So what’s the deal about branding? You know who you are, and what you stand for. But do your customers? Are you who you were last year? If not, have you communicated how you’ve changed? Many emerging growth companies struggle with the positioning of their firms, and the communication of what they stand for. Without properly communicating your position, the market doesn’t know whether to buy from you, whether you have the know-how they seek, and whether you’ll follow through and meet their needs.
I don’t want to minimalize the challenge of positioning. Heck, we’re repositioning my firm Mighty Ventures right now, and some days it feels like a daunting task. So let’s break it down and simplify the process. This week’s TGIF tool will cover 2 points to work with this weekend. On Monday, I’ll send another tool and cover a few more.
Positioning is the process of distinguishing yourself from competitors in specific ways in order to be the preferred provider for certain market segments. Positioning is the act of designing your company’s offer and image so it occupies a distinct and valued place in the targeted customer’s mind. The main benefit of clear positioning is that it controls how the market perceives you and helps make your products easier to buy.
1. Assess where you are now. If you were to ask a customer, a competitor, and a member of the press, what 3 adjectives would they use to describe your: company, products, overall image? What’s working with your current position? What isn’t? Do you want to change your position in order to increase sales? Secure a new or different customer profile? Revamp your product line?
2. Determine how you want to be perceived. This is an intentional act. When you determine the specific position you want to occupy in your target customer’s mind, you can then craft your products, marketing messages, image to convey and reinforce this. What are the meaningful differences between you and the competition? Take the time to do this right, as significant expenses will result due to web site, marketing collateral, product packaging and potential redesign and staff training.
That’s it guys. I’ve given you a lot to consider for the next day or two. On Monday, we’ll talk about selecting your best clients, trending and market strategy.
Christine Comaford, CEO Freedom Fighter
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