As in all things, you have a number of different paths to go with your branding efforts. The first step is to determine where you really want to position your brand. Use the Brand Positioning Compass to quickly orient yourself and give you the direction to move your brand forward.
In terms of marketing, a brand can wither position itself as premium or inexpensive. “Good value” is a misnomer. These days, people always expect a product or service to have a good value regardless of whether it’s expensive or cheap. On the other axis, it can either position itself to capture a wide audience or a targeted niche market.
Choose the direction you want your brand to go.
Premium/Niche: Focus on a small market and deliver high-end features and/or services that specifically meet their needs. (Example: Tesla)
Premium/Mass: Focus on building a brand reputation that a wide audience would respond to. (Example: Mercedes Benz)
Inexpensive/Niche: Determine what features and/or services that a small market most values and optimize your offering to deliver it for the least cost. (Example: Smart Car)
Inexpensive/Mass: Focus on optimizing economies of scale to reduce costs as much as possible. (Example: Toyota Yaris)