Position yourself in the market, right way
The “P” in profit stands for positioning yourself or your business. At the right place, at the right time. You need to reach out to your clients in a unique way to leave an impact otherwise you will be a distant memory in no time. In these challenging times, people are facing troubles every day. And they are keen to find solutions. If you look at it from an optimistic point of view, these can become opportunities if you know how to position yourself.
Today’s time is not like the old days, wherein in some cases, only one company is running the market or is creating the trends. Now, almost every industry is full of competition and it is becoming difficult for customers to choose. But companies can position their products smartly and stand out from the crowd.
What is positioning in marketing?
It refers to the place a product occupies in the minds of the people and how it is separate from the other competitions. It’s what the customers see in the product and how they feel about it.
A product can be positioned based on 2 main criteria:
- Customer
- Competitor
When brand positioning is being done by keeping customers in mind then the emphasis is to show benefits to the customers that they will get after using the product of a particular business. But when the brand positioning strategy is based on the competition, the focus shifts to show how one’s business/product/service is better than the other one. This is also sometimes known as comparative advertising.
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But before positioning the product, the company needs to find what part of the market they are targeting. For that, thorough research on the ground level is a must. The company needs to find out which segment they will be targeting and shift their focus on them.
Positioning requires a certain amount of focus and commitment on a niche, idea, and target audience. Your brand and idea won’t work if you are all over the place. Without any particular direction to focus too, you will waste the money and get nothing in return.
Few extras:
- Create a strong competitive position
If you want to stay ahead of the curve, you need to make a strong position for yourself in the market. If you have the customer’s attention, you are likely to enjoy the ongoing marketing trend.
- Improve sales
One of the basic goals of a business is to gain sales and increase revenue. And you can only get constant and repeat sales if you have a loyal customer base and that loyal customer base can be achieved by continuous and consistent marketing efforts.
- Have a clear target market
Marketing strategies, advertisements are very expensive. To save even a penny, you have to be clever. If you know what audience to target, you will save a lot.
- Connect with the consumers
With a targeted positioning in the market, companies have an opportunity to connect with the customers intimately. If consumers are going to spend money, they want to feel special. And you can make them feel special by personalizing your messages.
For example- Tesla leaves pricing out of the advertisements. They advertise themselves as a luxury brand. Their message is based on eco-friendly, long-lasting, and electric which is appealing to their target audience.
The power of perception is unknown in the marketing world. Given the correct use, it can do wonders and take a company to places it never has been before.
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