Scared The Market Is Saturated? You Need This Strategy.
"Saturated market" -- every entrepreneurs' most hated expression.
But the truth is the market probably IS saturated.
Having a great product or service is no longer enough to build a profitable and successful business.
Loads of entrepreneurs have great products but struggle to keep the lights on, so that's not going to make you original at all.
While there's loads that goes into determining whether a business thrives or fails, your market positioning strategy is a huge deciding factor.
So let's find out exactly what this mythical market positioning is, how to position yourself effectively and have a look at some IRL examples.
What Is Market Positioning?
Market positioning basically refers to the perception people have of your brand, product or service.
How would they describe you? Where do you stack up against your competitors?
If you took Marketing in high school or college, you probably remember learning the 4P's, but I feel like in today's world they don't get the respect they deserve anymore (so I'm bringing them back.)
The 4 P's are like the building blocks for an effective market positioning strategy:
- Product: How does your product compare to the rest of the market? What features or value do you offer that your competitors don't?
- Price: How do your prices compare to the rest of the market? Do you charge premium for a better offer? Or are you priced to appeal to a cost-sensitive market?
- Promotion: How do your ideal customers discover you? How effective is your advertising strategy?
- Place: Where do your products and services live and where does distribution happen?
Of course there's other factors that affect the way consumers perceive you. But these 4 building blocks can help you manage your brand’s narrative and influence your perceptions of your brand.
Whether or not you create a positioning strategy for your business, your customers will still compare you to your competition.
Having a well thought-out and intentional positioning strategy gives you a lot more control of what that perception becomes.
So here's a few simple questions you can ask yourself today that will get you one step closer to having your market positioning all figured out. Step into the board room...
And there you have it... a simple market positioning strategy other entrepreneurs you see online are probably not even thinking about.
You're basically already 4 steps forward, keep making moves.
*Grabs folders, slams board room doors open, struts out at 0.3x speed.*
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