As they say, “First impression matters”. The success of your company as a whole depends on your ability to identify and cultivate the right position for it. Creating a distinctive brand image helps place your goods in the eyes of potential customers. To do this, you must provide the answers to several crucial questions, including "Who is my target audience?"; "How do my goods and services differ from those of my rivals?"; “What issues would I be resolving if I did so?”.
What is a positioning statement?
A positioning statement is a brief description of what you have to offer, i.e., goods or services. It identifies a need, the demographic group or market segment it pertains to, how the company will address it (brand value), and the benefits of using this product or service over alternatives. Additionally, it creates recognition, establishes and strengthens your brand and makes it memorable.
Many businesses do not pay much attention to drafting the right positioning statement as it requires a lot of creative work and research.
A good positioning statement should take into account changes as customers' wants and needs change over time, as a result of trends, competition, feedback and behaviours. These changes are also influenced by the economic and environmental changes.
During such changes, businesses must figure out how to guarantee continuity. Steps to take during these periods include:
Accepting and evaluating the changes – This involves adjustments to consumer demands, growth, and profitability. It also creates space for exploiting novel opportunities and managing the results from the research.
Strike a balance between the present strategies being developed in response to the changes and strategies that have been successful in the past. The development of low-cost business models is a must for companies if they want to drive growth while still remaining in operation.
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