When someone says “Disney,” what immediately comes to mind? Whimsical fantasy, endless possibilities, magical neverland and infinite imagination might be adjectives to describe your initial thought. The Disney brand embodies “a magical world where dreams come true.” Disney is an example of a brand that can effectively convey a philosophy consumers want and meets their expectations. Through consistent value, Disney maintains a strong market position.
The goal of market positioning is to find the ideal opportunity in the market based on customer needs, market forces and financial and strategic considerations. Once you find that market opportunity, further develop your product and elevate your brand to deliver outstanding value. To clarify your market position, find an overarching theme, then define the details. To get you thinking about your market position, here are three essential elements of market positioning:
Brand Idea—The idea is an aspirational concept that ties the essence of your brand together. It defines you. The brand idea is your lighthouse–it guides you in the right direction. Consider BMW. BMW’s brand idea is “the ultimate driving machine.” When their team release a new model, all engineering and thought behind the product must work towards unveiling the next “the ultimate driving machine.”
Value Proposition—When a customer visits your store, uses your service or product, what should they expect? Your value proposition is your promise to your customer (see our advice on creating a value proposition). Once you’ve defined your value proposition, it’s essential that you follow through. The idea being, when customers return, they receive consistent value. Think Apple. When their team launches a new product, it’s expected to be high-quality, simple and creative.
To read more about defining your market position, visit Sparxoo.com, a Marketing, Branding and Business Development Blog.