Positioning: The Marketing Puzzle Piece that Makes Your Product Stand Out
When it comes to the word ‘positioning,’ you’d be hard-pressed to find anyone who isn’t able to take a solid stab at defining it. But what role does it play in a rock-solid marketing strategy? In this piece, we’ll take a closer look at the ins and outs of market positioning and provide some valuable pointers to keep in mind while seeking the sweet spot for your product in the marketplace.
Positioning: A Customer’s Perspective
The moment a product or service comes into existence and is up for grabs, it instantly holds a position in the marketplace. Think of it like the cat in Schrödinger’s famous thought experiment. It’s there in the box, but it’s the customer, playing the part of Schrödinger, who determines the state of the cat when they open the box. In other words, the perception of a product’s market position isn’t fixed. It can be diverse and multifaceted, shaped by the unique perspectives and interpretations of the customer.
In this context, the job of positioning is to guide the customer’s focus when they ‘open the box.’ What should catch their eye first? The sleek design? The fair price? The captivating message that resonates with them?
Groundwork for Positioning
Scrolling through any marketing blog or textbook will tell you that the bedrock for positioning a product or service comes down to three primary elements: the product’s unique features, the target audience, and the price-to-quality ratio. Sounds simple, right? But what most sources miss is that these three elements are interconnected. It’s not about picking a high-end customer segment for an average product or inflating your product’s price beyond its production cost. Nor can you suddenly declare yourself the ‘creative studio’ without aligning your position accordingly.
First Steps Towards Effective Positioning
So, where does one start? A sound positioning strategy requires:
a) A deep understanding of the market, ideally backed by ample quantitative and qualitative data b) An objective assessment of the product’s place in the market c) Insights into the target group, their preferences, and what they feel is missing in the market
The Positioning Process: Where Does It Begin?
The starting point for the process isn’t always the same. Sometimes, the product is just an idea, and the positioning precedes the product’s actual creation. Market trends and existing information can guide the product’s development to fill a specific market gap. You see this often in the tech sector, with startups tailoring their products to meet a particular need or solve a specific problem.
On the flip side, you might have a product that’s ready to hit the market or has been out there for years, but hasn’t been consciously positioned. This is where understanding the product’s specifics and identifying the right audience becomes crucial. The next step is to craft the appropriate messages that resonate with them.
Regardless of where you start, the key is to build on your capabilities, and like a snowball gathering momentum, keep moving forward until you find the perfect market position accompanied by the right communication principles.
Your Position is Where You Show Up
Where your product appears also plays a significant role in its positioning. Platforms like Instagram, Facebook, Pinterest, TikTok, LinkedIn, print magazines, and online media outlets not only demand different formats but also shape different perceptions of your product or service. Hence, the choice of platform is an integral part of your positioning and communication strategy.
Repositioning: When Change is the Only Constant
There might be instances where a brand that has been in the market for a long time is well-known, but its market position isn’t as effective as it once was. Perhaps the company has shifted its direction, or the market and target audience’s structure has changed entirely. These situations call for a strategic repositioning, often involving re-branding, crafting new communication messages, and identifying the target group as precisely as possible.
So, what’s the secret to finding the best position in the current market? The answer is simple: research. Like everything in life, the more you know, the better equipped you are to make informed decisions. In the end, effective market positioning comes down to doing your homework.
