Brand positioning has a big impact on the market. It’s the reason why some businesses receive praise from their loyal clients while others go unappreciated by their target market. It is the secret as to why companies succeed, and others fail.
Today, 95% of consumers are unconsciously drawn to powerful, well-positioned businesses. Therefore, developing and sustaining your brand position will give you a competitive advantage in today’s market, regardless of your business or area of expertise.
In order to assist you in determining which position is appropriate for your business, we conducted in-depth brand positioning research and uncovered the keys to positioning your brand effectively.
But you must first understand brand positioning before we go any further with our findings. So, come with us.
What Does Brand Positioning Actually Mean?
What brand positioning is, its importance in the sector, and the reasons why a company must hold a distinctive position in today’s oversaturated market are frequently unknown to some business owners.
Simply put, brand positioning is the spot your brand occupies in the minds of your target market. It determines how people react to and use your products and services and how your brand differentiates itself from competitors. Therefore, in any brand strategy, your brand positioning must take center stage as you build your business.
Why it’s Important to Position Your Brand
Juicero continues to be a prime example of a business that erred by developing goods that failed to appeal to its target market. and, as a result, ruined their brand’s positioning and fell off quickly.
For new business owners who wish to stand out in their industry, like Starbucks, Netflix, Nintendo, and YouTube did when they started; you must be able to offer exceptional solutions that address a particularly upsetting problem.
This brand positioning technique is the best method to convey originality, strong value, and trustworthiness. However, you must first determine your target market and the brand positioning that appeals to them in order to achieve this aim. And here’s where our survey starts playing a vital role.
The Need for This Survey
Our goal was to determine which brands customers preferred and how their preferences differed based on their age demographics.
This knowledge will help you choose a great brand name, whether from a brand name generator or not, and a tone that is right for your brand regardless of the size of the business you manage. It’ll also aid you if you’re contemplating branding or rebranding.
We started our survey by asking American consumers one question: “Would you rather support a contemporary and innovative enterprise or a traditional and renowned organization?”
Why is This an Important Question?
Recognize that choosing the tone for your firm will be one of the most significant decisions you’ll have to make while recreating or kick-starting your brand.
This decision is important because it aids business executives, product managers, and brand managers in determining the course their companies will pursue to best appeal to their target market.
Our Survey Findings
Even though they were partially expected, the survey’s results were nevertheless rather shocking.
The outcomes of our examination of the 301 people are as follows:
- Young adults (ages 25 to 34) strongly prefer startups and cutting-edge businesses.
- Younger consumers (35–45) preferred cutting-edge, innovative businesses over well-known, trustworthy ones. It’s crucial to remember that the group is split evenly between the two choices.
- People in the 45–54 and 55–65 age brackets indicated a stronger interest in reputable companies with a lengthy history of dependability.
- People in their middle years, between 55 and 65, were especially drawn to trustworthy and well-known companies.
- The study proves that men show no preference for either modern or traditional brands.
- It also proves that women favor respectable, classic companies over new and modern ones.
- Out of a total of 301 participants, 153 chose recognized, long-standing businesses, while 148 chose innovative, modern corporations.
This is What Our Survey Shows
The poll’s findings make it very evident that the majority of young people are attracted to creative, modern enterprises. As a result, if you’re marketing to a younger audience, give your business a distinctive, modern, and creative brand identity to better appeal to this target group.
However, if you want to appeal to an older group, such as baby boomers, you must take the conventional path and give your business a traditional name.
The report explains why before settling on their company’s name or brand strategy, business owners should take into account their brand’s tone and ask themselves, “Who are we aiming to attract?”
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* Written by Grant Polachek, Head of Branding at SquadHelp
Editor’s Note: The opinions expressed here by Fashinnovation’s columnists are their own, not those of Fashinnovation.