How to Strategically Position Your Business

By Rica Estrada

Marketing is a lot like the game of chess; You need to be strategic in your approach, you must be able to employ the most effective tactics at the right moment and you need to be able to position your brand to succeed in the marketplace. So how can you stay two steps ahead of competition?

How much do you know your audience? Begin with your target market. Get to know them; And I mean intimately know them. Then create a comprehensive market profile of your target market using the following questions:

• What are their behaviors?
• What are their habits?
• What are their preferences?
• What are their current problems and how do you fit in them?

You might need to conduct interviews, surveys or simply research from a source like statista that can provide you with reliable demographic and psychographic market data.

How do you benchmark against competition? It always helps to know what you’re up against. Study how your competitors position themselves in the market.

• Do they say they’re the best?
• Are they positioned as the industry leader?

Then evaluate how your brand stack up against theirs. As old school as it may seem, I still recommend doing a SWOT analysis. This will allow you to clearly see and identify the differences between you and competing brands. More importantly, this will enable you to pinpoint opportunities in the market that you can take advantage of.

What do you bring the table? Simply put, does your offer provide value to the target market? If so you need to communicate the offers benefits in a unique from the rest of the pack. The more that you differentiate from the rest of the market, the better your audience will be able to distinguish your brand from its competitors. By keeping your brand differentiated, you’re more likely to keep it top-of-mind among your audience.

There are three ways you can deliver your value: You can be the best, you can be the most affordable, or you can be the most reliable one. Here’s the catch, you can’t be all three. Claiming to be an all-in-one solution is similar to committing marketing hara-kiri. Do not set yourself up for failure by overpromising. It’s always better to under promise and over deliver.

If you position yourself on quality, claiming to have the highest quality product or service in the market. You need to back up your claims through awards, accomplishments, and results from satisfied customers. If you position yourself based on price, claiming to be the cheapest, you will be perceived as operationally efficient. This is particularly appealing for customers who are on a budget but who demand the best bang for their buck. If you position yourself based on trust and reliability, you need to listen to their unique problems and you customize your solution to fit their needs. You need to be specific in your messaging, for every segment of your market. You can’t just offer ‘excellent’ or ‘the best’ results. Your message must be honest and relationship-driven.

Once you have defined your position in the market, you must now incorporate it into your overall marketing and sales strategy. Consistency is important. Your positioning online, in-store, and on print must be the same. Consistency solidifies your brand message in the mind of your audience. And that’s where you want to be.