Market Positioning Strategy
A Market positioning strategy is an approach taken by a company in order to enhance the way in which it is perceived by the target customers. The strategy also requires a business to clearly define the means through which it will enhance the perception of customers with regards to other competitors in the market. In other words, it entails the information that the company will put across to its audience and how they will be communicated. For a better position in the market, the information should not only be appealing but also effective in encouraging customers to look at the company more positively than they have.
Despite the industry in which a company or business operates, market position will always occur. There is always a way in which customers will perceive different businesses and it is upon a company to find a way of influencing positive perception. One of the best avenues to be pursued towards this accomplishment is developing and implementing an effective market positioning strategy.
Creating a Market Positioning Strategy
Developing a market positioning approach is an exercise that requires careful scrutiny of the market forces and understanding the business’ ranking in the industry. The company must identify the elements that distinguish it from the other players in the market, in order to determine a unique angle to pursue.
The following are the main procedures to be followed by a company in order to determine its position in the market;
- Outline how your brand is currently positioning itself in the market
- Identify the companies that are in direct competition with you and how they position themselves
- Make comparisons between your competitors’ positions in order to determine the unique features of your company
- Formulate a distinct positioning idea that can add value to your business
- Create a market positioning statement draft
- Conduct tests to know the efficacy of the statement.
A market positioning statement refers to a statement, which communicates the unique values of a business to customers, with regards to its main competitors. In order to come up with a good statement for market positioning, the company should also clearly define its target customers, market and brand promise. The statement can outline how the company will conduct its pricing, distribution, affinity among other ways of enhancing customer perception.
How to Evaluate a Market Positioning Strategy
A well formulated statement for market positioning can go a long way in enhancing your marketing efforts. If the strategy is properly applied, it can help in making effective decisions for brand differentiation, customer attraction and winning market share from competitors.
There are various ways of evaluating the effectiveness of a market positioning strategy. Answering the following questions can assist you in determining whether your strategy can work or not.
- Does it make your brand or company look different or unique?
- Does it match the perceptions of customers towards your business?
- Is the strategy focused on your core target customers?
- Is it motivational and memorable?
A good strategy for market positioning should also be easier to understand and consistent in all the areas of a business’ operations. Besides, it should also withstand counter attacks from competitors and positioned for long term success. A strategy that is easier to copy is not usually advisable since that could be easily duplicated by your competitors. On the other hand, the promises given in the statement should be credible and something that customers can believe.
After conducting the above analysis, necessary changes or adjustments should be made to the chosen strategy for better results. At the end, you should have an idea or statement that vividly brings out the expected perception.
Integrating the Strategy in Business Operations
Businesses should go by the mantra, ‘charity begins at home’ when integrating a market positioning strategy. In order to place your brand in the minds of customers and impact positive perception, the integration of the strategy should start from within the company. In this way, the idea can be easily passed onto your customers at every time that they interact with the members of the organization. In fact, employees should always be the perfect expression of a business’ position in the market.
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