Whether you actively pay attention to it or not, your business has a market position. It’s important to understand what that is so you can take control of it and grow your business. You can check out this post for more information about what marketing positioning means. In this post, we’re going to dive into why market positioning is important and how it can help you connect with your customers.
Having clear market positioning helps your customers and clients differentiate between you and other brands with a similar offering.
This is one of the most important benefits of taking an active interest in your market positioning. We encourage businesses to stop obsessing over competitors and spend more time focusing on their own brands and how they want to reach their ideal customers and clients. And one way to do this is through your market positioning.
Your positioning is one of the easiest and most distinct ways to set yourself apart from other businesses offering the same or similar to you. As positioning influences the perception of your brand, it’s a great way to connect with customers who identify as the type of person who works with your business. It also means you don’t have to worry about those who aren’t strongly attracted to your brand.
It helps your clients self-select more easily.
This is one of our favourite things about great marketing. When you get clear on your market positioning, it not only makes it easier for your clients and customers to decide if they’re interested in your brand early on, but it also makes your business more efficient.
You spend less time with people who are never going to become your clients and therefore can spend more time creating amazing content and providing excellent customer service to people who do identify with your brand.
It can determine how successful your business is in the long run.
No business can experience any kind of success without one thing: customers or clients. When you clarify your marketing positioning, you’ll find it far easier to attract the customers you want and convert them, all while repelling those who aren’t suitable for your business.
You can strengthen your market positioning through regularly sharing your brand values, your company ethos, the features and benefits of working with you and underpin this with the right pricing strategy for your target audience.
It will shape what your business looks like as you grow and the type of customers you attract.
Your market positioning will have a significant impact on the way your business needs to operate as you grow. For example, pricing has a big influence on the way your business is positioned. If you have a lower price point, this means you’re going to need to service more customers to experience the same revenue growth as a business offering something similar at a higher price point.
Plus it’s likely that the business with a higher price point will attract more affluent customers who want value over a low price, compared to the business with a lower price point that is more likely to attract customers who are mainly price-driven and want a bargain (these are also often more challenging customers for any business!).
Ultimately, your market position can have a big impact on the bottom line.
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