Why Brands Need to Take Bigger Risks in 2020
· Canopy Brand Group
Positioning 101
Market positioning refers to a brand's ability to influence consumer perception, especially relating to competitors.
Think of the Coke vs. Pepsi "feud." Though they both generate a lot of revenue and nobody can complain about that, you'll find a lot of consumers defending one over the other. That's because, for that person, one of the brands has a stronger positioning that connects with them.
The objective in brand and market positioning is to have such a clear identity of a brand or product, that the average consumer identifies you with it, and not your competitors, even if you are both offering virtually the same thing.
Why You Need to Take Risks
It's really difficult to reinvent the wheel in 2020 when it seems like everything has been done. Still, even if the strategy itself is nothing new, it's important for brands to think outside the box when trying to improve their market positioning.
Without taking risks, your brand could potentially stay buried in the crowd, and while there are ways to get out of it at one point, it could be difficult and time-consuming.
How Can You Set Yourself Apart?
There are several types of positioning strategies:
- Product benefits and attributes
- Product price
- Product quality
- Competitors, or making audience members think you are better than them
To know which strategy works best, you have to keep in mind two essential things: what are your strengths, and what are your competitors' weaknesses?
Over to You: Create the Strategy Now
Market positioning is a complex process that requires a lot of time and effort, but given the high levels of competition businesses often face, it's not something you want to skip.