Market position is defined as the number of customers or the amount of business a company has compared to all companies offering similar products or services. Some marketers believe that establishing the correct market position is the most crucial aspect of marketing. The high-quality and low-price market position is a common approach for new business marketing efforts.
For example, one type of business we can review is a web hosting company. How would you position your services to get noticed with many competitors offering web hosting solutions? One way is to emphasize how you’re different from your competitors.
There are many ways to do this, but one is to see what reviewers say about your business. This lends credibility to your message. Some websites provide independent test results and information to assist consumers in selecting the right website hosting provider. The site rates web host providers in several categories; ratings are based on Best for Cheap Web Hosting, Best for Customer Service, and Best for Eco-Friendly Hosting.
GreenGeeks.com is a popular web hosting company recommended for the Best Eco-Friendly Hosting. When you visit the GreenGeeks.com site, the message presented as words and visual images indicates that the company understands that environmental friendliness is one of its greatest strengths and differentiators.
Goal Setting
The first and most important step is figuring out your business goals and writing them down. Goals provide direction and give you an idea of what success will look like. They help you focus your attention on the final destination. Your business goals should be optimistic and realistic. Aim high but understand that you will only be able to do some things you would like at a time. As your business grows, you can fine-tune and revise your goals.
Take a moment to come up with an initial goal. Try a general goal, such as increasing website traffic, sales, or newsletter downloads. Your goals must be specific and measurable. One example of a measurable goal is increasing traffic to your site by 20% within one year. Another is increasing online sales by 10% during the holiday buying season.
Positioning Statement
A positioning statement is a phrase that conveys an essential product attribute or benefit you wish to emphasize. It can create a strong interest in potential customers or distinguish your company, products, or services from competitors.
Consider this positioning statement from the car brand BMW: the ultimate driving machine. With this statement, BMW tells the audience that the most important reason to buy one of their cars is for the driving experience. Now consider the advertising statement from a different car brand: Love. It’s what makes a Subaru a Subaru. Both companies create automobiles, yet these two messages could not be more different. BMW and Subaru market to different kinds of customers. They are positioning themselves appropriately to appeal to people more likely to buy their products.
Positioning statements invoke emotions, targeting the potential audience’s desires or feelings. The basis for Hallmark’s success started in 1944 with nine simple words written on a 3″ x 5″ note card. The positioning statement, “When You Care Enough to Send the Very Best,” is one of the most recognized tag lines in advertising.
Another approach to creating a solid positioning statement would be to compare your business directly with a competitor. A classic example is Avis positioning itself against Hertz by saying, “We’re number two, so we try harder.” Your statement will be a descriptive statement that helps you focus on your business’s core strengths.
If you need guidance on how to accomplish any of the strategies mentioned above, please get in touch with our office. We are happy to assist with any questions.