Launching & Building a Brand For Dummies. Amy Will
rel="nofollow" href="#fb3_img_img_d9cb0f67-a131-5151-82fa-8a6cde6187a0.png" alt="Warning"/> Competing on cost alone is usually a loser’s game that drives down revenue across an industry, but it can work with the right strategy.
Credibility and trust
For career, service, and some personal brands, credibility and trust are top priorities and are high on the list of brand positioning strategies. You build credibility by demonstrating your knowledge and expertise via website and social media content, speaking engagements, podcasts, and videos. You build trust by being reliable and trustworthy and by demonstrating a track record of serving customers successfully, earning high ratings, positive reviews, and glowing testimonials.
Checking out the competition
When positioning a brand, you’re doing so relative to competitors — anyone and anything that draws attention and money from your brand. Competitors can be direct or indirect:
A direct competitor offers pretty much the same thing you do.
An indirect competitor presents alternatives to what you offer.
For an airline, another airline is a direct competitor, whereas high-speed rail would be an indirect competitor — one that offers an alternative to flying.
When you’re creating a brand, you need to know what you’re up against, so check out the competition. Here are a few ways to identify your competitors and find out how they’re positioning their brands:
Search the web for what your brand offers to find brands that offer the same thing or something similar.
After finding potential competitors via a web search, explore their websites to see how they’re positioning themselves. Check out their mission and value statements, their visuals, their blog posts, and any testimonials they’ve posted.
Use Similarweb (https://www.similarweb.com) to identify sites similar to those of brands you’ve already identified as competitors (or sites that are similar to your own). Similarweb provides analytics for popular websites; if you’re researching smaller brands, you may find little to no info about them there.
Check out your competitors’ social media profiles, posts, and comments from their followers or fans.
Shop in your competitors’ stores; buy and use their products and services. Experiencing your competitors as a customer can provide fresh insight into what they do better than you, and vice versa.
Identifying what makes your brand different and better
Brand positioning is all about differentiation — demonstrating that what you offer is special. Think in terms of your industry, the specific market segment you’re targeting, the features and benefits of what your brand offers, and the emotion you want people to feel when they encounter your brand. Complete the form shown in Figure 3-1 to identify what makes your brand special (different and better). As you complete the form, refer to the following descriptions of each field in the form:
Your brand’s name: You name your brand later in this chapter. For now, just enter a tentative or placeholder name — something that describes your brand.
The classification of what you’re offering: Enter the industry, market, or product/service class, such as grocery delivery service, family dental practice, or online sports betting.
Your brand’s distinction: Enter a word or phrase that distinguishes your brand in its class, such as first, best, fastest, most highly rated, or coolest.
Your brand’s unique features and benefits: Briefly describe what makes your brand distinctive in terms of features and benefits. See the earlier section “Product/service features and benefits” for details.
Your target customers’ profile: Briefly describe the people you want to be most enthusiastic about your brand, such as parents committed to their children’s health, strong women dedicated to the environment, seniors who want to stay fit, or people who are afraid of being attacked or robbed in their own homes.
The emotion you want your customers to feel when they encounter your brand: Specify how you want customers to feel about your brand, such as safe, secure, confident, successful, comfortable, or pampered.
The completed form reveals what makes your brand different and better in the eyes of those who matter most: your target customers.
FIGURE 3-1: Determine what makes your brand special.
Identifying your place on a brand positioning map
One of the most effective tools for brand positioning is a brand positioning map (or perceptual map), which illustrates the relative position of two or more brands with respect to two attributes that are key to the success of those brands, such as price and quality, healthy and tasty, reliability and luxury, or customer experience and location.
Figure 3-2 shows a brand positioning map for various automobile manufacturers, showing their relative positions in terms of how consumers may perceive their price and reliability.
FIGURE 3-2: A brand positioning map.
To create a brand positioning map, take the following steps:
1 Choose two brand attributes that matter most to your brand in the competitive environment in which it exists (or will exist).
2 Draw a two-axis grid with an axis for each attribute, and label the extremes on each axis.You might label one end of the axis Expensive and the other end Inexpensive, for example.
3 Plot points for your brand and competing brands on the grid to show their positions with relation to the two attributes.
Repeat this exercise for several key attributes.
Writing your brand positioning statement
After analyzing your brand and competing brands and their relative positions, you should have a pretty clear idea of how you want to position your brand as something special. Now you’re ready to write your brand positioning statement to delineate precisely what makes your brand special. A brand positioning statement must do the following:
Define the target market or audience.
Specify the brand’s class.
Highlight the brand’s unique features and the benefits to the customer.
Describe the emotion you want the customer to feel about the brand.
Here are some sample brand positioning statements:
For people