Market positioning is the process of creating a unique image or identity of a brand or product in the minds of target consumers, relative to competing brands or products. It involves developing a marketing mix that aligns with the desired perception and value proposition of the brand or product. The goal of market positioning is to achieve a competitive advantage and attract potential buyers.
Some of the strategies for market positioning are:
Positioning by product attributes and benefits: Highlighting the distinctive features or advantages of the brand or product.
Positioning by product price: Emphasizing the affordability or premium quality of the brand or product.
Positioning by product quality: Demonstrating the superior performance or reliability of the brand or product.
Positioning by product use and application: Showing the specific purpose or function of the brand or product.
Positioning by competitors: Comparing the brand or product favorably to rival offerings.
Market positioning is important because it helps to differentiate the brand or product from the competition, communicate the unique value proposition to the target market, and create a loyal customer base. However, market positioning also involves some challenges, such as avoiding positioning errors (such as underpositioning, overpositioning, confused positioning, or doubtful positioning), choosing and implementing the right positioning strategy, and communicating and delivering the chosen position effectively
A positioning strategy is a plan to create a unique image or identity of a brand or product in the minds of target consumers, relative to competing brands or products. To develop a positioning strategy, you can follow these steps:
Differentiation
Step 1: Differentiation. Identify the distinctive features or advantages of your brand or product that set it apart from the competition. You can differentiate in two main ways – to create a preference, or command a premium.
Relevance
Step 2: Relevance. Make sure your differentiation is meaningful and appealing to your target market. You can use market research, customer feedback, or competitor analysis to understand the needs and preferences of your potential buyers.
Coherence
Step 3: Coherence. Ensure your positioning strategy is consistent and aligned with your brand vision, mission, values, and goals. Your positioning strategy should guide all your marketing and communication efforts, and reflect your brand personality and tone of voice.
Reputation
Step 4: Reputation. Build and maintain a positive and credible reputation for your brand or product in the market. You can use various channels and tactics to communicate and deliver your positioning, such as advertising, social media, public relations, word-of-mouth, or testimonials.
Evaluation
Step 5: Evaluation. Monitor and measure the effectiveness of your positioning strategy over time. You can use various metrics and indicators to assess how well your positioning strategy is achieving your desired outcomes, such as market share, customer satisfaction, loyalty, or profitability.