We've all heard of the term 'positioning', but people sometimes don’t understand it quite correctly. It's all about striving to find a place for your brand in the minds of your customers.
Therefore, it's highly recommended that you start working on positioning as soon as you can. These six steps should be helpful in the battle.
Make a statement
You need a positioning statement to identify your business. It will determine who you are and what your company stands for. Creating a proper positioning statement requires a few steps. First of all, you have to define your target audience and target market. Knowing whom are you talking to is essential. Afterwards, create a proposition statement, as well as valuable content to provide value and engagement. Positioning statements are crucial for your marketing and advertising decisions since they impact the customer’s perception of your brand.
Analyse the competition
Researching your competition is vital since it shows both theirs and your strengths and weaknesses. Based on these results, you will know what steps you have to make to differ from them and set your position in the market. Analyze their strategies, objectives, and audience, and create your own strategy by implementing their strengths, as well as cutting the weaknesses. That is the only way to choose the correct direction and set your business apart from the competitors.
Focus on valuable unique benefits
Understanding the exclusive benefits of your brand and product is essential for positioning. Create the list of all useful attributes of your brand and prioritize them. Highlight all attributes that you have which other companies lack, and put them into the main focus. However, there are many other things you can do. For instance, if you operate in Australia, and your local competition struggles with the design of their brand and products, try to make an advantage in that area. Hire a branding agency from Sydney, focus on design and create one more unique benefit which will set your business apart. It will be a massive positioning boost.
Choose your price
There are many pricing parameters you have to consider before choosing the final price for your product or service. Making the right decision when selecting the correct parameters is mostly based on your business niche and your target audience. You can choose the prices of unbundled or bundled offers, prices with transaction costs or without them and compare initial prices with prices which include life cycle costs. There are many options out there, and you have to make the best decision. Also, keep in mind that you should be consistent once you choose the pricing option.
Positioning in advertisements is essential since the presentation of your business is even more important than the product or service itself. Determine your target audience – their age, demographics and other relevant factors. Content of your advertising, including keywords, value statements and design has to be in deep correlation with the audience research.
Another crucial factor for positioning is finding the right marketing channels for your niche. Different products require different channels; you can’t expect the same product to have an equally effective promotion on social media and radio stations, for example. That’s impossible. Therefore, put all your efforts into the research and the marketing afterwards.
Test your strategy
You’ve chosen the right approach, almost everything is going according to plan, and you think you can rest now. Wrong! You have to test your strategy over and over. Continually gather all relevant data from surveys, groups, and interviews, and if necessary, change your approach. Things in the market could change rapidly, and without continuous testing, you won’t be able to know if there is a need for change. Hence, if such a situation happens, with the correct measurement, you will understand exactly what you have to do to reposition your efforts.
Establishing your brand recognition and awareness is impossible without the correct positioning strategy. Choosing the best for your business depends on your niche and target audience. However, these six steps will be beneficial, whatever your business.