One of the most important aspects of market strategy is market positioning. Market positioning refers to how a certain brand is distinguished from all other competing brands in terms of brand consciousness and its position in the consumers’ minds. Market positioning also involves defining the target market, which is the group of consumers a certain brand aims to influence. We will cover methods of market positioning in this article that go beyond boosting your social media presence among targeted users. Of course, for social media marketing, you can simply use services like JayNike to jumpstart your online presence in general. There are different ways to position your brand so as to effectively reach the targeted market segment. These include the following:
Market Perceived Position
This is an indirect means of market positioning whereby the perception of your brand’s position in the market is framed by the competitors. The market perceived position is affected by the performance of your competitors and the existing state of the industry. For instance, a competitor’s failure to continuously innovate or consumers switching their purchasing preferences to cheaper products, both of these can result in a decreasing perception of your brand in the marketplace. A perceptual map is a visual representation of a brand’s position in the market segment, using the competitors’ perceived position as a reference point.
Marketing Strategy
Market positioning maps are usually presented at the end of marketing research and development. A marketing strategy is a blueprint for a company’s marketing and branding efforts. It lays out the long-term vision, marketing strategy, and long-term planning for marketing programs.
Key Perceptions
The perception of your brand is also affected by the way your target market perceives your brand. For instance, if you create a television commercial, you may want to include some footage of your competitor’s advertisements; however, if you are launching a website via social media, you may want to remove any footage of your competitor or negative mentions of his name. The way your market perceives your brand can have a significant impact on the success of your marketing efforts
Market Segmentation
Market segmentation refers to analyzing the different attributes of your market segment. For example, there are people who are very choosy when it comes to coffee brands and others who enjoy drinking coffee with every meal. Knowing your market’s preferences helps you in market positioning because you can create your marketing strategy and advertising campaign that will appeal to the right set of customers.
Customer Service
As one of the most critical factors of an effective campaign, customer service is an essential ingredient in your overall strategy. It is often considered the third variable in a comprehensive marketing campaign. However, few strategists correctly identify the role customer service can play in increasing your sales. You need to carefully consider whether your competitors are providing consistent, quality customer service, or you can provide an effective alternative to ensure you reach the top of the competitive matrix.
Creating a market positioning statement should be part of your overall business strategy. It is an analytical document that evaluates your current position and identifies your targeted customers. The information provided in your positioning analysis will determine which promotional activities and strategies are the most appropriate. In addition to analyzing your competitors’ campaigns, you should also closely observe your target market’s buying habits. You can then incorporate these buying habits in order to create a unique positioning strategy for your brand. It is also important that you understand your customers’ purchasing power and how to effectively use it to your advantage in order to increase your sales.
Although competitive forces can be a great force for change, you may not want to simply adjust your strategies in a reaction to current trends. Instead, it may be beneficial for you to re-evaluate your tactics on a regular basis. Analyze how your competitors are reaching out to consumers and whether they have succeeded in their efforts to acquire new customers. By reviewing your positioning strategies on a regular basis, you can learn new techniques that have worked for your competitors. Your research can also help you develop new ideas and test innovative campaigns that may prove to be highly successful.
