Market Positioning

• Market positioning speaks about the perception of a product or service in the minds of the consumers as compared to the competitors. It’s a strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the consumer.

• Key elements of market positioning include determining the target market, understanding how different a product is from competitors, and identifying the unique selling proposition (USP) of a brand.

• Target market is the group of individuals or businesses that a company intends to reach with its marketing efforts. It is important to accurately determine the target market before positioning the product or service.

• Differentiating a product from competitors is also critical; this entails a deep understanding of competitors’ products, pricing strategies, distribution networks, and promotional efforts to position the product successfully.

• USP presents the factors that make a product distinct from the competition. It is essential for a company to identify and leverage its USP for successful product positioning.

• Positioning strategies can be based on product attributes, competitors, use or application, price-quality, product user, or cultural symbolism.

• Positioning is about influence and creating an image or identity within the targeted market. Marketers use positioning to create an identity, to differentiate, and to communicate the company’s intended message to its target market.

• A repositioning strategy might be required if the market dynamics change, the product is not performing as expected, or the business wants to target a new market segment.

• ‘Perceptual mapping’ is often used to understand the consumer’s perception of a brand compared to its competitors. It is a diagrammatic technique used in brand marketing that attempts to visually display the perceptions of consumers or potential consumers.

• Effective market positioning could be the difference between success and failure. It helps brands stand out, make an impact, and pique consumer interest.

• Recall that the marketing mix (the 4Ps: product, price, place, promotion) plays a central role in positioning. The 4Ps must be aligned to reaffirm the positioning strategy implemented.

• Continuously monitoring the effectiveness of the positioning strategy is critical. This can be done through regular customer feedback, market research, and sales data.