How valuable is a brand that resonates with the people who matter? How do you determine the financial impact of a brand that makes your customers stand up and take notice?
In other words, how do quantify the value of brand positioning that makes your customers think about you in a way that is distinct from the competition?
Truth be told, it’s difficult to quantify. It’s not something a data jockey can easily calculate. But a company with compelling and differentiated brand positioning has a powerful advantage.
And there’s no doubt that compelling branding is ultra-valuable and has a huge impact on marketing, sales, attracting employees, and raising money.
In a world obsessed with data and measuring everything, it takes courage and faith to invest in positioning.
It takes confidence to recognize that a terrific product or service requires great positioning to share and amplify the story to the right target audiences.
Yet, many companies are leery about investing in positioning and brand storytelling. They can’t envision the ROI. The impact isn’t immediate. Positioning is not a strategic priority.
Not convinced about the value of positioning? Here are some of the benefits:
Competitive Edge: Every company has fierce competition. And the competition’s products are sold at the same prices and feature the same benefits and features.
What differentiates your brand and products from the competition? It is brand positioning that lets you stand apart. The distinction is not always large but it’s enough to separate you from everyone else to connect with target audiences.
Brand awareness, brand aura: Your brand rises above the competition. It stands out as unique and it is much more than a company that sells great products.
There’s something powerful but often unexplainable that encourages people to gravitate to your brand while shunning aside other brands with products that are just as good, if not better. Think about Apple vs. Dell, for example.
Customer affinity and loyalty: Customers feel good about doing business with you. Your values reflect their values. Your product reflects their aspirations, experiences, and success. They love your products and happily share their experiences.
So, here’s the question: how is the value of brand positioning measured?
There are a couple of approaches.
One involves getting feedback from customers. How do they feel about your brand and its strengths now? Has their attitude about your brand products changed? Using a Net Promotor Score tool helps to get this insight.
Another technique is A/B testing on your homepage and landing pages. See how people react and their actions based on variations of your new positioning and compare it to how your old positioning performed.
Finally, a couple of important things to consider: people buy products, not companies. And purchases are driven by emotions. Your product connects when it makes people feel something: excitement, fear, confidence, happiness, etc.
At a time when people are distracted and bombarded by information, strong positioning is more important than ever. Companies looking to accelerate when the economy comes back to life will have a huge competitive edge.
Bold companies know the value of a strong brand and powerful positioning. They understand the impact that it has on how they do marketing, sales, and customer services. An investment in positioning is not a leap of faith but the right thing to do.
Mark Evans is the principal with ME Consulting. Learn more about how I help B2B companies drive customer engagement and leads through powerful positioning, strategic plans, and amazing content. Book a free 30-minute consultation to discuss your challenges and needs. Subscribe to my weekly newsletter featuring curated content about marketing and sales.