By Eva LaMere
Successful brands are focused brands: Brands that are positioned to express a unique and compelling idea and make an emotional connection.
There are lots of discussions around what brand positioning is, but not many around what goes into it, how to develop it. Definitions range from the very academic: “Brand positioning is the marketing activity and process of identifying a market problem or opportunity, and developing a solution based on market research, segmentation and supporting data,” to the simple and straightforward: “Brand positioning refers to target consumer’s reason to buy your brand in preference to others.”
How does a credit union go about creating a brand positioning? What goes into positioning your brand in a way that creates brand preference and encourages a prospective member to choose you over other credit unions and banks? There are essentially three components:
- Target Insight. What do your members and prospects say about the financial services industry and how do they feel about your brand? What is their connection to your brand that aligns with their banking needs and wants?
- Brand Truth. What does your brand stand for? What is its core idea that’s relevant to whom you want to attract?
- Competitive Difference. How is your brand unique and distinctive versus banks and other credit unions? How can you create a new opportunity or market space?
The culmination of this framework leads to your brand positioning or brand platform.
Seems pretty straightforward, but it's what is behind each area that is critical. To gain a deep understanding you must take time to research your target, competitors, and your industry. And then take those findings and synthesize them to one or two meaningful sentences that define each component.
Your brand positioning informs every aspect of your marketing: brand identity, tagline, creative and media strategies, tactical execution. Every member, prospect and employee touch-point must consistently and explicitly express your brand platform in order to build its equity.
Ultimately, it is what your brand stands for, how it stands out and how it connects with your targets that will determine its strength and success. A solid strategic framework built on market research and audience insights is the best place to start.
Eva LaMere, Principal/Brand Strategist with Austin & Williams, Hauppauge, N.Y. Ms. LaMere is responsible for directing the development of the strategic planning process for each of its clients as well as building and supporting a strong and strategically focused client/agency team. For info: www.austin-williams.com.