Brand Positioning refers to the activity of creating a brand offer in such a way that it occupies a specific place and value in the target customer’s mind or to target consumer’s reason to prefer your brand over others. For Example- Kotak Mahindra positions itself in the customer’s mind as one entity- “Kotak” that is the positioning that you choose for your brand will be affected by the competitive stance that you want to create. It involves identifying as well as determining points of similarity & differences to assure the right brand identity and to create a good image. Brand positioning is the key of marketing strategy. Positioning is to develop and increase the required knowledge & perceptions of customers. There are different positioning errors like –
- Under Positioning :- This is a situation in which the customer’s have a blurred and unclear idea of the brand.
- Confused Positioning :- Situation in which a customer have a confused opinion about the brand
- Over Positioning :- Situation in which a customer have too limited awarness about the brand.
- Double Positioning :- Situation in which the customers are not ready to accept the claims of a brand.Before deciding upon which positioning strategy to adopt for the brand, the marketers need to know some important things that are:
- The customers to be targeted
- Who are the competitors for that product or service
- Is their any similarity between your brand and that of the competitor’s
- How can you differenciate your brand
Brand Positioning techniques :- Different companies implement different types of positioning techniques so as to lead or remain ahead in competition.
- Perceptual Mapping :- When a perceptual mapping is defined that its basically a methodology to represent what people think about products or services, people or ideas. In technical terms they are all objects. Its a spatial representation of the perceptions of the people about the brands. If the brands are percieved to be similar that means you are getting them closer in the perceptual space and if its percieved dissimilar than you are putting them apart. As the environment is turbulent so frequent changes is required in positioning so as to remain ahead in competition. A company might loose its position due to consumer attitudes, change in technology, competitive actuvity both in the economy and amongst creative executives. So a company should be in touch with the market place and take care of its position before it suffers interms of image, revenue.
- Positioning a product to specific segments :- The next logical step is to position product that means we have to sacrifice a few segments of the market. While discussing about positioning first thing that needs to be done is who are the competitors than core strategy need to be developed which will run as a common thread through all pieces of planning. Core strategy tells us about why customers buy our product & how to compete with others. Different strategies need different type of core segments.
- Communication Process :- When planning activity is discussed, offer is considered which consists of services, price, product and the way it is being represented to the customer via communication message which helps to build a image for the product. Mostly organizations creates value through this offer. A product has certain arrtibutes and features which should be related to percieved benefits preferences and selection.
- Positioning Map :- Products and services are “mapped” together on a positioning map so that it can be compared and contrasted in relation to each other. Marketors decide upon a competitive position which helps to distinguish their own products from the offerings of their competition. Marketers draw out a label and decide upon a label for each axis.
What is Target Market??
The target market is one which consists of all the potential buyers who are keen to purchase the product and use it further.
It is dividing the market into different groups of similar type of customers who have similar type of needs and behavior. Segmenting the market requires a total balance between costs incurred and benefits achieved by the firm.
What is the criteria of segmenting the market
- Identifiability: Can we easily identify the segment?
- Size: Is there adequate sales potential in the segment?
- Accessibility: Are specialized distribution outlets and communication media available to reach the segment?
- Responsiveness: How favorably will the segment respond to a tailored marketing program
For designing an effective and competitive brand positioning by the firm two important issues should be considered:
- Defining and communicating the competitive frame of reference
- Choosing and establishing points-of-parity and points-of-difference
What is a Brand Mantra?
The brand mantra is the heart of the brand which helps the brand to live in the market and in the minds of the customers. It is like a promise that the marketer gives about the brand to the customers. It is short phrase or a sentence that decides the positioning and the essence of the brand, that is, the reason behind creating the brand and making it attractive.The brand mantra is designed for the purpose of:
- Communicating brand values
- Simplifying the meaning of the brand
- Inspiring the customers
It is a type of branding in which the members of the firm are aligned with the brand and what it signifies.Internal Branding is mostly done for the service firms.
It is a complete examination of the brand to know its sources of equity and identifying the ways to improve equity and earn more revenue for the firm in most of the ways.
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