What’s so unique about your business?
Your position in the market is the status consumers give to you in their minds. While every customer has different needs and opinions, looking at groups of consumers reveals clusters of individuals looking for specific needs.
Why you can’t be everything to everyone
In a competitive market, businesses will attempt to cater to increasingly specific consumer needs. By defining your market position you ensure:
Security – you are guaranteed a position in the market by claiming a piece of it as your own
Growth – it positions your value proposition to address a large base of consumers
Communication – a defined market position is a powerful marketing message that cuts through advertising clutter
Solidarity – it aligns internally with your Corporate Vision
Learn from the positions of market leaders
Some of the most successful brands have built their followings by taking a position that maximizes their growth and expansion. Here are some examples of successful market positions:
Positioning by product and business history
E.g.: Heinz “There are no other kinds” or Coca-Cola “It’s the real thing”
This approach works best when the product or business is first to market or has a substantial history
Positioning by size and popularity
British Airways “The world’s favourite airline”
Being a number in a category can also be one that is narrowly defined
Positioning by convenience
Shoppers Drug Mart “Everything you want in a drugstore”
This could be convenience of product selection, proximity, or number of locations
Positioning in relation to a competitor
Avis “We’re number two. We try harder.”
Avis positioned against the number one competitor, Hertz.
Positioning by product attribute
BMW “The ultimate driving machine”.
If you have to differentiated your product on a specific series of superior differences
Positioning by Target market
Blackberry “Mobile business tools”
Use tools to help visualize your location in the market
A positioning matrix can help more concretely define your palace in the market. By comparing variables you can see where the competition has clustered and where you can fit in. For more on positioning please review this article.