Market positioning can seem complicated, but the formula is really quite simple. Use the following tips to ensure your business occupies the minds of your customers.
1. Identify Positive Qualities and Benefits for Customers Using Your Product Or Service
Most businesses provide products or services that have specific qualities that set them apart from the competition. These beneficial qualities can be anything from excellent customer service to amazing materials to cutting-edge technology. Ideally, these qualities fall in areas in which competition does not excel. If, for example, a rival business completely neglects customer service, it could be useful for senior marketing management to distinguish their own business as having excellent customer service.
Once you have identified the qualities that make your good or service special, hone it on it. Focus on developing them and drawing further attention to them, playing them up in advertisements and marketing.
2. Learn Where Your Business Falls on the Price-Quality Scale
As many businesses know, generally speaking, as quality increases, so do prices. Higher production costs and higher-quality materials lead to higher prices. Researching competitors can help businesses understand where they stand on the price-quality scale for the market at hand.
Once you identify where your business falls, lean into it. This can mean playing up the “low price” of your product or talking about how luxurious your product is if it is on the more expensive side.
3. Know Your Audience
Figuring out exactly to whom you are marketing is one of the most important marketing strategies. Once the target consumers have been identified, it is important to use language, imagery and modes of advertisement that will appeal to them.
For example, a business selling lots of high heels may find it useful to target young women. Women who wear high heels likely care about fashion, so portraying other well-dressed young women wearing those heels would make for an effective advertisement.
4. Consider Using Cultural Images, Sentiments Or Figures
Cultural symbols hold a lot of power in society, and marketing personnel can use them to affect consumers even subliminally. Associating cultural phenomenons with your business can help give it a sort of “personality” that makes it easier for consumers to remember your business.
Using anything specific from your business’s region from pop culture as a symbol, logo or mascot can help invoke a positive feeling every time a consumer thinks of your business.
5. Know Your Competition
This was touched on earlier, but business owners should know rival products and services to improve their own products and services and distinguishing their own company. Discovering where your competition is lacking can help you find your business’s niche and create a unique product or service that gives customers exactly what they are looking for.
These simple strategies can take marketing strategy to the next level to be as effective as it can possibly be. Using these strategies can help bring in more loyal customers to enjoy & promote your product or service.
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