Importance Of Retail Branding And Positioning In 2022
Announcement
A strong retail brand strategy can help your company attract the right audience as well as ensure people understand what your store stands for. Making this a priority helps you create a brand that attracts customers, even if they haven't heard of you yet.
The Interconnection Between Retail Store Branding And Positioning
Retail store branding and positioning mean different things, though the two feed into each other often. Retail store branding refers to the identity you want for your products and company. Positioning refers to your position in the market as well as in people's minds.
The importance of retail branding cannot be understated. A cohesive brand is critical to attracting new customers and maintaining customer loyalty. Plus, the professional, put-together appearance ensures other companies take you seriously and may help you gain investments.
Meanwhile, positioning is where you want to sit in people's minds. While a lot of this perception is branding, other factors like product pricing and availability also play a part. Retailers need to decide all of these factors and ensure the overlapping parts with branding in retail are congruent.
Branding
• Provides a company with an identity
• Includes visual elements
• Valuable for new and return rates
Positioning
• Establishes place in consumer memory
• Includes combined element styles
• Valuable during the purchasing process
What Is Retail Branding And Positioning Based On?
In 2022, the importance of retail branding and positioning cannot be understated. Both are based on understanding your target audience and finding what resonates with them. Without retail store branding and positioning, no one would know enough about your products to want to buy anything.
Mercedes Benz
Mercedes Benz is one of several luxury car makers, yet it still differentiates itself from the competition. The unique styling and engine performance set this company apart, and most people around the world have heard of the luxury brand. That's the power of age and a well-established retail brand identity.
Mercedes Benz does more than offer a superior product, however. The company also uses pricing and availability as ways to establish its luxury position. Mercedes Benz availability, in particular, makes it a desirable status symbol, and people are willing to wait to have their perfect Mercedes Benz made.
Taco Bell
While many do not consider fast food to be retail, the same principles of retail shop branding and position apply. Taco bell underwent a major shift in branding that better lines up with the current branding trends. The company used internal resources and an external branding firm to deliver the simplified branding.
Taco Bell aims to capitalize on its position as a healthy fast food chain. This position in consumers' minds is partially due to external research and partially due to the company's concerted efforts to shift products.
Guinness
It is hard to walk into a store that sells alcohol without finding Guinness since the international brand continues to expand. The Irish beer company is even part of many retail store branding schemes since it handles its own advertising. As a result, Guinness offers a serious brand that's dedicated to the art of beer.
Guinness's position varies depending on where in the world you look. In the US, it's a staple beer that an alcohol store can't be caught without. Further afield, it's a luxury item due to the price of the import. This varied position is common with many international brands.
Magnum
Magnum creates ice cream treats that are widely available. However, the company's brand is luxurious. A recent rebrand shifted the company's colors so that they appear more sophisticated and cemented the brand as a luxury product purveyor, despite its wide availability.
Magnum aims to position itself as a luxurious treat, even though its pricing is not particularly exclusive. The brand is sold in groceries, retail stores, and more throughout the world, making it available and accessible. Instead, it's the perception of luxury that keeps the brand in its position.
Pringles
Pringles are a staple brand in the United States, and the brand aims to keep it that way. You may have seen the recent branding change. Mr. Pringle received an updated look in line with the emoji trend. The simplified look aims to move the brand identity towards broader appeal and inclusion of the younger generation.
Pringles are positioned as accessible and fun. When you think of them, you probably picture the fun of eating a can, perhaps on the road or with friends. The signature cans are always there, no matter where you are. That availability creates the company's position.
How Do You Improve Retail Shop Branding?
Retail store branding can always benefit from improvement, even when your company is doing well. Making adjustments, even small ones, can yield significant improvements for your bottom line and improve the rates at which your customers purchase products.
Brand specialists are the best option to address your brand identity and position. Good branding firms provide in-depth research, a high-level creative team, and in-depth commercial knowledge to maximize your company's potential.
