April 17, 2023

Stand Out in a Crowded Marketplace: The Power of Brand Positioning

Are you struggling to stand out in a crowded marketplace?

Are you finding it hard to connect with your customers on a deeper level?

If so, it may be time to re-evaluate your brand positioning strategy.

In this podcast episode, Clay Ostrom and I discuss the importance of clear and effective positioning in marketing and sales.

We break down the process into three major pieces: customers, competition, and offering.

By understanding your target customers on a deep level, analyzing your competition, and developing an offering that aligns with customer needs and stands out from the competition, you can improve your brand positioning and stand out in a competitive market.

But how do you measure the ROI of this work?

While it may take time to see the impact of improved messaging and positioning, natural improvements such as increased brand awareness and shorter sales cycles can be used as metrics to measure success.

Additionally, qualitative feedback such as how people respond to the new story and whether they can retell it to others can be valuable.

The speakers stress the importance of confidence in a company's positioning strategy and encourage businesses to revisit their positioning strategy every three to six months, depending on their maturity in the market.

Don't get lost in a crowded marketplace with a product that is just "meh." Prioritize clear and effective positioning.

To learn more how we can work together, book a 30-minute discovery call.

Highlights

1. The importance of marketing and positioning in business

2. Defining positioning and its components: what a brand does, who it serves, why it matters, and how it's unique

3. Symptoms of poor positioning and the dangers of being buried in a crowded market

4. The process of improving positioning, including understanding customers, competition, and offerings

5. Importance of finding areas of differentiation from competitors

6. The deliverables of the positioning process, including core messaging and visual communication

7. Using brand positioning statements, value propositions, and brand promises in public communication (website, social media, sales decks)

8. Challenges of quantifying the ROI of positioning and messaging work

9. The importance of regularly revisiting positioning to ensure alignment with customers' needs and business offerings.

Here are the show notes:

New Live Cohort-Based Course on Brand Positioning [00:00:10] Mark announces the launch of his new live cohort-based course on brand positioning, which covers insights into why positioning matters, worksheets and exercises, and his positioning framework.

Positioning 101 [00:02:01] Mark and Clay discuss the basics of positioning, including what it is and why it's important, and the different components that go into creating a memorable connection with customers.

Growing Interest in Positioning [00:07:51] Mark and Clay talk about the growing interest in positioning among entrepreneurs and how companies are recognizing that it can be a way to outflank the competition and establish a competitive edge.

The Importance of Positioning [00:09:37] The speakers discuss how positioning affects marketing and sales, including website engagement, sales cycles, and long conversations with clients.

The Dangers of Ignoring Positioning [00:13:58] The speakers talk about the consequences of not having clear positioning, including being lost in the crowd and having a product that is more man than anything else.

The Danger of Being in the 7-8 Range [00:16:35] We discuss the danger of being in the 7-8 range regarding self-rating brand positioning, as it means being forgettable and not memorable to customers.

Good Enough Isn't Good Enough [00:17:46] The importance of standing out in a crowded marketplace and the danger of settling for "good enough" positioning.

The Positioning Process [00:20:34] The three major pieces of the positioning process are customers, competition, and the offering. The importance of understanding customers' needs and values.

Competition Matters [00:24:14] The importance of understanding and considering the competition in the positioning process and the danger of ignoring it.

The Three-Point Process [00:25:40] The speakers discuss the three-point process of brand positioning, which includes identifying the target customers, analyzing the competition, and determining the company's offering.

Differentiation in Brand Positioning [00:27:03] The speakers talk about the importance of finding areas of separation from competitors in brand positioning and how it can help a company stand out in a crowded marketplace.

Deliverables of Brand Positioning [00:32:11] The speakers discuss the deliverables of brand positioning, including a distilled document or guidebook, core messaging, and visual communication. They also emphasize the value of the process itself in thinking deeply about brand positioning.

Importance of Process in Brand Positioning [00:34:19] The speakers discuss the importance of the brand positioning process and how it allows companies to reflect on their brand and the value delivered.

Measuring the Success of Brand Positioning [00:37:02] The speakers talk about the challenge of quantifying the ROI of brand positioning and suggest looking for natural improvements such as shortening sales cycles, improving revenue, and increasing brand awareness.

Confidence in Story as a Key to Sales [00:41:11] The speakers discuss how confidence in a company's brand story can have far-reaching effects on the entire company, including improving sales and energy around the brand.

Importance of Confidence in Positioning [00:42:09] Confidence is a crucial factor in positioning, but it is often overlooked. It makes a huge difference when united around a position and a story.

Frequency of Positioning Review [00:43:20 - 00:44:38] Positioning should be reviewed on a quarterly basis for early-stage businesses and every six months for more mature businesses. Checking in frequently is essential to ensure the positioning is still on track.

Importance of Clear and Powerful Positioning [00:46:41 - 00:47:13] Clear and powerful positioning is crucial for companies to stand out in ultra-competitive marketplaces. If the positioning is off, it's hard to stand out from the crowd, and the company will struggle.

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