One of the key factors that a business relies on is its image. For a business to succeed, it needs to offer products that can catch consumers’ eyes easily. It also provides something that none of its competitors in the market can offer. This concept is termed as market positioning. A tool that can use by businesses to boost sales and attract targeted customers. Using this technique, a business can establish itself in the market and catch the consumers’ interests.
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Market Positioning: Strategies and Benefits
What It Means For a Business
To strengthen its position in the market, the business must decide on a product or service that is easily distinguishable from its competitors. It must promote the pros of the product whilst avoiding and trying to improve the cons that the product has. Market positioning strategies determine how much a business can affect its customers emotionally. Hence influence the perception of the customers. In other words, market positioning determines how the potential and existing customers view the business and its products at present.
A strong market positioning strategy tells the consumers what the business is all about. It is one of the most important techniques that can use to create a target market and find its niche customers. This idea is what separates a product from its competitors. Market positioning is used to discover and analyze similarities and differences between the market and its competitors to maintain its existing customers by taking up a place in their mind. Whilst simultaneously advertising its products effectively to boost sales.
In the bestselling book by Al Ries and Jack Trout, Positioning: The Battle for Your Mind. It is suggested that a business must first explore its own identity and then develop a perception that sets itself apart from its rivals. By offering unique promotions, better quality packaging, exceptional services or cheaper prices. It can differentiate itself from other competitors in the market whilst making it more noticeable to customers.
Market positioning determines the reason for a customer to choose one product or service over others. The idea is that when a particular product or service is associated with a particular emotion. Need or a feeling by a consumer, they are more likely to buy it over others.
The Positioning Statement
A positioning statement is one of the most important parts of market positioning. Usually a short declaration, a positioning statement is one that tells customers why a particular business stands out from others and why they should prefer it. Using a positioning statement helps to develop a distinct customer base for the company. And can use to make important sales, advertising, marketing, and executive decisions that affect consumer perception.
There is a distinct difference between positioning statements and slogans though. Slogans are made to be catchy so that the customers remember them. Positioning statements are much more personal and develop in such a way so that they leave a much more permanent imprint on a customer’s mind.
Communicating With Customers
The question that arises now is how to communicate to customers that this particular product or service is more unique and desirable than other ones. There are many paths that a company can take to reinforce this. One simple way is to strengthen the company’s present position – by boasting what makes it unique right now.
The very feature that distinguished a particular business from its rivals is the very feature that can use to draw customers. The consumer can also affect emotionally to develop a bond between the consumer and the product. Using humane levels of advertising or marketing strategies that can affect consumer perception, a business can catch their eyes.
Businesses can try to incorporate features in their product that solve the customer’s very problems relating to the market, thus making the product more desirable. A company can also boast lower prices, better products, more effective packaging, state-of-the-art features, useful traits or personalized services to take a unique position in customers’ hearts.
Strategies and the Aftermath
A firm or business can take on several strategies to take up a position in a customer’s heart. But to do so, it must first have a general idea about where the market currently stands. The business must be aware of its current position. This can be done by polling and surveying customers to know their present perception. The customers can also survey to get an idea of where its competitors stand. The differences and similarities between the business and its competitors.
Next, based on the opinion and reviews of customers on the business, the business must choose what kind of business image they wish to pursue and thus execute accordingly. Once the strategy has been determined and executed. It needs to test whether the new strategy is an efficient one which again would rely on gathering. Then collect data from both existing and potential customers and analyzing them as necessary.
Once a market positioning strategy has been determined and executed, it must be ensured that the new strategy is working. The new strategy must be able to stand out from the crowd of its competitors. Whilst enabling business growth by causing the customers to prefer this particular business because of their perception.
The business must also be careful to avoid pitfalls and exploitation from its rival companies. And be able to maintain its perception in the long run. To do so, the positioning strategy undertaken will need to test and evaluated at regular intervals to ensure business growth.
Finally, the uniqueness of a company and the products it provides are not only important in a market in the short run, but in the long run too. The use of market positioning can make a product or service more recognizable to customers and establish itself as a force in the market. This can be done by following a strong and effective market positioning strategy. And monitor it regularly to take up a unique position in the customers’ minds that sets itself apart from its rivals.