We live in the age of brand. To a large extent we define our identities in terms of the brands we purchase, and the mere mention of a brand name instantly triggers a set of emotions, images and ideas. As a business owner, every critical business decision you make should be informed by how your brand is positioned in the marketplace. Neglecting the process of uncovering a solid brand positioning will have serious consequences for your business, causing you to run in circles as you seek a clear direction – something we have experienced first-hand at SoYoung. Getting it right, however, gives you a huge competitive advantage.
A solid brand positioning allows you to:
- Make decisions more quickly
- Build deeper relationships with customers in less time
- Charge higher prices
- Focus on longer term goals
- Plan rather than react
- Dominate your competition
Having a strong vision as a founder is only the first step. You must clearly communicate what your brand stands for to employees, partners, the media and customers. You should use whatever means at your disposal to express the vision, from pictures to words to videos and stories.
Here is the brand positioning process we used at SoYoung to define what we stand for in our market. In general, it is best to approach this process with at least one or two other people who are familiar with your business and with whom you can brainstorm ideas.