• Innovative Strategies That Create More Profits

How Your Brand Can Create A Competitive Advantage

 

A strong, recognizable brand can help your business succeed, which is why creating an effective brand identity

is not only essential but critical. But how can you make a brand identity to give you a competitive advantage?

This blog post will give you some basic ideas and insights to get you started thinking about your brand and how to create it.

A brand plan document is also essential so everyone in the company and outside vendors

communicates your strategy similarly. You will have an internal (how well the company knows itself)

and external (how well the company connects and relates to others) identity.

If they are both the same, you will have a strong brand. Source: blog.tbhcreative.com

Why do only some companies have a brand strategy? 

First, most business leaders feel they already have too many issues. Besides lack of time,

many want to avoid putting their budget into jeopardy when there isn’t enough money

to do the things they already feel are required. Yes, it can take time and lots of thought.

Some CEOs neglect brand identity because they need to understand its importance.

And it is getting more critical every day. Also, they must have all the information they need to apply

their knowledge to a brand strategy program. But, consumers’ attention span is getting shorter and shorter every day.

Also, technology is making the barrier to entry for new companies and products more accessible.

And even legacy brands need help to stay relevant in the marketplace.

A strong brand identity is not a luxury. It is crucial for businesses to differentiate themselves from competitors.

But it will help you acquire clients, earn more profits and stay top of mind with clients.

 What Is A Brand Identity?

“Brand identity is the collection of all elements that a company creates to portray

the right image to its consumer.” (a quote from “99 designs.com).

 

Brand identity, defined by ” proofbranding.com,” combines all the elements a company

creates and projects to represent an image and entice a feeling when people interact.

It’s the process of shaping and molding the impact your products and services leave on a customer.

Essentially, your brand identity is the personality of your business and a promise to your customers.

Here is another definition from feedough.com. Brand identity is the company’s side of the story.

It’s how the company feels that the consumers should perceive it. Efforts like developing a brand

outlook, personality, and design are some strategies used to make the brand uniquely

identify itself in the crowd of competitors. It’s an aggregate of brand name,

tagline, brand voice, brand positioning, brand associations, and brand personality.

 

The Process Of Creating A Brand Strategy

 

Creating a brand strategy can be complicated and take some time to prepare. However, having a

brand strategy is critical if your goal is to be viable and profitable. You need to take

some basic steps from Mike Moser’s book,” Together We Stand,” to get started with your brand strategy.

Step One: Make a list of your core brand values. These are internal core values.

Matters your company considers integral to its existence. They should be simple,

believable, and unassailable. Some examples would be innovation, honesty,

trust, commitment, simplicity, fairness, Etc. Then, select 3-4 that reflect your core value.

 

Step Two: Create and fine-tune your external core values for your brand message.

These will be part of your key message that captures your company’s reason for being.

Put them in writing. For example, quality, integrity, knowledge, innovation,

and passion. The fewer you have, the more you can focus on them,

Step Three: Create and refine your core brand message. This message captures the

critical reason your copay exists. Other messages will also support your key brand message.

Step Four: Determine your brand personality. Your brand personality will

determine your company’s tone and attitude to deliver your core brand message.

Step Five: Clarify and prioritize your brand icons. A brand icon is anything unique

to your brand that brings up an image of your brand in the customer’s mind.

 

Steps one through four will help your brand values and messages. Step five will help you evaluate

and choose appropriate colors, typefaces, layouts, music, and signage for your brand signage.

Finally, prepare a step-by-step guide for your brand. Put all the critical information

on one sheet of paper so everyone in the company and anyone you use

outside the company to help you with messaging will be on the same page.

 

Why Is Brand Identity Important?

 

Besides the rationale that brand identity makes the brand unique and identifiable in the market,

here are some other important aspects of brand identity from feedough.com. While brand identity is the

outward expression of the brand, brand image is how the customers perceive it. Identity is vital

for the business as it creates the brand image. However, it’s a task for the marketer

to make customers form an idea of the brand similar to its identity.

Brand identity helps the brand develop its unique stance and differentiate itself from others.

This differentiation also helps create a positioning strategy and get a loyal customer base in the market.

Consistency is the most critical aspect of branding, and brand identity gives rise to consistency.

A consistent outward expression is essential to be perceived as the brand.

A brand identity is the visual identity and representation tool to express the brand’s personality.

For smaller businesses, according to tomango.co.uk, a good brand identity positions you in your

customer’s minds as providing quality worth paying for. If you want to attract more

customers prepared to spend more money, getting your identity right gets

them through the door, primed and ready to splash the cash.

 

Without A Brand Strategy, You Can Face Some Problems. 

 

According to proofbranding.com, you could have some of these problems if you don’t have a brand strategy.

You may make decisions without a clear understanding of who you are and your “mission,”

so you make decisions that don’t reflect your values. Your pathway to meeting your objectives

needs to be clarified because you may need a corporate and marketing strategy and plan.

 

You may not have all of your employees working from the same page and representing your

company with the same brand story to every customer. Your communications programs –

from your website to your content marketing- which may be confusing prospects and customers.

 

Conclusion 

 

The bottom line: Even though Apple products are quality-wise on the same level as the competition,

Apple can charge a premium price. In the minds of its customers, its effects are worth more

than many other technology brands. This perception has a lot to do with brand identity. So what can you learn from Apple?

By creating a robust and unique brand identity, you, too, can attract high-paying customers.

 

Do you currently have a brand strategy? Are you thinking about creating one? Love to hear your thoughts.

Cheers,     Jim Zitek

Harborcapitalgroupinc.com

Where Innovative Strategies Fix Revenue Problems

Why Is A Brand Strategy So Important?

 

A strong, recognizable brand can help your business succeed, which is why creating an effective brand identity

is not only essential but critical. But how can you make a brand identity to give you a competitive advantage?

This blog post will give you some basic ideas and insights to get you started thinking about your brand and how to create it.

A brand plan document is also essential so everyone in the company and outside vendors

communicates your strategy similarly. You will have an internal (how well the company knows itself)

and external (how well the company connects and relates to others) identity.

If they are both the same, you will have a strong brand. Source: blog.tbhcreative.com

 

Why do only some companies have a brand strategy? 

 

First, most business leaders feel they already have too many issues. Besides lack of time,

many want to avoid putting their budget into jeopardy when there isn’t enough money

to do the things they already feel are required. Yes, it can take time and lots of thought.

Some CEOs neglect brand identity because they need to understand its importance.

And it is getting more critical every day. Also, they must have all the information they need to apply

their knowledge to a brand strategy program. But, consumers’ attention span is getting shorter and shorter every day.

Also, technology is making the barrier to entry for new companies and products more accessible.

And even legacy brands need help to stay relevant in the marketplace.

A strong brand identity is not a luxury. It is crucial for businesses to differentiate themselves from competitors.

But it will help you acquire clients, earn more profits and stay top of mind with clients.

 What Is A Brand Identity?

“Brand identity is the collection of all elements that a company creates to portray

the right image to its consumer.” (a quote from “99 designs.com).

 

Brand identity, defined by “ proofbranding.com,” combines all the elements a company

creates and projects to represent an image and entice a feeling when people interact.

It’s the process of shaping and molding the impact your products and services leave on a customer.

Essentially, your brand identity is the personality of your business and a promise to your customers.

Here is another definition from feedough.com. Brand identity is the company’s side of the story.

It’s how the company feels that the consumers should perceive it. Efforts like developing a brand

outlook, personality, and design are some strategies used to make the brand uniquely

identify itself in the crowd of competitors. It’s an aggregate of brand name,

tagline, brand voice, brand positioning, brand associations, and brand personality.

 

Why Is Brand Identity Important?

 

Besides the rationale that brand identity makes the brand unique and identifiable in the market,

here are some other important aspects of brand identity from feedough.com. While brand identity is the

outward expression of the brand, brand image is how the customers perceive it. Identity is vital

for the business as it creates the brand image. However, it’s a task for the marketer

to make customers form an idea of the brand similar to its identity.

Brand identity helps the brand develop its unique stance and differentiate itself from others.

This differentiation also helps create a positioning strategy and get a loyal customer base in the market.

Consistency is the most critical aspect of branding, and brand identity gives rise to consistency.

A consistent outward expression is essential to be perceived as the brand.

A brand identity is the visual identity and representation tool to express the brand’s personality.

For smaller businesses, according to tomango.co.uk, a good brand identity positions you in your

customer’s minds as providing quality worth paying for. If you want to attract more

customers prepared to spend more money, getting your identity right gets

them through the door, primed and ready to splash the cash.

 

With A Brand Strategy, You Can Face Some Problems. 

 

According to proofbranding.com, you could have some of these problems if you don’t have a brand strategy.

You may make decisions without a clear understanding of who you are and your “mission,”

so you make decisions that don’t reflect your values. Your pathway to meeting your objectives

needs to be clarified because you may need a corporate and marketing strategy and plan.

 

You may not have all of your employees working from the same page and representing your

company with the same brand story to every customer. Your communications programs –

from your website to your content marketing- which may be confusing prospects and customers.

 

Conclusion 

 

The bottom line: Even though Apple products are quality-wise on the same level as the competition,

Apple can charge a premium price. In the minds of its customers, its effects are worth more

than many other technology brands. This perception has a lot to do with brand identity. So what can you learn from Apple?

By creating a robust and unique brand identity, you, too, can attract high-paying customers.

 

Cheers, Jim Zitek

P.S. You might also check out a blog post, “Why Marketing Strategy Is Important?

P.P.S. Also, check out my blog post, “Why Business Strategies Are Important

 

Harborcapitalgroupinc.com

Where Innovative Strategies Fix Revenue Problems

Differentiation Is The Key To Profits

 

Current markets couldn’t be more crowded. And the number of products and services continues to grow.

Compounding that overcrowded problem, the internet allows companies to market their products globally.

Plus, most companies try to make their product better when they should be trying to make them different.

Products are sold on their perceived value. Tim Williams, Ignition Consulting Group,  said

that making your product better isn’t always better; different is better. The primary goal of business isn’t revenue;

it should be profits. Differentiation is the key to profits. Therefore, you need to keep innovating your product offering. 

Standing out from the competition is one of the most difficult challenges marketers face.

Sameness is the combined effect of companies needing to be more similar in their offers, poorly

differentiated branding, and mixed messages. The language they use is identical to that of their competition.

If you visit competing companies’ websites, you’ll find that most offer no meaningful differentiation. They say the same things.

Also, some companies need to restructure

According to Indeed.com, many businesses restructure over time and use various strategies

to advance and distinguish themselves in the marketplace. Consider creating

a differentiation strategy to increase profits without high risk or lower prices.

 

Why A Differentiation Strategy Is Challenging

 

You can only compete on features for a while. Can your incremental differentiation be featured?

Yes, according to CXL.com, but any gradual improvement has the chance of being copied relatively soon.

If you look at any mature category, you’ll find it full of products that are the same.

 

Commoditization is increasing in every category. Once novel features are now table stakes.

A/B testing tools. Or heat map (mouse tracking) tools. Or session replay tools. Or email marketing tools.

They all have similar features, with minor differences.

It’s increasingly more work to say how one tool is different or better than others.

 

Almost all smartphones have great screens. It wasn’t always like that, but you can’t build or sustain

a competitive advantage on screens anymore. You could compete on battery life,

but you can ride that wave for only so long if you make a better battery. They will catch up.

 

What Is A Differentiation Strategy

  

The main objective of a differentiation strategy is to increase competitive advantage.

You will accomplish this by analyzing the strengths and weaknesses of a product, the needs of your customers,

and the overall value it can provide. Then communicate that unique product differentiation

by showing how it differs from your competition.

 

It also requires a value proposition that matches the buyer’s needs and wants.

This product difference should also be in sync with your brand and may help build brand awareness.  

 

How To Create A Effective Differentiation Strategy

 

 Differentiation isn’t as much about creativity as it is Atep m logic. You are going to make a logical argument

that is clear, compelling, and convincing. If you see the logic of your argument,

there is a good chance you have a winner. The following are four basic steps you can take to get started.

One: Make sure your message makes sense in the context of your category. It starts from what the marketplace

already knows about your product and what your competitors have told them.

You will need to do a little research for this information.

Two: Find the unique, differentiating idea that separates you from the competition.

Three: Make sure you can support your differentiating idea and that you can

demonstrate that difference. Claims without proof are simply claims.

Four: Communicate your difference. Every aspect of your communications-

advertising, sales, website, etc.- must reflect your difference.

 

If leadership is involved in the process, you will also find that your differentiating idea greatly motivates your employees.

Product differentiation strategy should show a benefit that is exclusive to that product. Below are a few common strategies

employed to differentiate a product or service. At the same time, a  successful differentiation strategy must align

your product or service with customer needs. An example, Amazon offers two-day shipping.

This differentiation feature was embraced by customers and is one of the reasons they have been so successful. 

 

Two approaches to creating differentiation

 

A broad differentiation strategy, according to Gaussianco.com,  creates industry-wide competitive

advantages that differentiate the offering from competitors. However, customers must widely

value a product with an overall differentiation strategy. Being unique in a

large market, you can increase your price point and improve your profits.  

 

A focused differentiation strategy is used when you want to focus on one specific customer market.

A concentrated approach takes a segment of the previously described broad strategy audience.

It narrows the focus down to those with unique needs. The market should be niche,

but there must still be customer needs to address — because without customer needs, a new offering is unnecessary.

 

A Few Ways To Make Your Product Or Service Different

 

There are many ways to distinguish your product from your competitors. To get started on your plan,

the following are a few suggestions by Jack Trout to get your thought process going.

The magic Ingredient. If you have a different way to make your product or some special ingredients, don’t dismiss them. Make them a big deal. A differential.

High-Technology Product. If you have some high-tech designs, parts, or systems, name them and highlight how they make your product a better choice.

A New Innovation. You should make this the cornerstone of your differentiation. Again, give it a name and promote it.

A System Innovation. It could improve the process of using the product or enable the development to connect to other products and has a specific benefit.

Charge More. If your product is made better or has a better result, highlight it and justify the higher value and price (and added profit).

Help the environment. A product or service that helps the environment is a popular and essential feature for many people. Highlight it.

A different design for an old product. If you can change the design of an old product and make it better, different, or more usable, Make the design itself essential.

 

Benefits Of A Differentiation Strategy

 

Differentiation strategies have several advantages that may help you develop a unique niche

within your industry. Here are the possible benefits from Indeed.com of creating a differentiation strategy:

 

A differentiation strategy allows a company to compete in the market with something

other than lower prices. For example, a candy company may differentiate its candy by improving the taste

or using healthier ingredients. Although its competitors have cheaper candy,

they can’t provide the taste consumers may want from that specific candy company.

 

The benefit of a differentiation strategy is that it builds on the unique qualities of a product.

Your company may create a list of characteristics its products contain that your competitors

need to improve. Those characteristics will differentiate your product;

you may communicate this through effective marketing and advertising.

 

When products are differentiated and turned into higher-quality products, it offers more

opportunities for larger profit margins. Also, This differentiation makes it easier to generate interest and close sales.

 

How Do You Know If Your Differentiation Will Be Effective?

 

Is your differentiation real? Information from Hingemarketing.com Differentiators can’t be fabricated.

It’s too easy to spot exaggerated claims. And to make it work, you have to deliver what you promised.

Any company can claim superior service but do nothing special to make it a reality. No special policies. No special training.

Nothing to ensure it happens. The bottom line is that they are similar to many competitors making the same claims.

 

Is it relevant and part of the buyer’s selection criteria? If your point of distinction doesn’t

matter to your prospects, it won’t bring you more business. Ultimately,

what is most important is what plays into your target prospects’ selection criteria

and decision-making process. Irrelevant differentiators are a waste of time and money. 

 

 Conclusion

The marketplace is very crowded, and as we grow globally, it will get even more crowded.

Therefore,  it is critical that you have either a low-cost strategy.-but only one company in your market

can be the low-cost leader. Or do you have a differentiated product or service –

and several companies can have differentiated products in a market. 

We were told for years that market leadership ad profits came from increased efficiency,

but that is not true today. Differentiated products and services generate significantly more revenues and profits.

Getting a differentiated product or service is complex and may take some time to develop,

but it’s possible. You can differentiate your product or service in many ways..

I will end with this. Michael Porter, Harvard Professor and renowned strategist, said there are only two business strategies: low cost and differentiated.

 

I would love to hear your thoughts on how this differentiation “starter” worked for you.

Why A Differentiation Strategy Is Critical

Current markets couldn’t be more crowded.

Whether a new or established business, you must keep innovating your product offering.

You also have to differentiate your product from your competitors to stand out.

That is why a differentiation strategy is critical. It’s the key to growth in today’s markets,

according to CXL.com. Standing out from the competition is one of the most prominent challenges

marketers face. Sameness is the combined effect of companies needing to be more similar in their offers,

poorly differentiated branding, and mixed messages. The language they use is identical

to that of their competition. If you visit competing companies’ websites,

you’ll find that most offer no meaningful differentiation. They say the same things. 

Also, some companies need to restructure

According to Indeed.com, many businesses restructure over time and use various strategies

 to advance and distinguish themselves in the marketplace.

Consider creating a differentiation strategy to increase profits without high risk or lower prices.

 

Why A Differentiation Strategy Is Critical

You can only compete on features for a while. Can your incremental differentiation be featured?

Yes, according to CXL.com, but any gradual improvement has the chance of being copied relatively soon.

If you look at any mature category, you’ll find it full of products that are the same.

 

Commoditization is increasing in every category. Once novel features are now table stakes.

A/B testing tools. Or heat map (mouse tracking) tools. Or session replay tools.

Or email marketing tools. They all have similar features, with minor differences.

It’s increasingly more work to say how one tool is different or better than others.

 

Almost all smartphones have great screens. It wasn’t always like that, but you can’t build or sustain

a competitive advantage on screens anymore. You could compete on battery life,

but you can ride that wave for only so long if you make a better battery. They will catch up.

 

What Is A Differentiation Strategy

The main objective of a differentiation strategy is to increase competitive advantage.

You will accomplish this by analyzing the strengths and weaknesses of a product,

the needs of your customers, and the overall value it can provide. Then communicate that

unique product differentiation by showing how it differs from your competition.

 

It also requires a value proposition that matches the buyer’s needs and wants.

This product difference should also be in sync with your brand and may help build brand awareness. 

 

How To Create A Effective Differentiation Strategy

For an organization to scale beyond this point, the leaders become responsible for designing

and altering the DNA and architecture of the organization to incorporate new things and 

remove old parts that allow it to compete more favorably in the industry (Forbes) 

Product differentiation strategy should show a benefit that is exclusive to that product.

Below are a few common strategies employed to differentiate a product or service.

A successful differentiation strategy must align your product or service with customer needs.

An example, Amazon offers two-day shipping.

This differentiation feature was embraced by customers and is one of the reasons they have been s successful. 

 

Two approaches to creating differentiation

A broad differentiation strategy, according to Gaussianco.com, creates industry-wide competitive advantages

that differentiate the offering from competitors. However, customers must widely value a product with an overall

differentiation strategy. Being unique in a large market, you can increase your price point and improve your profits.  

 

A focused differentiation strategy is used when you want to focus on one specific customer market.

A concentrated approach takes a segment of the previously described broad strategy audience.

It narrows the focus down to those with unique needs. The market should be niche,

but there must still be customer needs to address — because without customer needs, a new offering is unnecessary.

 

Benefits Of A Differentiation Strategy

Differentiation strategies have several advantages that may help you develop a unique niche within your industry.

Here are the possible benefits from Indeed.com of creating a differentiation strategy:

 

A differentiation strategy allows a company to compete in the market with something other than lower prices.

For example, a candy company may differentiate its candy by improving the taste or using healthier ingredients.

Although its competitors have cheaper candy, they can’t provide the taste consumers may want from that specific candy company.

 

The benefit of a differentiation strategy is that it builds on the unique qualities of a product.

Your company may create a list of characteristics its products contain that your competitors need to improve.

Those characteristics will differentiate your product; you may communicate this through effective marketing and advertising.

 

When products are differentiated and turned into higher-quality products, it offers more

opportunities for larger profit margins. Also, This differentiation makes it easier to generate interest and close sales.

 

How do you know if your differentiation will be effective?

Is your differentiation real? Information from Hingemarketing.com Differentiators can’t be fabricated.

It’s too easy to spot exaggerated claims. And to make it work, you have to deliver what you promised.

Any company can claim superior service but do nothing special to make it a reality.

No special policies. No special training. Nothing to ensure it happens.

The bottom line is that they are similar to many competitors making the same claims.

 

Is it relevant and part of the buyer’s selection criteria?

If your point of distinction doesn’t matter to your prospects, it won’t bring you more business.

Ultimately, what is most important is what plays into your target prospects’ selection

criteria and decision-making process. Irrelevant differentiators are a waste of time and money. 

 

 Conclusion

The marketplace is very crowded, and as we grow globally, it will get even more crowded.

Therefore, it is critical that you have either a low-cost strategy –but only one company

in your market can be the low-cost leader. Or do you have a differentiated product or service

– and several companies can have differentiated products in a market.

 

We were told for years that market leadership ad profits came from increased efficiency,

but that is not true today. Differentiated products and services generate

significantly more revenues and profits. Getting a differentiated product or service is complex

and may take some time to develop, but it’s possible. You can differentiate your product or service in many ways.

I will end with this. Michael Porter, Harvard Professor and renowned strategist

said there are only two business strategies: low cost and differentiated.

Cheers,  Jim Zitek

    P. S. You might want to check out this blog post, “Why Business Strategies Are Important”

P.P.S. Check this post out also, “Why Marketing Strategy Is Important?

Innovative strategies that create revenues

     ClickVisor Programs

Harborcapitalgroupinc.com

Positioning Is The Battle For Your Mind

 

To complete today, you must create a “position” in the prospect’s mind, and getting “shelf space” in the prospect’s mind is becoming more complex and competitive.

Positioning helps solve the over communications problem. So what are positioning strategies, and how do they work?

Potential buyers have a vast array of companies and products. The internet makes it quick and easy to access this marketplace.  

Consequently, setting your company and brand apart from your competition is critical for long-term success.

According to Jeff Bezos, on hingemarketing.com”Your brand is what other people say about you when you are not in the room.”

One excellent solution to this problem is a positioning strategy that will help you establish your company

or product “position” in the minds of your target audience. But, you want to use simple concepts

and express them using simple words. Positioning can enable an instantly positive impression

of your offer and its value. Plus, it offers a way to differentiate your proposal from your competitors,

And it doesn’t matter if you are a B2B or B2C or offer unique professional expertise; it works for everyone. 

 

What is A Positioning Strategy

 

Paulwriter.com states that a positioning strategy is a marketing plan that determines where your business stands

in the overall market and how you should be positioned to attract more customers.

The net result of your project is a statement (written or visual) that sets your company and product apart

from your competition and offers extraordinary value. A successful positioning strategy helps companies become

an authority in their field, distinguish themselves from competitors for better brand recognition,

or even create new markets by identifying unmet needs among consumers.

More specifically, businesses may use this approach when going up against

established players who have been around longer and those with a more incredible distribution channel.

 

Positioning influences what customers think of your company, brand, or product. Still, it will not convince

someone of a concept they don’t agree with or believe. Therefore, your positioning must align with

the already-established beliefs of your customers and your strategy constructed around this.

 

 The Three Key Elements Of A Positioning Strategy

 

Market Positioning is the ability to influence a consumer’s perception of your brand or product relative to competitors.

Market positioning creates a designed brand or identity based on your strategy. 

 Channel

Your channel is how customers interact with your brand. Depending on your business model,

your channel may be your sales or marketing team. Use this research information to help you

to collect data on how to reach and deliver your products. 

 

Customer 

Every successful positioning strategy must fully grasp the target market and customer needs.

Knowing your target demographic will help you guide decision-making. This information is necessary to create the right pricing strategy.  

 

Competition

Evaluate your market position relative to your competitors.

A visual positioning map or tool (you can even use the business model canvas for each competitor)

helps visualize where your company stands in customers’ minds to help you see the overall market strategies.  

According to corporatefinanceinstitute.comThese three market positioning elements give you

the information you need to get an overall perception of your brand or product relative to competitors.

This perception should enable you to establish a clear objective and establish the brand

or product’s image or identity so consumers perceive it in a way that makes sense.

 

 What are positioning strategies?

 

Product price 

A reliable differentiation strategy links your product with a competitive price point.

This positioning strategy focuses on the relationship between price, quality,

and the consumer’s perception of the product value. In comparing costs, a buyer might assume that one product is higher in price

and, therefore, is higher in quality. Conversely, a lower-priced product is positioned to be more affordable,  

 

Unique value proposition

What is your product’s unique value proposition? Highlight the features and benefits

of your product as uniquely equipped to meet the specific needs of your targeted customer. 

 

Product Quality

Customers are accustomed to paying more for perceived higher product quality.

This strategy is incredibly successful in the luxury market, where high quality,

limited availability, and famous brand ambassadors influence purchase decisions.

 

Competitive Positioning

Two strategies from indeed.com directly compare your product with your competitors to show how yours 

is better or unique. This positioning strategy focuses on differentiating your product from the competitor’s products.

Based on that differentiation, you may also price the product higher or lower than the competition.

 

Positioning Based On Function

 Positioning should be based on its use or function. For example, different services

for the product in different seasons. Or other uses for the product for different kinds of jobs.

Expanding the use may change the targeted customer. 

Influentials and ambassadors. This is when a brand is associated with a celebrity 

and can be a compelling endorsement. Think Michael Jorden for Nike or Tom Cruise.

Depending on your budget, key influentials can be local or national.

 

 Why Is Positioning Important 

 

Positioning is about much more than just your content marketing strategy or

the design of your website. Done with care and a well-crafted position, it can help you:

Build brand awareness and reach new customers

Build brand loyalty among your existing customers

Create a stronger value proposition

Be more consistent in your messaging across marketing, sales, customer service, Etc.

 

Conclusion

 

Market or brand positioning allows a company to differentiate itself from competitors.

This differentiation helps your business increase brand awareness, communicate value, and justify pricing, impacting your bottom line. 

 

Your positioning strategy is a marketing plan that determines where your business stands in the overall market and

how you should be positioned to attract more customers.  A successful positioning strategy helps

companies become an authority in their field, distinguish themselves from competitors

for better brand recognition, or even create new markets by identifying unmet needs among consumers.  

 

Positioning influences what customers think of your company, brand, or product. Still, it will not convince

someone of a concept they don’t agree with or believe. Therefore, your positioning must align with the

already-established beliefs of your customers and your strategy constructed around this.

Think about this:  If you are not the category leader, can you set up a category where you can be the leader? I would love to hear how it works out.

What Are Positioning Strategies

 

How To Develop A Positioning Strategy

 

Getting “shelf space” in the prospect’s mind is becoming more complex and competitive.

Today you can make that a global marketplace. So what are positioning strategies, and how do they work?

Potential buyers have a vast array of companies and products. The internet makes it quick and easy to access this marketplace.  

Consequently, setting your company and brand apart from your competition is critical

for long-term success. According to Jeff Bezos, on hingemarketing.com”Your brand is what other people say about you when you are not in the room.”

One excellent solution to this problem is a positioning strategy that will help you

establish your company or product “position” in the minds of your target audience.

t can enable an instantly positive impression of your offer and its value.

Plus, it offers a way to differentiate your proposal from your competitors,

And it doesn’t matter if you are a B2B or B2C or offer unique professional expertise; it works for everyone. 

 

What is A Positioning Strategy

 

Paulwriter.com states that a positioning strategy is a marketing plan that determines where your business stands

in the overall market and how you should be positioned to attract more customers.

The net result of your project is a statement (written or visual) that sets your company and product apart

from your competition and offers extraordinary value.A successful positioning strategy helps companies become

an authority in their field, distinguish themselves from competitors for better brand recognition,

or even create new markets by identifying unmet needs among consumers.

More specifically, businesses may use this approach when going up against

established players who have been around longer and those with a more incredible distribution channel.

 

Positioning influences what customers think of your company, brand, or product.

Still, it will not convince someone of a concept they don’t agree with or believe.

Therefore, your positioning must align with the already-established beliefs of your customers and your strategy constructed around this.

 

 The Three Key Elements Of A Positioning Strategy

 

Market Positioning is the ability to influence a consumer’s perception of your brand or product relative to competitors.

Market positioning creates a designed brand or identity based on your strategy. 

 Channel

Your channel is how customers interact with your brand. Depending on your business model,

your channel may be your sales or marketing team. Use this research information to help you

to collect data on how to reach and deliver your products. 

 

Customer 

Every successful positioning strategy must fully grasp the target market and customer needs.

Knowing your target demographic will help you guide decision-making. This information is necessary to create the right pricing strategy.  

 

Competition

Evaluate your market position relative to your competitors.

A visual positioning map or tool (you can even use the business model canvas for each competitor)

helps visualize where your company stands in customers’ minds to help you see the overall market strategies.  

According to corporatefinanceinstitute.comThese three market positioning elements give you the information you need

to get an overall perception of your brand or product relative to competitors.

This perception should enable you to establish a clear objective and establish the brand

or product’s image or identity, so consumers perceive it in a way that makes sense.

 

 So, what are positioning strategies?

 

Product price 

A reliable differentiation strategy links your product with a competitive price point.

This positioning strategy focuses on the relationship between price, quality,

and the consumer’s perception of the product value. In comparing costs, a buyer might assume that one product is higher in price

and, therefore, is higher in quality. Conversely, a lower-priced product is positioned to be more affordable,  

 

Unique value proposition

What is your product’s unique value proposition? Highlight the features and benefits

of your product as uniquely equipped to meet the specific needs of your targeted customer. 

Product Quality

Customers are accustomed to paying more for perceived higher product quality.

This strategy is incredibly successful in the luxury market, where high quality,

limited availability, and famous brand ambassadors influence purchase decisions.

 

Competitive Positioning

Two strategies from indeed.com directly compare your product with your competitors

to show how yours is better or unique. This positioning strategy focuses on differentiating your product

from the competitor’s products. Based on that differentiation, you may also price the product higher or lower than the competition.

 

Positioning Based On Function

 Positioning should be based on its use or function. For example, different services

for the product in different seasons. Or other uses for the product for different kinds of jobs.

Expanding the use may change the targeted customer. 

Influentials and ambassadors 

Influentials and ambassadors This is when a brand is associated with a celebrity 

and can be a compelling endorsement. Think Michael Jorden for Nike or Tom Cruise.

Depending on your budget, key influentials can be local or national.

 

 Why Is Positioning Important 

 

Positioning is about much more than just your content marketing strategy or

the design of your website. Done with care and a well-crafted position, it can help you:

Build brand awareness and reach new customers

Build brand loyalty among your existing customers

Create a stronger value proposition

Be more consistent in your messaging across marketing, sales, customer service, Etc.

 

Conclusion

 

Market or brand positioning allows a company to differentiate itself from competitors.

This differentiation helps your business increase brand awareness, communicate value, and justify pricing, impacting your bottom line. 

 

Your positioning strategy is a marketing plan that determines where your business stands in the overall market and how

you should be positioned to attract more customers.  A successful positioning strategy helps

companies become an authority in their field, distinguish themselves from competitors for better brand recognition,

or even create new markets by identifying unmet needs among consumers.  

 

Positioning influences what customers think of your company, brand, or product.

Still, it will not convince someone of a concept they don’t agree with or believe.

Therefore, your positioning must align with the already-established beliefs of your customers and your strategy constructed around this.

Cheers,    Jim Zitek

P.S. I think you will find these interesting also: “How to get a creative solution to a difficult problem?”

Also, “Why business strategies are important”

Harborcapitalgroupinc.com

Where Innovative strategies Fix Revenue Problems

Why Marketing Strategy Is Important?

 

What Is A Marketing Strategy?

 

 

I am starting this blog; “why a marketing strategy is important,” from the premise that your company already has a business strategy. Why?

Business strategy is your story, and marketing is how you tell that story. If you need a business strategy, check out this blog post.

The job of marketing is to find potential customers in your market niche and turn them into customers

— and then keep them as customers. Pretty straightforward, but as every marketer knows —

it’s doable but challenging. So we must start with the fundamental question, “What is a marketing strategy?”

First of all, the standard definition of a strategy is a process that starts with an objective (that is achievable and measurable),

then researches the problem and creates an insightful concept on how how to reach that objective.

Then the company decides how it will implement that solution

— what it will do and not do because of limited resources –

and finally, prepares a plan to execute and monitor the implementation of that strategy.

How Marketing Strategy Is Determined

A marketing strategy uses the same process as a business strategy.

However, the objective is to find potential customers in your market niche, turn them into customers,

and then keep them as customers. To do that, you need to focus on where the initial buying decision is made — in the buyer’s mind. 

Another way to look at marketing strategy is to ask questions because strategy is all about making choices,

and asking questions forces you to think more creatively. For example, what are the aspirations for your customers and your company?

What markets or categories are going to be your main focus? How will you convert those prospects into customers?

I will be writing a blog on this approach soon.

Unfortunately, too many marketers go astray on what they think is a marketing strategy.

They list ( a plan) all the media they can use and then go about telling their story when time and money permit. 

Their story is often about what they do, but the potential buyer doesn’t care what they do;

they care about what you do for them. Plus, they often need to remember that you have to reach prospects

where they make the initial buying decision— in their mind, not in a brochure or catalog.

They need to remember that their story is their business strategy, and marketing is how they tell it.

Why Marketing Strategy Is Important: The Competitive Challenge

 

If the targeted person is a prospect, you have to assume they need your product,

which means they already use your competitor’s product. You have to replace that brand with

your superior, differentiated brand and then position your brand as the better choice in this product category. 

If they are not using anyone’s product, you must ask why? If you can’t answer that question,

you might be in the wrong market, targeted the wrong audience, Or have a new product in a new market.

That is a short, simple explanation of the marketing challenge, but you can see why

most companies are disappointed with the results of their marketing program.

A Marketing Strategy Is How You Tell Your Story. 

 

First, you have to aim your story at the right target — the prospect’s mind where the buying decision is made.

As you know, our brains constantly collect information and store it in either our short memory (Tiger! Run!)

Or our long memory (Oh yea, I remember that now) so we can use it later. That storage space is like a piece of real estate.

Your job is to get your brand to own a piece of real estate in the buyer’s mind.

In any product category, there can be several brands stored there. One will be the number one preferred brand.

You may need a significant media budget to stay there if you are number one already.

But, if your brand is number two-five, you need to differentiate your product and position it as the better alternative.  

Everyone wants to know; what are some marketing strategy examples. Following are two you will recognize.

 

An example of doing it right: Hertz was the number one preferred band in the auto rental business

and had the largest market share. Avis moved to number two by positioning itself as the alternative to Hertz

by saying, “We’re number two. We try harder.” Busy business people hated waiting to check in or out.

They quickly “owned” that real estate in the buyer’s mind.

 

An example of doing it incorrectly: Computers were starting, and IBM was number one.

Honeywell was one of several other companies trying to compete with IBM.

They knew potential buyers looked at IBM and one other company before purchasing.

So Honeywell positioned itself as “The Other Computer Company.” It worked great for getting into the bidding process

— for a short period. But they lost every bid. Why? Their computers were not equivalent to IBM’s.

You have to be able to back up your positioning.   

You get the idea. Marketing strategy is more than making lists of media and deciding which tactics

and how big the budget will be. And you also need a strategy for each tactic you will use.   

I will cover the strategies of the different tactics – problems/issues, brands, differentiation, positioning,

value propositions, innovation, creative thinking, how to make better decisions, Etc. in other blog posts.  

However, to get started, the following essential things you need to do to assemble your marketing strategy and plan.

 

Marketing Tactics

Remember, your business strategy is your story 

and marketing is how you tell your story.

How To Get Your Marketing Program Started

A marketing strategy is a detailed plan of a company’s promotional efforts across various platforms and channels.

It includes objectives, target audience profiles, content creation steps, key performance indicators,

and other components. Hubspot.com identifies the following components as part of a marketing strategy.

In addition, I cover many other components and objectives like positioning, creating

differentiation, value propositions, brand creation, Etc., in other articles.

 

Marketing Objectives

 Start with the marketing program’s overall objective to determine how the marketing strategy creates revenues.

Then the objectives for each strategy element and the goals of each communications program or tactic you plan to use.

All of these must be in sync with the business and marketing strategy.

Again, make them achievable and measurable. With every objective, be as specific as possible. 

Marketing Budget: Your budget depends on the programs you want to implement

and the targeted market or niche selected. You can start with a definite value proposition

to a targeted small niche market and expand the target market as profits increase.

You can develop your marketing programs more quickly with the resources (time, talent, and money)

and an agreed-upon strategy. Also, the marketing budget must sync with your plan’s objectives and tactics. 

 

Competitive Analysis

Knowing your competition is critical when creating your marketing strategy. For example, compare your business model against your competitors.

This analysis will give you information and a visual perspective and make sharing this information with all your employees easy. 

Analyzing each business model element will enable you to look for weaknesses and opportunities to exploit. 

 

Client/Prospect Analysis

Marketing is about knowing your prospects and clients. Not just geographic, psychographic, and location, but what’s in their mind.

Clients and prospects may already have perceptions and opinions about your products and services

and those of your competitors. You want to find out if they do and what they are. 

This information is what your marketing will be about – creating a preferred space in their mind for your product.

In today’s competitive world, you must own a piece of real estate in your prospect’s mind.

Once you understand your position and your competitors’ positions, you can begin to create your marketing programs, including:

developing and maintaining your band,

differentiating your product from the competition  

positioning your product well in the prospect’s mind.

You are ready to begin designing and creating the message you want to send your prospects,

including advertisements, brochures, websites, white papers, video messages, content marketing, blogs, podcasts, publicity, and more.

 

Monitor Your Marketing Programs

 

Marketing performance measures marketing campaigns’ success and shows how well campaigns

are tracking toward your goals. They are also essential elements of any campaign,

and marketing teams need them to understand whether their marketing strategy is successful.

 

 Following are some metrics Amazon suggests for different channels that you should consider.

They will help you make better decisions about optimizing your programs and budgets.

 

Email marketing: email opens, forwards, unsubscribes

Digital marketing: click-through rate and impressions

Social media: follower count, impressions or reach, and engagement rate.

Website: monitor traffic, bounce rate, new customers, returning customers, time spent on site and traffic sources, and conversions.

Content marketing: blog traffic, amount of content shared, content downloads, qualified leads

through lead generation form and the progress of prospects throughout the sales funnel.

Video: impressions and total viewing time, followers, comments. Etc

Sales: with direct sales, sales team response time, sales call volume, and sales call reviews

Revenue: how much revenue each channel generates, the cost of that revenue, repeat sales, client turnover, and profits. 

SEO: organic traffic, average keyword rankings, keyword search volume, and 

Quality: Quality Score, reviews, and monthly recurring revenue.

Conclusion

I started this blog; what is a marketing strategy,” from the premise that your company already has

or is developing a business strategy. The job of marketing is to find potential customers

in your market niche and turn them into customers — and then keep them as customers. 

Another way to look at marketing strategy is to ask questions because strategy

is all about making choices, and asking questions forces you to think more creatively. 

Unfortunately, Marketers often think their story is about what they do,

but the potential buyer doesn’t care what you do; they care about what you do for them. 

Marketing Strategy Is How You Tell Your Story. First, you have to aim your story at the right target

— the prospect’s mind where the buying decision is made. In any product category,

there can be several brands stored there. One will be the number one preferred brand. 

You get the idea. Marketing strategy is more than making lists of media and deciding which tactics and how big the budget will be. 

Cheers,

Jim Zitek

Two other blog posts you will want to check out:  “How innovative strategies drive sales”

and “Innovative strategies for a competitive market”

Innovative strategies that create sales

HarborCapitalGroupinc.com

 

What Is Marketing Strategy?

 

What Is A Marketing Strategy?

The word strategy is often misused and overused.

We are going to talk about how marketing strategy creates revenues in this article.

 However, I wanted to start this discussion with some simple definitions of strategy so everyone would be on the same page.

A strategy is a tool or method used to identify and solve a problem or exploit an opportunity

and devise a way to achieve the desired goal, often on a longer-term basis.  

A business strategy is using this tool to identify a problem that is preventing the company from reaching a specific goal (i.e.product, revenues)

or preventing the company from moving forward on an opportunity it believes may be available. 

The method for doing this is to turn the “goal” into a reachable, measurable objective.

Then diagnose the problem or opportunity to create an insightful solution.

The solution, based on the company’s resources (time, money. talents), dictates what the company will do and will not do to achieve the objective.

Then you translate your general policy into a coherent execution plan. This business strategy is the company’s story.

 

A Marketing Strategy Is How You Tell Your Story. 

 

A business strategy is from the company’s point of view; a marketing strategy is from the customer’s point of view.

So, marketing strategy uses the business strategy to guide the marketing strategy.

Still, it uses the same process of defining an achievable and measurable objective, a diagnosis of how to reach that objective.

Then it creates coherent programs and tactics to achieve that objective. 

But, marketing strategy is more than just advertising – it’s about connecting with the customer.

Marketing strategy comprises three major components; targeted marketing, the business offering, and achieving a competitive advantage.

Then you design a cohesive execution plan. Once implementation starts, you need to measure and consistently improve your results.

A marketing strategy enables the company to communicate with prospects and turn them into customers.

It’s about connecting with the customer.

Marketing strategy contains the company’s value proposition, brand, and positioning, product differentiation,

and other information designed to implant the brand’s offering into the mind of the targeted consumer.

Today, social media marketing is becoming a significant part of marketing strategy.

It’s a hugely compelling way to drive traffic, build brand awareness, and take advantage of the many digital opportunities available.

According to sixads.com, about 54% of social media users use social platforms to research products and brands,

and 89% of consumers who follow a particular brand will purchase from that brand.

Marketing Problems and Challenges

 

While marketers face many problems, Investopedia identifies the following four challenges as the most common. 

Fierce competition from competitors and no clear product differentiation

Not reaching the right prospects in your targeted market (traffic but few conversions)

Inconsistent messages preventing you from building a brand that lives in the prospect’s mind

Potentially poor use of resources because of hit-and-miss programs instead of a well-thought-out marketing strategy.

A strategy forces you to define a clear, reachable, and achievable objective and pathway to achieve that objective.

 

Too often, marketing companies focus on what they do — warning:

Prospects don’t care what you do; they care about what you do for them.

A marketing strategy focuses on what you do for targeted customers.

A strategy will also keep you from trying “this and that,” which is often a waste of time and resources.  

 

A marketing strategy aims to achieve a sustainable, competitive advantage over the competition.

You accomplish this by deeply understanding the target customers’ real needs and wants.

Regardless of the communication tool used, marketing is judged by how effectively it communicates the company’s core value proposition.   

How To Create A Marketing Strategy 

 

A marketing strategy is a detailed plan of a company’s promotional efforts across various platforms and channels.

It includes objectives, target audience profiles, content creation steps, key performance indicators, and other components.

Hubspot.com identifies the following components as part of a marketing strategy.

In addition,  I cover many other components and objectives like positioning, creating differentiation, value propositions, brand creation, etc., in other articles.

 

Marketing Objectives

 

Start with the marketing program’s overall objective to determine how the marketing strategy creates revenues.

Then the objectives for each strategy element and the objectives of each communications program or tactic you plan to use.

All of these must be in sync with the business and marketing strategy.

Again, make them achievable and measurable. With every objective, be as specific as possible. 

Marketing Budget

Your budget depends on the programs you want to implement, but it also depends on the targeted market or niche selected.

You can start with a definite value proposition to a targeted small niche market and expand the target market as profits increase.

 

You can develop your marketing programs more quickly if you have the resources (time, talent, and money)

and an agreed-upon strategy. Also, the marketing budget must sync with your plan’s objectives and tactics. 

 

Competitive Analysis

Knowing your competition is critical when creating your marketing strategy.

For example, compare your business model against your competitors.

This analysis will give you information and a visual perspective and make sharing this information with all your employees easy.

Analyzing each business model element will enable you to look for weaknesses and opportunities to exploit. 

Client/Prospect Analysis

Marketing is about knowing your prospects and clients. Not just geographic, psychographic, and location, but what’s in their mind.

Clients and prospects may already have perceptions and opinions about your products and services

and those of your competitors. You want to find out if they do and what they are. 

This information is what your marketing will be about – creating a preferred space in their mind for your product.

In today’s competitive world, you need to own a piece of real estate in your prospect’s mind.

Once you understand your position and your competitors’ positions, you can begin to create your marketing programs, including:

developing and maintaining your band,

differentiating your product from the competition  

positioning your product well in the prospect’s mind.

You are ready to begin designing and creating the message you want to send your prospects,

including advertisements, brochures, websites, white papers, video messages, content marketing, blogs, podcasts, publicity, and more.

 

Monitor Your Marketing Programs

 

Marketing performance measures marketing campaigns’ success and shows

how well campaigns are tracking toward key performance indicators. They are also essential elements of any campaign,

and marketing teams need them to understand whether their marketing strategy is successful.

 

 Following are some metrics Amazon suggests for different channels that you should consider:

They will help you make better decisions about optimizing your programs and budgets.

 

Email marketing: as email opens, email forwards, and unsubscribes

Digital marketing: click-through rate, cost-per-action (CPA), and impressions

Social media: follower count, impressions or reach, and engagement rate.

Website: total traffic, bounce rate, new customers, returning customers, time spent on site and traffic sources, as well as conversions.

Content marketing: blog traffic, amount of content shared, content downloads, qualified leads

through lead generation form and the progress of prospects throughout the sales funnel.

Video: impressions and total viewing time, followers, comments. etc

Sales: with direct sales, sales team response time, sales call volume, and sales call reviews

Revenue: how much revenue each channel generates the cost of that revenue, repeat sales, client turnover, and profits. 

SEO: organic traffic, average keyword rankings, keyword search volume, and 

Quality: Quality Score, reviews, and monthly recurring revenue.

Conclusion

 

Marketing strategy enables you to communicate your core value proposition effectively

and achieve a sustainable competitive advantage.

You can only sell your products or services by appealing to those most likely to buy those products and services.

Marketing strategy is a powerful way to target prospects in your niche or globally. 

The research required to create your marketing strategy helps you understand your prospects and customers

and enables you to deliver products and services people want.

However, you need to keep up with the many changes constantly occurring in the marketplace. 

With today’s digital information sources and availability, small businesses can

access hyper-detailed information about prospective customers.

You will be able to get other behavior like online activity, buying activity, video activity,

and if they get their information from phone apps or a laptop computer.

 

Marketing strategy helps you create, differentiate, position your brand,

and convert those leads into customers. It also helps maximize your return on investment and also helps minimize the sales cycle.

If you are iterated in growing your business and market share, a marketing strategy is a must-do and worth more than the time it takes.

 

You might want to check out these two articles for more information. What is a Business Strategy?

And How your  Value Proposition defines your website’s success.