.png)
Navigate the opportunities that lie ahead of your business. Evaluate your branding position so you will know what branding strategies to implement.
If you want your brand to stand out, map out where you are now. Moreover, seeing the brand position of your competitors is also helpful to help you step up your game.
In this article, let's discover helpful ways to evaluate a brand position so you can step up among your competitors. But before that, let us fully understand the concept of brand position.
Brand Position
Brand position is how a brand is perceived by its target audience. It's the perception of a company and the image it projects to its public, and it can be evaluated in many different ways. You can determine brand position with quantitative methods, such as market research and surveys. You can also assess it using qualitative methods like interviews or focus groups.
Interestingly, effective brand positioning occurs when a brand is regarded favorably, as valuable, and as trustworthy by the consumer. Combining those three makes your company stand out, which helps your clients make room in their brains for you.
Key Ways to Evaluate a Brand Position
There are several ways to evaluate the brand position of an organization. One way is through an in-depth analysis of their competitors. Assessing the brand position can be done by conducting market research and analyzing data from relevant sources, such as competitor websites and social media platforms.
Conducting a market analysis
Market analysis plays an essential part in a company's corporate strategy, as it allows for a thorough overview of the market and gives leaders a better understanding of trends. Part of market analysis consists of conducting in-depth studies of competitors and surveys that identify consumers' loyalty to brands and their willingness to switch.
A strategic management tactic called market analysis offers an analytical method for addressing some of your company's most challenging questions:
Who are your clients?
How competitive is the market environment right now?
How dangerous is it to enter this market?
How successful are our branding initiatives?
Conducting a market analysis is vital to assess your current brand position. A study reveals that market analysis can help identify strategies to differentiate brands in the most effective way.
Assessing Consumers' Feedback
One of the ways to evaluate a brand position is by surveying consumers who have already purchased products from the organization's competitors and asking them about their experience with those brands. The results from this survey can then be analyzed to determine whether or not consumers would be willing to switch brands if given the opportunity.
It is easier to conduct consumer feedback assessments using social media and the reviews you receive online. If you are doubtful about utilizing social media in evaluating your current brand position, let a reliable branding agency in the Philippines help you.
At MCBrands, our brand professionals navigate your brand objectively by maximizing the right tools, such as social media. Let us help you make your brands connect with your target customers.
Evaluating customer's perception of the brand
A third method is through a focus group discussion where participants are asked about their feelings towards various brands, including their own company's name. These findings can then be used as input for developing marketing strategies that will appeal more strongly than others to consumers based on their personal preferences. This is a strategy that a professional branding agency in the Philippines does to evaluate a brand position.
The main objectives are to discover what your current customers see in your brand—what they value about it, what emotional connections they have with it—and how your target audience—consumers you'd like to convert—perceives your brand. Quantitative metrics and focus group discussions for customer perception are vital to evaluating the brand position.
Find the brand's delta.
Determine your brand's present state by combining and analyzing all the data you've gathered through the ways discussed earlier. Respectively, consider doing an internal brand workshop to get clarity and alignment on your end goal if you still need to get a strong concept of where you'd like your brand to be. Next, calculate the delta: How far you are from your destination.
The time to act is right now. Establish measurable objectives with timeframes. You might determine that a complete rebrand is necessary, or you might find that your brand is strong but that you want to build more brand equity or strive for more uplifting brand sentiment. Even though your brand may already be perceived favorably, it may not evoke the feeling you were hoping for. Continue working on your brand strategies to transform your brand that connects with people. If you are not confident to execute your new brand strategies, consult with a reliable branding agency in the Philippines.
MCBrands offers branding services in the Philippines, where we have developed a variety of ways to evaluate a brand position. We believe that this approach will help you determine what is most important for your business at this time, whether that be your target audience or even what type of positioning best suits your needs.
Comments