{"id":142016,"date":"2023-06-20T13:50:33","date_gmt":"2023-06-20T13:50:33","guid":{"rendered":"https:\/\/businessyield.com\/?p=142016"},"modified":"2023-06-20T13:55:40","modified_gmt":"2023-06-20T13:55:40","slug":"market-positioning","status":"publish","type":"post","link":"https:\/\/businessyield.com\/marketing\/market-positioning\/","title":{"rendered":"MARKET POSITIONING: What It Is, Types & Examples","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

Consider this: there are thousands of firms out there, many of which sell identical products, promise comparable results, and are often positioned in the market in the same way. So, what makes a buyer prefer one company over another? Why choose the first option over the second if they both lead to the same type of firm that sells the same thing? The solution is simple: no one wants to buy a product or service that can do everything; rather, they want something that can do something. That is what market positioning entails. This guide will provide all you need to know about market positioning strategy, the statement, types of positioning in marketing, and an example.<\/p>

What Do You Mean by Market Positioning?<\/span><\/h2>

Market positioning, also known as brand positioning or product positioning, is a marketing strategy that focuses on creating a distinct identity that distinguishes a company from its competitors in the minds of consumers. The purpose of a market positioning strategy is to influence how the target market perceives the brand and to clearly express how the brand has a competitive advantage in the market.<\/p>

A car business, for example, may want its customers to see their vehicles as a high-end luxury status symbol. With this new positioning, they may be able to charge higher costs than their competitors. Alternatively, a fast-food restaurant may wish to be regarded as inexpensive in order to attract customers who will choose them because of their low cost.<\/p>

Determining Market Positioning<\/span><\/h2>

Companies can use algorithms or models to assess their existing market position and determine how to reposition themselves to capture new markets. Perceptual mapping, for example, is a sort of positioning map that illustrates customers’ impressions of brands and goods in relation to others based on data acquired from focus groups. This information can be used to help guide a firm’s market positioning statement or brand positioning plan in order to identify the distinguishing characteristics that define them as a company.<\/p>

Why Is Market Positioning Important?<\/span><\/h2>

By incorporating positioning methods into your market positioning strategy, you may improve the impact of promotional messaging, establish pricing plans accordingly, and tailor your services to the needs of your target audience. The following are some of the most common advantages of establishing a marketing positioning strategy:<\/p>

#1. Creates a positive image of your brand or product<\/span><\/h3>

In marketing, positioning allows you to influence how people perceive your product. Customers may associate you with the product if you generate materials that portray it in a positive light, which can lead to more purchases.<\/p>

#2. Increases product sales<\/span><\/h3>

You may significantly improve revenue and attract new consumers by providing interesting and relevant offerings to a segmented target group.<\/p>

#3. Directs the product’s value to specific audiences’ preferences and needs<\/span><\/h3>

Marketing positioning allows you to focus on how a product or service and its individual features match or surpass the needs and interests of the target audience while also providing value to them.<\/p>

#4. Allows you to make more informed decisions<\/span><\/h3>

Having a clearly defined positioning plan guarantees that you have the essential knowledge from your research to make informed decisions that are likely to result in great results and solid customer relationships.<\/p>

Types of Positioning in Marketing<\/span><\/h2>

There are numerous market positioning tactics that a firm may employ to establish its distinct position in the marketplace in comparison to its competitors. Consider the strategic marketing methods listed below to provide your organization with a compelling value proposition and an effective market positioning plan.<\/p>

#1. Availability<\/span><\/h3>

Sometimes the most significant feature of a product is its sheer availability. When a product or service is available in a specific geographical area, on specified days of the week, or at specific times of day that competitor products are not, it has an inherent advantage. A product can leapfrog marketing and pricing rivalry by just being available when a buyer needs it.<\/p>

#2. Durability<\/span><\/h3>

While consumers may prefer low-cost things, you can leverage durability as a selling factor. For example, if someone can possess your product for a longer period of time before needing to replace it, your organization might argue that it is more cost-effective in the long term due to its durability. Essentially, you are providing them with years of trouble-free ownership.<\/p>

#3. Messaging<\/span><\/h3>

Aim for innovative marketing and product placement based on rigorous market research to stand out among essentially comparable offerings. A hilarious or sentimental advertisement can link your audience to your goods and make them choose you over competitors that offer functionally identical items.<\/p>

#4. Novelty<\/span><\/h3>

Some buyers discover value in new products that are distinctive or unusual. A product that is functionally similar to many others but is designed in a unique and original way may attract new buyers.<\/p>

#5. Price range<\/span><\/h3>

Low prices can aid in gaining a larger market share because the product falls into the price ranges of more potential buyers. Some consumers may believe that a greater price equates to higher quality, therefore promoting the convenience and accessibility of your product can help you obtain a competitive market share.<\/p>

How to Develop Your Marketing Positioning Strategy<\/span><\/h2>

Take the time to develop a market positioning strategy that fits your audience’s tastes as well as the company’s aims. You may go through various tests and efforts until you find the positioning technique that works best for you. To create an effective market positioning strategy, follow these steps:<\/p>

#1. Analyze your competitors<\/span><\/h3>

Investigate your competitors’ products to identify any important distinctions between them and the ones you sell. It can assist you in identifying your company’s strengths and the advantages your items have over theirs.<\/p>

Knowing your competitors’ efforts and outcomes allows you to determine how to differentiate your brand from the competition. When investigating your competition, consider the following factors:<\/p>