Creating a new product or service may seem easy right? Have you ever asked yourself what is my brand’s identity and purpose? Or did you consider what separates your brand from other products and services? If you have never considered the importance of these reasons you are probably not alone. In fact, more than 70% of new business start-ups fail to write position statements; thus, leaving out a critical element in how you want potential customers to see and view your brand. For this reason, you should always consider writing a positioning statement because it is an opportunity to communicate your brand’s distinguishing features, identity, and purpose to potential buyers.
What is a Positioning Statement?
A Positioning Statement in its basic form can be a collection of one or more sentences and clearly explains the problem your product(s) or service(s) is attempting to solve. It is the process of identifying and communicating your position to your target segment while assessing the strengths and weaknesses of your product. Furthermore, positioning statements do not stop there. It is the essence of your organizational structure in how you develop the right people to fit your vision as well as aligning those people with your goals as a business. What a positioning statement does not look like is an all-encompassing statement catered to segments outside of what your product(s) or service(s) are generally intended to reach.
How do you want your brand to be positioned in the minds of people? Although vague in its basic description, brand identity is a critical factor in identifying your brand’s value to the buyer and the uniqueness of your product. You should always consider the value of how your brand is perceived. In fact, your brand’s identity provides clarity to those people who are looking for an opportunity to build a strong customer relationship by identifying with your product or service. Often times, business owners fail to undertake the organizational side to creating a brand identity by failing to set clear objectives and knowing who their audience is. Once you set clear objectives and have identified your audience, relay to your audience the impact your brand creates if it were not available.
What is your Brand Identity comprised of:
- Business Name
- Web Page
- Social Media Icons
How well does your brand stand out amongst other brands in the same industry as yours? Have you ever given thought to what are your best personality traits? The characteristics of your brand should always showcase its true essence which is reflective of the individual (business owner) representing the brand. These reflective traits are often distinctive and considered a means by which the owner separates his/her brand from another. Aligning your best personality traits and using them to differentiate your brand from others is one of importance because it allows your brand to be truly reflective of who you are. For example, If you are astute at problem solving involving people, you would be best served to begin by identifying unsolved problems, developing a plan of attack, and implementing those strategies as a way to differentiate from others in your industry.
Purpose to potential buyers
What is your brand’s purpose and what does it represent? If you do not know the answer to these questions, it is impossible for buyers to know what your brand stands for and its purpose for being. And if you are creating a brand without purpose, then what type of brand are you really creating? If the recent pandemic taught us anything, consumers have begun the process of shifting their expectations of brands who do not fit their own personal views on society through purchasing decisions. Often times, consumers use the power of purchasing decisions to purposefully affect the communities they live in and the environment that surrounds them. In effect, Consumers are no longer looking for the best price or value, but rather are more interested in beliefs and views that are important to them.
What are the benefits of Brand Purpose:
- Distinguishes your brand from another
- Perfect for providing clarification
- Value builder in the lives of consumers and society
Ultimately, establishing a position within your target segment is an opportunity to compare perceptions about your brand to the amount of need for it. Without a written position statement, it is nearly impossible to get an idea of how customers see and perceive your brand. If necessary, perceptually map out your brand’s position to find the best match relative to your intentions and how your brand can meet the needs as a possible option. It is critically important these considerations are made when writing a positioning analysis, which identifies and highlights brand strengths much easier.
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