Popular Business Tips for Positioning in Marketing
As a business, it’s vital to ask yourself where you stand in your market. You must know your position within the market to best engage your target audience and beat your competitors.
Positioning isn’t discussed as often as it should be in marketing. It’s not solely about crafting your brand identity, but also how you position your business amongst your competitors to fulfill a consumer need that remains unnoticed. Essentially, it’s the untapped market, and exactly where you can position yourself to address these needs no other business has yet identified.
But, the other thing about positioning is how difficult it can be to do it effectively. That’s why we put together a list of some of the best pro tips about positioning to help get your business on track.
Pro Tip #1: Identify the Four P’s
For successful positioning in marketing, is crucial to identify the four P’s for your brand and return to them time and time again. They also need to be referred to in your positioning statement and reinforced regularly. The four P’s include: promotion, price, place, and product. Consider these four P’s as a roadmap in positioning, and only define them after completing the relevant research for your product.
Pro Tip #2: Complete an Honest Competitive Analysis
As previously stated, it’s necessary to stay well versed on your competitors so you can penetrate the part of your market that’s being neglected. Even more, a competitive analysis illustrates where you stand in relation to these competitors. For example, are the other brands in your market more luxury-based? If so, there’s a gap in the market for the average consumer, which means your positioning will then be geared around the average consumer.
Pro Tip #3: Create A Very Specific Positioning Statement
Be incredibly strategic with your positioning statement and allow it to lay the groundwork for your brand identity. A positioning statement is an excellent component to your business because it clearly defines your role in the market for your company, employees, and consumers. Therefore, make it accessible, detailed, and concise. That way, consumers can read it and it will form the association with your brand’s identity.
This positioning statement should consider certain components that will truly the message home for consumers. In other words, know the target audience and market you’re speaking to. Additionally, exemplify your company value within the positioning statement. For an example of a positioning statement, Famous Footwear’s reads: “the value shoe store for families.”
Pro tip #4: Don’t Be Too Complex
After reading our third pro tip this might seem impossible. How do you consider all these components and make them stand out? Simply put, it’s possible to be very specific and informative all while remaining concise, hence why this is a strategic endeavor. It takes a lot of time and effort to do positioning right, but it’s worth it for your business.
Ultimately, you need to keep your position concise and clear so that consumers could sum up your business positioning to a friend in one sentence or just a few words.
At the end of the day, positioning in marketing is no walk in the park. It involves strategy, research, and analysis. Ultimately, if you’re trying to run a business at the same time, it’s a challenge to fully devote yourself to the process. If you’re looking to improve your marketing strategies, consider help from a marketing agency. At Kraus Group Marketing, were a full digital marketing agency, with proven success in several industries. Check out our website for more on our services, or contact us to speak with one of our helpful representatives.