A company can outshine with branding its product accordingly. Importance of brand for firms represents enormous valuable pieces of legal property which is capable of influencing consumers’ behavior at large.
Google ranks second among the most valuable brands at $101.8 billion. It is the second straight year Google has placed second to Apple, and it is closing the gap with a 23% gain this year after a 26% jump in 2016. Google has integrated itself into multiple aspects of our daily routines with seven products with over one billion users each, according to the company.
Rounding out the topmost five brands are Microsoft ($87, billion up 16%), Facebook ($73.5 billion, up 40%), and Coca-Cola ($56.4 billion, down 4%).
Branding gives a sense of the power of differentiating products to marketers, in such a way that the respective product or brand gets carved in their mind. However, getting brand fitted in consumers mind can be in, either way, negative or positive. To solve this problem there comes brand positioning with strategies.
Brand positioning is when a marketer tries to create a separate room for its product in the mind of potential consumers in a positive manner. The succeeding is the brand positioning process for the firms:
1. Know Your Target Audience Well
Get to know what consumers exactly want from you, what they expect from you. And the prototype or product you come up with then must fulfill individuals interest to attain success.
2. Identify the Product’s Features
3. Unique Selling Propositions
Ever heard of Selsun shampoo?
The picture provided of it shows USPs of it on its product primary packing. It is written “The medical treatment for dandruff and Tinea Versicolor”.
As the product’s USP itself communicate about its unique feature because of which it becomes easy for consumers to differentiate between a normal shampoo, an anti-dandruff shampoo and a medically provided shampoo for treatment.
This is how a USP(s) makes a difference in customers’ mind whilst affecting your sales.
The better and effective the USP(s), better and effective with great efficiency will be the outcome in terms of sale.
Concluding, make a good USP and affect your conversion rate by using effective ways of advertising like banners, slogans, hoardings, and inserts.
4. Know Your Competitors Well
Let the target audience know how your product is better than others, use “word of mouth” strategy and spread out about the advantages of your product and how helpful and effective it can prove to be when used properly.
Work hard to get the fruit!
5. Ways to Promote the Brand
Usage of catchy and attractive taglines will definitely do good for your sales.
As discussed above, give the spotlight to product’s advantage so that consumers can decide easily, on the note of merits, which product would suit them best.
6. Maintain the Position of the Brand
And if you have the 1st position then defend it with defending techniques: position defense, mobile defense, flanking defense, counter-offensive defense, contraction defense, pre-emptive defense, strategic withdrawal.
To maintain your market do remember that when consumers’ need is contented it is best suitable for the firm. The more you live up to their expectations the bigger the corner for a brand will get in consumers’ mind.
Compromising quality in terms of quantity will not be an opportunity cost but a cost which can cost your company’s reputation and brand quality. Hence, resulting in the negative or declining stage of your brand or product in its life cycle which in turn will increase the cost for advertisement and other overheads while focusing on some selective products and eliminating the rest.
Here in this drastically reducing cost can also give a negative outcome. For example, reducing the cost of the iPhone will lose its charm and as this mobile is representative of status, therefore, the cost of the company will only increase in a negative way.
Concluding, cost strategy is a must in brand positioning:
A. Cost-Based Pricing
- cost-plus pricing
- full cost pricing
- target profit pricing
- marginal cost pricing
B. Customer-Based Pricing
- predatory pricing
- odd pricing
- psychological pricing
C. Competitor-Based Pricing
- going rate pricing
- follow the leader
- loss leaders
D. Product-Based Pricing
- product line pricing
- optional-product pricing
- captive-product pricing
- by-product pricing
- product bundle pricing
E. New Product-Based Pricing
- market skimming pricing
A brand is thus a product or service whose dimensions differentiate it in some way from other products or services designed to satisfy the same need. These differences may be functional, rational, or tangible—related to product recital of the brand.
They may also be more symbolic, emotional, or intangible— related to what the brand represents or means in a more abstract sense.it is essential to the brand positioning to go with its strategy to stand out of the crowd. Being stagnant in 1st position can also be not good so always try to add a new product line in your product mix or give new feature(s) to the product.
“Hard work always pays off”, as said by a wise is a very true statement, so stick to the plans and be as accurate, precise, effective and efficient as you can be in providing the advantages, USP(s) and analyzing the competitors’ and your products’ features.