How to build a Market Positioning strategy
Building an effective market positioning strategy is imperative to the overall success of the marketing campaign for a product or service. It’s important to direct ample time and resources towards market positioning efforts to maximize the success of the campaign. Investing in a market positioning strategy in the present day is likely to lead to a pay-off for the company in the future, such as through improved customer retention or by overall brand visibility. Below are the steps that any marketer takes when building a market positioning campaign:
1. Look at the competitors
The first step in a market positioning campaign is to analyse the competitors within the market. This allows a company to establish where its marketable entity currently sits among the competing products or services, in turn discovering the chances of success after the campaign has rolled out. Knowing the strengths and weaknesses of competitors also informs marketers of how to make their own company unique, therefore maximizing the chances of attracting audience attention.
2. Come up with a unique selling point
Once marketers have examined their competitors and determined where their product or service would currently sit in the market, the next step is to come up with a unique selling point. A unique selling point (commonly referred to as a USP) is the feature of a product that makes it stand out from competing products. USPs can be a number of things, including the functionality of a product or its attractive design. Market research, such as customer feedback, allows a business to determine its USPs. Having a clear USP in mind helps to shape the direction of the market positioning.
3. Develop the market positioning
Following on from determining what the USP of a product is, those in charge of the market positioning next look towards developing the campaign. This development begins with determining the overall intention for the market positioning, whether that’s to gain social media traction or to increase total sales of a product. From there, marketers aim to map out a comprehensive marketing plan for the campaign, including where to use physical marketing assets and when to publish online social media assets.
4. Create a quick and snappy tagline
One of the last steps before rolling out the market positioning strategy is to create an effective tagline. This tagline is short, snappy and impact within a few words or a phrase. Taglines are important within any marketing campaign, but especially so when it comes to successful market positioning. This is because taglines are a concise way to grab customers’ attention and, by extension, maximize chances of converting potential customers into actual ones. Taglines are also ideal for building brand recognition.
5. Launch the market positioning campaign
Once all the preparatory work has completed, marketers can now launch the market positioning campaign. This includes sending out marketing materials to companies and individuals that are likely to further promote the product or service by way of leaving a review or advertising it. It’s possible to stagger the launching of a market positioning campaign to allow for prolonged exposure of the campaign to reach more people. A dominant marketing move leads some market positioning strategies, such as a video that marketers aim to make viral.
- Analyse successful areas for future projects
Throughout and after the market positioning campaign, it’s important that marketing teams don’t let the project finish without conducting analysis. This includes analyzing what went well and what didn’t go as expected. In doing so, this allows for the improvement of future market positioning projects, creating higher chances of success. Reflecting upon the success of a market positioning strategy also helps to strengthen a marketer’s overall skills, such as marketing knowledge and trend intuition.
Conclusion
There are many elements of a market positioning strategy to consider. They often think of these elements in relation to the competitors’ products or services. This is your chance to let us do the market positioning for your business for you. Contact us today!
