Isn’t it pretty common for the business owner to be frustrated because your product or service isn’t getting enough attention? Though you offer the industry’s best quality and are actually better than the rest, you don’t get enough traction the company deserves.
While your marketing strategies might be on par, what matters is how you position your brand than the competitors. Competitive positioning is how you differentiate from the other brands and derive value for your company. The more you are aware of it, the easier it becomes to strategize your marketing plans.
What influences a good positioning strategy?
Understanding your opponents play and finding an innovative solution to be a step ahead of them is the crux of any competitive positioning strategy. Here are some other crucial factors to consider,
- The market size, growth rate and competitors positioning.
- Audience segmentation with similar requirements
- Examining your strength, weakness, opportunities and threats
Once you assess these factors and conclude the facts, you can plan accordingly.
How to determine your positioning?
To establish your product’s positioning amongst the competitors, you need to know what your brand’s strengths are,
- Offer quality goods at a competitive price, so people choose you as the best deal.
- Provide quality goods at all times through innovation and staying ahead of peers.
- Offer all goods at all prices and cater best customer service to the clients.
Figuring out which of the above suits you best clarify how to proceed with other marketing strategies.
Protip: Find the right contacts to help you with the marketing strategy using GetEmail.io. This email search tool comes with a chrome extension to Linkedin and Gmail accounts. Hence, making it easy for you to find email addresses.
Now, let’s understand the key components of determining competitive positioning,
Differentiation: How is your brand different from others? You can answer this question when you know what market you cater to. Research your audience and segment them according to preferences.
When you are aware of your audience and their needs, you directly focus on offering solutions to them. And this is what sets you apart from the rest of your peers in the industry. Your resolution is unique from the rest.
Value proposition: What factor intends to attract the customers for a purchase? Is it the price, quality or service? How you market the proposition matters.
A simple way to find your value proposition is by understanding your competitors. Know what their weaknesses are and then work on them, so people redirect to your product.
Brand promise: Every brand you see in the market promises one aspect to its clients. It can either be their exceptional service or a long-lasting product.
What is that one promise you offer to your customer? Keep the promise every time a customer interacts with your brand. It creates loyalty and trust amongst the audience and hence keeps coming back.
Be aware of what you are positioning and strategize efficiently to achieve the goal. Knowing your target audience aids you to market the product in a certain way.