How do you want customers to view your company? In your market, where does your company stand? What is your business known for, or what do you want it to be known for?
These are some of the questions you need to ask yourself when you develop a market positioning strategy. Finding and establishing your market position is important because it allows you to find your target market and establishes the core qualities people associate your brand with.
Here is a great example of how different car companies position themselves. All these companies have done extensive research to find where their company resides in terms of price and quality. For example, Mercedes-Benz has established themselves as one of the most expensive luxury brands.
Car consumers know that they will pay a high price for a Mercedes; however, they know the quality will be good. It is important to map out your company’s industry and figure out how you want position yourself.
Here is a roadmap to help you position your business. First, you want to determine how your company is different from others. When you do this, you will look to identify your own current market position. Next, you want to look at your ideal customer and position your business in a light that appeals to them the most. Lastly, you need to deploy your strategy and use marketing tools to reach your audience.
Go and position your market in the correct space. Effective market positions will elevate your company and help you reach your target audience.