Just like in real world real estate is very costly in your customer’s mind too and occupying that space in your customer minds is all about Positioning and Branding. How do you want your customers to remember your product and react to it.
What is Positioning in Marketing terms
It is many things but in simple terms it is What image you are able to build and what feeling does your product/service creates in your customers. Whether you want it or not all the products have their position in the market, but if you want to win the competition you will have to build an excellent positioning around your product. It is also about creating an impression in your target audience mind.
Positioning is a concept in marketing which was first introduced by Jack Trout ( “Industrial Marketing” Magazine- June/1969) and then popularized by Al Ries and Jack Trout in their bestseller book “Positioning – The Battle for Your Mind.” (McGraw-Hill 1981). Straight from the one who introduced the term (Jack Trout)
“Positioning” is a game people play in today’s me-too market place”
How to position your product
First of the most important thing is to identify your Target Audience and Target Marketing(Read this) after which its becomes clear for you to build a positioning statement. A successful positioning concept must be developed and qualified before a “positioning statement” can be created. Positioning message can be then conveyed to your audience by various marketing channels either by inbound or out bound Marketing(Read this one)
- Sell the benefits of the product or service to a potential buyer. I remember a boy shouting “time-pass” to sell groundnuts in a train journey
- Focus on the rational or emotional benefits that buyer will receive or feel by using the product/service. Coca cola is trying to position itself through emotions of happiness(Tagline- Open happiness), whereas Thumbs-up through excitement and thrill(Tagline- Taste the thunder), both being the same kind of products but making a differentiation in customers mind.
- Make a statement of key benefit – that is, compelling reason to buy. Remember Big Bazaar’s price challenge -”isse Acha aur isse sasta kahi nahi”
- Identify your competitors and what is your Unique Selling Proposition or competitive alternative. Flipkart’s world class customer service is still unmatched by its competitors.
- Differentiation- Whatever it is a business can use to stand out from the rest is called differentiation.
What is Branding
How to Brand
There are various elements of Branding which you can implement in the long run as your company grows but be sure of building and contributing to your Brand value right from the beginning.
- Name: The words used to identify a company, product, service, or concept. Ex: TATA, Wipro, Reliance many more
- Logo: The visual trademark that identifies the brand. Apple anyone!(Try not to change the logo every now and then)
- Tagline or Catchphrase: Har ek friend jaruri hota hai (Airtel) No Kidding, no worries (Flip Kart)
- Graphics: The dynamic ribbon is a trademarked part of Coca-Cola’s brand.
- Shapes: The distinctive shapes of the Coca-Cola bottle and of the Volkswagen Beetle are trademarked elements of those brands.
- Colors: Color laptops by Dell and Vaio
- Sounds: A unique tune or set of notes can denote a brand. Airtel’s and kingfishers tunes are quite famous and identifiable
- Tastes: all noodles have their know particular taste, think of coca cola and sprite
- Different Styles: Lamborghini has trademarked the upward motion of its car doors. iphone set a standard of touch phones and will be not forgotten by people for that.
There will be many more example and many more elements with which you can brand your product, you only have to keep your eyes and ears open and look around to get clues from the big brands who are spending fortunes on positions and branding. Wish you all the best with your marketing!