The most effective market positioning strategies in 2021
Proper market positioning is a great foundation for your business identity. Besides that, it influences how customers perceive your service relative to the competition.
Market positioning requires focus and a commitment to a specific niche, idea or target audience. But once you create a positive image of your service in the customers’ minds, you can claim your position in the competitive market landscape.
Here are some of the most effective market positioning strategies in 2021:
1. Create a positioning statement
Start by identifying your business’ unique value in relation to your competitors. A clear positioning statement can be found at the core of every marketing strategy. As a result, your marketing strategy navigates the look and feel of your brand system.
Your positioning statement should serve to identify your business and define the perception of your brand in the eyes of customers.
Answer these questions in order to define it:
- Who is your target audience?
- What is your service category?
- What’s the biggest benefit of your service and how can you prove it?
2. Come up with a tagline
A tagline or a slogan is shorter version of your positioning statement. That is to say, it tells the customers everything they need to know about your firm.
Once you have completed the first step, you can create a tagline. Afterwards, you can use it in other marketing activities in order to communicate your business statement.
3. Conduct a competitor analysis
Identifying and understanding your competitors is the key to finding gaps in the market your business can fill. Furthermore, evaluate their strategies so you can determine their strengths and weaknesses. Finally, compare them to your business and use it to your advantage.
When you’re analyzing competitors take the following into consideration:
- What is their market position?
- What’s their growth rate?
- What are their past marketing efforts?
- Which services do they offer?
- What is their strategy like?
- What’s their relationship with their audience?
This way you will see who you are up against and decide what you can do better to gain an advantage.
4. Find your current position
Take a look at how your business fits in the competitive landscape and where do you rank. Your current position in the market gives you insight into where to go and what to do next.
Think about the following few questions to state your current position in the market:
- What does your brand stand for?
- Who is your ideal customer?
- What are your mission and vision?
- What makes you stand out from the rest of the market?
- Which solution do you offer to your customer’s problem?
Keep in mind that we all love connecting with authentic brands. Besides defining your ideal consumer, discover who your current audience is and communicate in their language.
5. Promote your service
Advertisements are usually the first place a business positions itself and it’s imperative you share your value proposition clearly. First, you need to determine your target market so you could offer a solution to your customer’s problems.
When presenting your service, your value statement should be clear. Consider backing it up with customer testimonials and success stories. Meanwhile, point out why are you different from the competition and why you should be their first choice.
6. Test your market positioning
After creating your positioning statement, you should spend time testing and collecting feedback from your customers.
Your testing should feature a mix of qualitative and quantitative research consisted of one-on-one interviews, polls and surveys.
Based on these test results, you can finally establish your firm’s positioning strategy and improve it over time.
Follow these effective market positioning strategies for 2021 in order to improve your firm’s current positioning.
As a result, your services will be placed as favourable and unique compared to other options in the marketplace.