What is Positioning Strategy in Marketing? – Easy Guide, FAQs, Tips & More
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You may have heard of “positioning” when people talk about marketing and may not know why it’s important for your business.
A positioning strategy can be crucial for your brand, as a well-defined one helps you determine where you lie amongst your competition.
Once you know where your “position” is in the market, it helps you define better strategies to achieve specific brand goals.
In this post, we will shed light upon what a positioning strategy is and how you can effectively define one for your brand.
So without further ado, let’s get started.
What is Positioning Strategy in Marketing?
A positioning strategy is a strategy that involves determining how you want your brand to be perceived compared to your competitors. It is sometimes also called product positioning or a positioning statement,
The typical goal of a positioning strategy is to identify a unique trait or characteristic of the product that helps it stand out from the competition.
To develop an effective positioning strategy, you must take into account the strengths and weaknesses of your brand as well as your competitors. You also need to take into account the needs and wants of your target audience.
Find more about marketing strategies, HERE.
A well-defined positioning strategy can help a brand find an unserved need that the target audience may have. The brand can then focus on this unserved need to gain an edge over the competition.
Find out what the target marketing strategy is by clicking HERE.
Important Components of an Effective Positioning Statement
To develop the brand image you want, careful planning and extensive research are required. Many brands falter here as they often do very little research or they don’t know what aspects of the market they should research.
That’s why, in this section, we’ll go over all the important components that you must take into account and do extensive research on in order to define an effective positioning strategy.
Please note that a positioning strategy is something that is often extremely necessary since it can help you define the branding of your company.
The components to research for an effective positioning statement are:
As part of an effective market positioning strategy, you must define the needs and wants of your target audience.
It’s important to note that you don’t define who your target audience is as part of your positioning marketing strategy. That’s something that should have already been defined as part of your overall marketing plan.
When it comes to audience research as part of positioning strategies, you have to focus more on what unmet needs your audience has. You can identify these unmet needs through many different approaches.
Surveys and questionnaires are one effective way to do so. You can also just scour public conversations on social media to find problems that your target audience faces as well.
- Do you see a problem being talked about again and again by the target audience?
- Is this problem something that your product can address?
- If it can’t, can you modify or adjust your product so that it can?
These are all questions you must ask yourself when you conduct marketing positioning research. Providing attention to audience needs can help you gain a competitive advantage.
Not only that but it helps your brand image and also helps you gain loyal customers.
The marketing channel or platform that you use to communicate with your target audience is also important to define. Naturally, this is something that is dictated by who your target audience is.
You will most likely choose to target on a platform that your target audience tends to frequent.
For example, if your target audience is teenage girls, you would not waste time on print ads in newspapers.
Instead, you would focus on online platforms such as Snapchat, TikTok, and Instagram which are popular among teenagers.
It’s important to do extensive research in order to find the correct marketing channel for your target market. Strategic positioning like this will help you find customers on the relevant platform and keep them intrigued.
Not only that but as you interact with your audience on these channels, customers will become more loyal to your brand. This is especially true if you have a dedicated team to handle customer queries that may come in on the platform of your choice.
Social media marketing channels can also help you drive traffic to your brand website (if you have one). All you have to do is include the link for it within your social media posts as well as the bio.
Just make sure that you use a link shortener to shorten the link to your website first before you include it in any social media post.
To shorten your link through Pixelfy, register and log in.
Step 1: After you log in, you’ll be at the dashboard page. You can see the fast shortener box at the top of the page.
Step 2: To shorten a link, you can copy and paste it into the fast shortener box. Click on the Shorten button and you’ll be taken to the next page.
Step 3: On the next page, you’ll receive the shortened URL. You can copy it and use it wherever you want to advertise your brand website, online store, etc.
Last but certainly not least, you have to conduct extensive competitor analysis in order to determine a unique edge for your brand.
Remember that your product or service needs to have a unique trait or characteristic that makes you stand out from your competitors. It has to meet an unmet need that none of your competitors have met.
A great way to determine this unique edge is to study your competitors and observe what their product or service has to offer. Not only that but you can also get information on what your competition typically prices the product or service at.
Price positioning is an important part of the positioning strategy and oftentimes, competitive pricing can be a unique characteristic all in itself.
However, you have to be very careful when you determine your market position based on the price of your product or service.
If you price it too high, people will simply keep buying products from your competitors that are cheaper and also, already established in the market.
If you price it too low, people may be skeptical about buying your product or service. This is because extremely cheap products are often constructed from mediocre, low-quality materials.
Hence, you have to find that sweet spot where it’s not too expensive and not too cheap either. As a new brand, we definitely feel that you should price your product or service more on the cheaper side than the expensive side.
Remember that when you first start out, you don’t have the brand reputation or image to back up expensive prices. Hence, you have to compensate by selling products or services at relatively lower prices.
Check out the various components of marketing strategies, HERE.
Wrapping Things Up…
That’s how a market positioning strategy can help you carve out a spot for your brand in a competitive market.
It’s something that can really ease marketing efforts and help you determine what future goals should be for your brand.
If you have any other questions, feel free to ask us in the comments section below.
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