ATLANTA, GA / ACCESSWIRE / October 30, 2020 / Rarely does a business come up with a completely unique product or service. Most products, even when they are meant to fill a particular niche or subgroup, exist in competition with many other brands, each fighting to prove to consumers that they are worthy of purchase. In today’s competitive climate, the importance of positioning your branding at the forefront of customer’s minds is essential for any business to become successful.
Deepak “Dee” Agarwal, successful entrepreneur and CEO of several businesses, including the popular online retailer NoMoreRack.com, has had to learn the importance of brand positioning in multiple industries and businesses, regardless of their size. “Even brands and products that are doing well run the risk of losing customers to other businesses,” says Deepak Agarwal. “If you do not continuously return to the baseline focus of understanding what makes your brand unique, your customers won’t know what makes your product worthwhile.”
For Deepak Agarwal, the first step to position your brand revolves around understanding and conveying both the “what” and the “why” of your products or services. “As an entrepreneur, you have to help people understand why your business exists and why it matters in their lives,” says Deepak Agarwal.
For example, if you were selling a new taxi service, it is easy for consumers to understand what that is, but they might wonder why it is different from every other car service. Explaining this to customers is essential for building a position for your brand and the first step in drawing new customers to your products.
As customers begin to become aware of your product, it is important to take time to research your competitors. “Analyzing any competitors in your business marketplace will help you learn the different factors and nuances customers care about, and what your competitors are already doing to capitalize on it,” says Deepak Agarwal. “Taking stock of competitors’ strengths and their weaknesses will help you more fully understand how consumers see your brand, and what is essential to include in your positioning.”
Once your business has developed its image and position to differentiate its products from the competition, it may seem like the perfect time to start trying for flashy and exciting ways to draw customers in. While these tactics may have a place in your strategy as your product grows in popularity, Deepak Agarwal considers authenticity and trustworthiness the next step to firmly establishing your brand’s position. “Develop a real plan to ensure consistency and quality for customers to experience every time they interact with your brand,” says Deepak. “This will ensure that every time your product comes to their mind, they’ll think of it positively.”
Finally, for Deepak Agarwal, the most important aspect of developing strong and effective brand positioning is to start with a strategy and to stick with it as your business grows. Deepak Agarwal has learned from experience that this can be easier said than done. “Too often, I see new brands and businesses gain market capital or increased sales, and suddenly the focus turns to shifting margins to increase profitability, or expansion into new markets.” Instead, Deepak Agarwal suggests returning to the original purpose and brand positioning. “If you’re selling well, your positioning is working,” says Deepak Agarwal. “Don’t lose sight of what your brand’s identity is, who it is appealing to, and, most importantly, why it appeals to them.”
SOURCE: Deepak Agarwal
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