WHAT IS MARKET POSITIONING?
Positioning strategy is a deliberately planned or processed brands that will operate the symbolic level of a consumer’s consciousness. An effective positioning strategy elevates the marketing efforts and imparts more knowledge of a product or service upon its purchase to the prospective customers. With the precise chain of words that balances the concept of differentiation, distinction, and similarity of one product to the other through the use of promotion and favorable prices, the image or identity of a product or service or the image of the company is solidified.
HOW TO HAVE AN EFFECTIVE POSITIONING STRATEGY?
In order to achieve an effective positioning strategy, apply the principles of positioning. Effective positioning is a crucial point of the marketing process, influence the market perception of your products. Focus on these objectives to achieve an effective positioning strategy― differentiate your product from the competitor’s product, address the importance of the customer buying criteria and articulate key product or company characteristics.
- Draft a positioning statement to formulate a unique sentence structure.
- Have your own unique position strategy and communication channels by comparing and contrast.
- Analyze the competitor, investigate the strength and weakness of your own business.
- Determine your own current position to be able to compete for your share.
- Identify and analyze the condition of the market that influences to the power the competitors have exercised.
- Make a strategic statement based on the analytical data on hand.
- Test the effectiveness of your positioning strategy through qualitative and quantitative data gathering.
HOW TO DETERMINE YOUR CURRENT MARKETING POSITION?
An in-depth understanding of the interrelated elements of the positioning triangle is required to attain a competitive advantage and to maintain the balance of the three elements.
Have you established a difference and uniqueness with your product? For an effective positioning strategy, establish a distinction, difference, and attraction to invite and grasp the attention of the target customers.
Have you identified your target customers and understood their wants and needs? Focus on determining which customers are best for your company, and those who can represent the market segment.
Have you met the needs? Meaningfully serve the customers through the unique attributes of the products and rely on the clearly defined market segment.
Have you identified your competitors? Sketch a line with the difference between your product and theirs. Do not imitate, this can weaken your position.
Regularly assess your product and business positioning to quickly adapt the marketplace changes, and have an in-depth understanding with the market and competitors to have a better market positioning.