Positioning is more important than ever
How is your business distinguishable from others in the mind of your customers?
Do you have high quality, great service, low prices, fast turn around or another unique proposition? How do you let your ideal clients know about this? How do you get your position into the minds of your ideal clients?
A marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer. Companies apply this strategy either by emphasising the distinguishing features of their brand (what it is, what it does and how, etc.) or they may try to create a suitable image (inexpensive or premium, utilitarian or luxurious, entry-level or high-end, etc.) through advertising. Once a brand is positioned, it is very difficult to reposition it without destroying its credibility. Also called product positioning. Reference: The Business Dictionary
The first 4 P’s
Since the 1950’s the concept of the 4 P’s as essential factors in marketing. The product (the good or service), the price (what the customer pays), the place (the location where a product or service is marketed), and promotion (the advertising).
Product – this refers to a good or service that a company offers to customers. Ideally, a product should meet demand or be so compelling that consumers believe they need to have it. To be successful, you need to understand the life cycle of a product or service, and to have a plan for every stage of the life cycle. The type of product or service can also dictate how much businesses can charge for it, where they should place it, and how they should promote it in the marketplace.
Price – refers to the cost consumers will pay for a product. You must link the price to the product or service along with both the real and perceived value. You need to consider supply costs, seasonal discounts, and competitors’ prices. In some cases, you may raise the price to make a product seem more like a luxurious or lower the price to sell more.
There is also a need to determine when and if discounting is appropriate. A discount can sometimes draw in more customers, but it can also give the impression of the product being less exclusive or less of a luxury than when it is at a higher price.
Place – where a company sells a product or service and how it delivers the product or service to the market. The goal is to get in front of the customers most likely to buy them, your ideal clients.
Promotion – advertising, public relations, and promotional strategy. This ties into the other three Ps of the marketing mix as promoting a product shows consumers why they need it and should pay a certain price for it.
The “place” and “promotion” factors are as much online as offline. Specifically, where a product appears on a company’s web page or social media, as well as which types of search functions trigger corresponding, targeted ads for the product.
In addition to the first 4 P’s you can add, people, process, physical evidence and positioning all as important components to marketing.
As described above positioning your business is mainly about situating your business position into the minds of your ideal clients. You may be familiar with the term ‘finding your niche’ positioning is closely related to this.
- What are the values of your ideal clients?
- Do your own personal values relate to your products or services? How can you share these?
- How can you share your key capabilities?
- Are there any trends that tie into your product or service?
Your business position is:
(business name) supplies to (ideal clients) who are looking for (needs). (business name) distinguishes itself from its competitors by (distinctiveness).
Have a think about some large brands that you are very familiar with and see if you can answer their business position statement. How well do you know Nike, Woolworths or another large brand? Chances are that their business position is well ingrained into your mind.
Now is the time to get your business ingrained into your ideal clients’ minds. Start telling everyone about your position. This can be done via, your website, social media, blog, advertising and more. Remember you are not going to share this position statement you are going to share content so that your position comes top of mind to your ideal clients.
If you need help with any of this – contact Kelly @ My Sassy Business
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