Premium Business Owners, does this sound familiar? Your offering is remarkable, you’ve spent years perfecting a quality product or service, execute expensive marketing campaigns but it never seems to pay off. Despite your best efforts and sizable investment, you find it’s not enough to win the clients you want. It feels frustrating having a superior offering yet losing business to inferior competitors.
If you've experienced this, let me explain what might be happening:
You might need to question your current brand positioning
The goal of any brand positioning is to create connections between your brand and your target audience. Maintaining that connection is crucial for ensuring success, and it can only be done when both brand and audience are in harmony with one another.
Through a deep understanding of who or what you are, you will better understand who or what is likely to be your perfect match. After all, if you don't identify the target market you wish to reach, it's unlikely that any marketing will succeed in attracting the customers or clients you need.
By tailoring a unique positioning statement, focusing on the right audience, and developing a strategic mission, you can ensure that your brand is engaging the right audiences in the right way.
2. Your issue could be related to brand congruency
The rise of social media has given customers a platform to share their opinions. This means that the modern consumer has far more choices and higher standards than at any point in history. With customers savvier and more discerning than ever before, it’s no longer good enough to have a remarkable offering. You must think beyond mere functionality and take a holistic approach that emphasizes both internal and external brand values.
Research shows today’s consumers are looking for brands whose values align with their own, so it is up to brands to ensure that all aspects of their premium brand are congruent with both their own values and that of their target audience.
3. Your brand message is unclear
With so many market disruptions lately, your brand might be too confused to present a clear reason why customers should buy. In a cluttered marketplace, lacking a clear brand message could lead to missed opportunities and with Increased competition and shifting consumer trends, it can result in lower profits if your brand message is poorly crafted.
The more your business grows and the more competitors that crop up, the more important it is to be able to clearly state the benefits of what you do, how you do it, and why you are better than anyone else.
You need a Core Message which clearly tells your customers why they should choose you above your competitor and articulates your purpose greater than a need to turn a profit. Brands who weave clear messaging into their branding efforts have a greater chance of thriving.
4. You could be neglecting the ‘brand experience’ component of your strategy
Today’s affluent consumers value experience over products and expect quality at every touchpoint of the brand experience. Premium Brands already know they should be offering premium experiences to build deeper relationships with customers. Nevertheless, the pressure of everyday operations often keeps them from focusing on this aspect. Refocusing efforts and investment on the overall brand experience rather than purely marketing efforts, is one of the most important shifts premium brands can make to resonate with their intended audience.
5. Your brand identity isn’t powerful and engaging enough
Poor brand awareness, low conversion rates, and a compromised ROI. These are just some of the problems facing any business if it lacks a strong brand identity. Quality, powerful and engaging brand identity is something every brand needs.
Having a premium brand identity gives you an edge over your competition. It presents you as a credible and trustworthy authority in your industry – a brand people can have faith in. And that’s the kind of value that is simply invaluable in today’s competitive online world.
If you want your brand to be memorable, consistent, and unique so that it is recognisable in today’s market, perhaps consider if your Brand’s Identity is powerful and enough to withstand changing consumer trends. Although shifting your brand identity can be time-consuming and costly to get right, it’s an initiative most premium brands cannot afford to get wrong to survive in an already crowded marketplace.
A premium position within a market can be the difference between an average year and a record-breaking year. To find out where your brand stands and what needs to improve, take The Premium Brand Scorecard for FREE here:
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