Your market positioning should be based on the differentiating factors that separate your business from your competitors. There are six steps to define market positioning: define, know, connect, identify, deliver and track.
Creating solid market positioning can be difficult, but these six steps will help you get started on the right foot. No matter what industry you work in or what kind of product or service you have to offer, it’s important to differentiate yourself and let your customers know who you are and why they should choose you.
You may not need to go through all of these steps every time, but creating a market positioning statement can be an incredibly valuable exercise that will help you make better business decisions going forward, both as your business grows and as the marketing landscape changes over time.
Know Your Customers
Knowing your customers is the first step to define market positioning. You need to know what their concerns and needs are, what problem you’re solving for them, and how you uniquely differentiate from the competition.
Now that you have a better understanding of which your customers are, what they want and why they’re buying from you – it’s time to figure out exactly what goals you want this process to accomplish.
Know Your Competitors
Knowing your competitors is an important step to define marketing positioning. You should take the time to research what they’re doing well and not so well so you can see how you can improve on their ideas.
For example, you could look at what company has the best product or service for a certain niche, find out what their strengths are, and then come up with something better that will be able to beat them. After all, if you don’t know who’s ahead of you, it’s going to be difficult to get ahead. to meet those needs.
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Understand Your Unique Value Proposition
- The first step to defining your market positioning understands what it is that makes your company unique. What do you offer that is different and better than the competition? This will be your Unique Value Proposition (UVP).
- This can take some time, but it’s important because this is the foundation for everything else. Once you know what makes you special, it will be easier to find a way to communicate this value proposition so that people understand how they benefit from buying from you.
- You’ll also have a clearer idea of which audience to target with your messages.
- It should be easy to summarize who you are as a business
- The next step is to figure out who your ideal customer is
- Find out Where They Are: The third step is identifying where these customers are online
- Define Your Voice: You don’t want to sound like everyone else. So the fourth and final step of defining your marketing position is figuring out how you want your voice to sound
Write Your Positioning Statement
- Your positioning statement should be one sentence that sums up your company’s story, sets it apart from the competition, and articulates what you are going to offer your customer.
- It should also have a call-to-action for what the customer can do with you.
- Defining your market positioning is an important first step in defining a strategy, developing messaging and delivering content that resonates with customers.
- Write down three things your company does better than anyone else
- Focus on who you are
- Define why they need you
- What makes you different
Test Your Statement
Now it is time to test your marketing statement, to make sure that it stands out and resonates with the audience. Here are some questions you can ask yourself to determine if you have a strong position
- What makes my product different from others?
- Why would someone buy this product instead of another?
- How does my product add value for people?
- Who does this product suit best?
- What are the customer’s biggest fears about buying this product?
- How does my company provide more than just a product or service (e.g., education, community, work environment)?
- Does my market statement resonate with who I want to reach (e.g., target market) and why they should choose me?
- Do I want to target current customers or other companies as well?
- Is there a gap in the marketplace that could be filled by my product/service?
Update your market positioning
Your market positioning is the foundation of your business. Without it, you’ll be sending mixed messages and customers won’t know what you stand for. It’s not enough just to have a mission statement or purpose statement.
Your position needs to be clear, measurable, and believable. Customers should understand who you are and why they should buy from you. Defining these things will help build trust with customers and give them confidence that they’re making a good decision when purchasing from you.
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Steps to Define market positioning is an important step when starting a business. You need to know who your target audience is, what you’re going to sell, and how you’re going to present it. Once these three factors are established, you can start designing the marketing plan.
If you need help with defining your market position, there are many resources available. Their job is to satisfy existing demand.
Keep this in mind as you define your marketing position so that your ads align with the customer’s needs rather than creating new needs. Use these six steps to guide you through the process of defining your marketing position.