Market positioning, can be a great way of creating growth within your business and within your market place.
Think about what aspect of market is not being served and develop a plan around what you might do about it.
For example, during the recent economic downtown there were really two ends of the market that did particularly well. The top end of the market (premium products, high ticket items) and the lower end of the market (the discounter, the lower end market).
In most markets, how you categorise yourself can provide an opportunity to growth.
How would you describe your business?
Are you “High End”?
Are you a “discounter”?
The way that you describe your business positions your firm in the marketplace. And your marketing message and customer experience will more than likely reflect your positioning.
When we talk about growth from a market positioning aspect we are considering a number of areas:
Less for Less
This is the lowest end of the market – the traditional “pound” shop market – can you offer a discounted service or product to move into this market place or start a newly branded discounted version of your next product offering.
More for More
Here the focus is giving the customer more, meaning more service and more quality and charging more in the process.
This positioning strategy relies greatly on appealing to customer wants rather than merely satisfying needs. You will be expected to be leader in this market place adding unique and exceptional value.
Same for Less or More for Same
Two separate opportunities for growth but two viable positioning strategies, particularly for new entrants into existing markets and those desiring to establish market reach.
Growth Strategy and market positioning is first and foremost an act of imagination, the ability to see how things could work differently from a customer’s point of view.
New business models and growth strategies based around market positioning present themes and opportunities to do much more with products and services than they ever have before in the past.
The operative strategy here is to look for opportunities in meeting customers desires to outsource their workloads, tasks and responsibilities to focus their time in a more productive and meaningful ways elsewhere.
All too often competition in an industry tends to group around the accepted notions of market positioning, but these accepted assumptions often extend the basis of a product or service category.
Business growth models now have shelf lives and the customers definition of what constitutes value keeps moving and is now related to other offerings in the same market. It is a global marketplace and competition is fierce. You must keep up and develop a positioning strategy under review annually.
Businesses must always be constantly on the lookout for new growth innovations if they hope to survive, much less grow.
To hear about how the new Business Northumnerland programme can help your business grow register to one of our Launch Into Digital events here