Businesses need to build their marketing positioning strategies on clearly defined data and solidify their company identity, products, and services in a unique market space. Optimizing brand positioning is best performed with research and analytics that create degrees of certainty to enable businesses to move forward strategically.
Understanding the factors that influence profitability in your market, and using resulting data to drive marketing strategies, is the formula for creating a distinction amongst your competitors and successfully compete against market leaders.
Research Optimus (ROP) enables businesses to optimize their products, services, or brand with extensive brand research. Our suggestions are backed by the data from analytics tools that help businesses hone their company identity, better understand customers and market evolution, and gain a competitive edge.
Formulating an Effective Strategy Framework
To effectively occupy a market position and optimize positioning against market leaders, companies must implement and act upon a solid strategy that’s backed by research and analytics, which is critical to the vitality and longevity of your brand.
ROP guides strategy formulation with an initial framework of essential questions that provide a direction for implementing a unique positioning objective:
- Who is your business as a brand and what do you stand for?
- Who are your business’s target customers and what do they need and want?
- Who are competitors, and what do these brands do differently?
- How can your business meet all of these needs?
The analysis is performed that provides the most comprehensive and helpful advantages to optimize brand positioning, specifically, competitor analysis and competitor positioning analysis. This identifies gaps in the market that helps businesses close in on market leaders who influence market profitability.
Competitive analysis is then formulated around the five main factors that shape competitive industry profit structures:
- Buyer power This comprises how easy it is for buyers to drive prices down based on the number of buyers in the market, and the impact of their patronage on suppliers.
- Supplier power This comprises how easy it is for suppliers to raise prices based on the number of suppliers, the uniqueness of their service, products, their strength in the market, and the cost of switching between suppliers.
- Competitive rivalry This includes how many competitors are positioned within the specific market, meaning the more competitors with similar products/services, the less attractive the market.
- Substitution threats This includes how many similar products exist within the market, and where. Also, the likelihood of price-driven brand switches runs higher making the market less attractive.
- New entry threats This includes how profitable the market is, given that profitable markets attract new businesses. Unless there are barriers to market entry like scaling economies, patents, and compliance issues.
Clarifying Brand Position with a Process Architecture
Creating strong brand positioning against market leaders is all about creating a detailed strategy for positioning, including pricing, promotions, packaging, distribution, and competition.
The purpose of which is to develop a highly unique impression for your customers, so your brand is associated with something desirable and distinct from the rest of the marketplace.
ROP has implemented a simplified, direct structure to effectively clarify a brand’s position in the marketplace and help them communicate their unique value about main competitors.
- Definition of the market and the context of your brand about customers within this market.
- Identification of how your brand is currently positioning itself.
- Determination of your direct competitors and market leaders.
- Discovery of how each of these competitors is positioning their brand.
- Comparison of your positioning to your competitors to determine your unique factors.
- Development of a value-based positioning concept and strategy.
Following this, insights are communicated to decision makers so that action can be taken to better compete with leaders in a shared market space. This process ensures that businesses and management can take a forward-thinking approach to influence brand positioning.
Powerful Competitive Research
Through analysis of competitors, market variants, financial risks, customer profiling, and using a combination of quantitative and qualitative research, Research Optimus transforms data into a marketing strategy. To discuss your unique brand positioning requirement and how ROP can help you maximize your brand value, contact us today.