How to compose a specific and authentic brand vision for your company
In this article, we outline the essence of the competitive brand statement and how it pertains to the growth of your business. The objective is to provide the key principles you need to effectively develop your own statement as a springboard for your branding journey.
A competitive positioning statement is a sentence that quantifies what differentiates your brand from what's already available in the market and succinctly explains why your audience should choose to use your product or service over someone else.
“The competitive positioning statement articulates what it is that makes you unique, and what it is that makes you superior to anything else that’s out there on the market.”
As an exercise, your competitive positioning statement works in conjunction with the foundational elements of your brand pyramid - if you don’t already have a brand pyramid drafted, you can find everything you need to know about how to create your own in Part 1: The Brand Pyramid.
The following is an excerpt from Create a Memorable and Authentic Brand with Jiffy Iuen on DesignClass, where Jiffy explains the basics and offers a great example of how to construct your own brand positioning statement.
Drafting your brand’s competitive positioning statement allows you to easily compare your business offering to that of your competitors. This gives you the opportunity to provide a more tailored and desirable product or service to your audience.
This is especially useful when used in conjunction with your ‘Competitive Set’ - which you can read more about in Part 3: Unlock & Discover your Unique Brand with a Competitive Set.
The key to developing your own statement is to be direct and specific about your offering and the benefits of your brand. Try to use absolute phrases, your statement should be based on the core values of what your company is about and reflect your authentic vision rather than being too abstracted and superfluous.
Where the template refers to your competitive category ‘the What’ of your brand, it speaks to the market itself within which your company operates, for example, Ikea specializes in the home goods and furniture market.
Your audience or ideal customer, ‘the Who’ is the niche target group of your product, this could be young adults who are new homeowners or empty nesters looking for new hobbies to fill their free time. This should be extremely specific and provide the context for the product you’re offering.
Your unique differentiator refers to the key selling points of your product or service, what are the main elements that give your offering an edge over or alternative to your competitors.
The emotional benefits or ‘The Why’ of your product is the story behind how your product is meeting the needs of the audience and contributing to an elevated experience.
This exercise will go on to inform your marketing messaging across platforms and mediums by developing clarity and appeal around your brand. Your competitive positioning statement is a vital tool for summarizing the aims and intentions of your business and allows you to easily convey the meaningfulness of your brand to your audience.
I highly recommend checking out the DesignClass course; Create a Memorable & Authentic Brand with Jiffy Iuen for a more comprehensive understanding of how to begin branding your own venture.