Even once you understand what market positioning is, it can be challenging to work out what to do next. You may want to take control of your market positioning (which is amazing!) but need to know what market positioning strategies you can use to get ahead. In this post, we’re looking at 5 market positioning strategies you can use in your small business. Usually it’s a good idea to choose one main one and add in a few others to make your positioning even stronger.
Market positioning strategy 1: Features
This strategy involves focusing on the features of your product or service. It works best when you have unique features that no-one else is offering, thereby positioning your brand as the only possible option for anyone looking for these particular features. This also works really well if you have a patented product that other businesses can’t copy.
Market positioning strategy 2: Pricing
Making sure you have the correct pricing is crucial for both your positioning and the success of your business growth. Too low and you’ll attract the wrong type of customers who often won’t see the value in your service. Too high and you’ll put off your ideal customers and may struggle with cash flow. Pricing and value are strongly linked, so when you choose your pricing, decide if you’re positioning yourself more towards the premium and luxury end of the market or more towards the low cost end. With a higher, premium pricing strategy, make sure you’re able to clearly articulate the value of to your target audience.
Market positioning strategy 3: Use or application
This strategy involves positioning yourself according to how customers can use your product or service. There may be multiple uses so you can position your brand in multiple markets. Or maybe there’s a specific usage for a certain type of consumer or industry that hasn’t been used much before. This is a great way to break into new markets as you expand your business.
Market positioning strategy 4: Competitors
Establishing your market positioning against your competitors is another bold strategy that can be very effective. This could include adding things like guarantees if you’re in an industry that doesn’t typically offer them. Or it could even be as bold as calling your target audience’s attention to your competitors and drawing a comparison to help them clearly differentiate between you and them. One example of this is Burger King’s ‘Work for a King not a clown’ recruitment campaign. We all know who the clown is!
Market positioning strategy 5: Quality
This strategy involves positioning yourself as a quality brand and focusing on that rather than the features. It works well when you’re operating in a highly competitive market (such as marketing agencies!). This is our favourite market positioning strategy because it moves the consideration away from price and focuses more on a quality experience and output for customers. This is a great way to attract customers who truly value what you’re offering.
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