these calculations are, at best, approximations. A more complete understanding of the brand can occur if multiple measures are used.

Adapted from wikipedia.

Brand equity definition

parašė , 2011-12-07 17:52

How to define brand equity?

Brief brand equity definition: it is a term for the marketing effects and outcomes that accrue to a product with its brand name compared with those that would accrue if the same product did not have the brand name.

Brand equity definition explained: brand equity plays a big role in marketing: a well-known brand name is that, the company can sometimes charge premium prices from the consumer. And, at the root of these marketing effects is consumers’ knowledge. In other words, consumers’ knowledge about a brand makes manufacturers and advertisers respond differently or adopt appropriately adept measures for the marketing of the brand. Brands are one of the most valuable assets a company has. Brand equity is one of the factors which can increase the financial value of a brand to the brand owner, although not the only one. Elements that can be included in the valuation of brand equity include (but not limited to): changing market share, profit margins, consumer recognition of logos and other visual elements, visual communication, brand language associations made by consumers, consumers’ perceptions of quality and other relevant brand values.

Brand equity is strategically crucial, but famously difficult to quantify. Many experts have developed tools to analyze this asset, but there is no universally accepted way to measure it. In a survey of nearly 200 senior marketing managers, only 26 percent responded that they found the “brand equity” metric very useful.

Adapted from wikipedia.