By Linda Tancs • August 07, 2016•Careers, Firms and the Private Sector, Issues, Mentoring and Networking
Positioning refers to a product or service’s place in the market or the strategy of giving a product or service its place in the market. Identifying the ways in which your brand’s benefit uniquely sets it apart from the competition is just one aspect of positioning. Indeed, consumer attachment is as much emotional as it is a rational purchasing decision; consumers buy from brands they like.
There’s an adage in marketing that stories sell and facts tell. Therefore, even if your brand is loaded with features and distinguishable benefits, a brand story is an essential facet of a brand platform. What is the story of your brand? Think like a reporter in search of a good story. Is there a human interest component to the development of your product or service? A compelling aspect of brand story is support of a good cause.
In fact, a recent survey indicated that consumers are increasingly apt to favor brands with a social conscience—that is, those brands supporting a charitable cause or other endeavor benefiting people or the environment. Of course, any such effort needs to be genuine and not opportunistic or else the brand’s image will likely be tarnished. Other potential story topics include multigenerational business, overcoming personal, social or economic challenges or inventiveness in the market.