10 REASONS WHY
BRAND POSITIONING IS IMPORTANT IN 2020
A strong brand presence should be a priority for any business to strive for.
” The act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market ” – Philip Kotler
When you are recognizing some effective ways to make your brand stand out, positioning your brand steps in first. Brand positioning can be as important as your product because if your customers don’t have a place for your product in their mind, what is the point of having it anyway?
As such, we have put together a list of 10 Reasons Why Brand Positioning Is Important in 2020.
MARKET DIFFERENTIATION FROM SIMILAR PRODUCTS
Recognition is also known as brand awareness. For instance, people recognize NIKE by their logo the “Swoosh”. The “swoosh” is well known globally and it acts as a “face” of the company. Thus, the logo is a vital factor as it will be on every piece of advertisement of the brand. A logo should be uncomplicated and simple but compelling enough to create an impression on the audience’s mind.
BRANDING BUILDS TRUST
To build trust and credibility, a company must radiate professionalism with their appearance. It is known that a brand’s credibility consists of two components: expertise and trustworthiness. Expertise is the ability of a company to deliver the desired service that it had promised. Trustworthiness refers to the willingness of a company to deliver the promise they have promised.
Prior research has also stated that brand credibility has proven to positively affect customer purchase behavior.
BRANDING SUPPORTS ADVERTISING
Some common misconception about branding and advertising is that they are identical. However, that is not the case. Advertising is just another component of the brand. The advertising medium target demographic that is chosen will assist in building the brand. However, there are certain factors to look out for. Firstly, if an advertisement is too focused, the company will lose the ability and chance to expand to a new target segment or new markets. Secondly, if an advertisement doesn’t have a focus, the company will risk being unable to create a distinctive impression in the minds of the customers.
BRANDING INSPIRES EMPLOYEES
Employees are one of the most important assets of the company. It Is thus vital to keep employees motivated and valued. To keep employees motivated, companies need to instill something for them to work towards. One of the ways is to put in place a mission and vision statement, stating the goals of the company. If employees are not inspired and motivated, they won’t be giving their best services, and this will affect the sales of the company.
BRANDING GENERATES NEW SALES
So how does good branding generate new customers? This is done by existing loyal customers. When you have delivered the desired customer service to a customer, it creates a strong good impression. Word-of-mouth referrals are then automatically set in place as people tend to share good deals with the people in their network.
CONCLUSION: BRANDING IS IMPORTANT FOR BUSINESS SUCCESS
Generally, while most companies have an idea of what a brand is, they are not capitalizing on its potential to drive the business. In most instances, the brand strategy is completely ignored, and the focus is placed solely on marketing. As a result, the business will never reach its full marketing potential.
All things considered, we strongly recommend building a strong brand strategy, to guide all future marketing efforts and enhance Return-Of-Investment.