This course was created by EntrepreneurNOW. We are please to offer this training in our library.
- Taking cues from product and service offerings
- How other companies position themselves
- The role of competition in positioning
- Emphasizing elements of the business
- Identifying what matters to customers
Skill Level Beginner
"Positioning is what you do in the minds of your prospect." That's a great quote because it's so important that you understand that positioning is all about your customer's point of view. It's a lens for which your customer experiences your product or service. Now it's critical that you choose the right lens and you focus that lens. They understand what they're getting out of your product or service. So I want you to ask yourself, how do you want your customer to see your product or service? This is from their perspective now. How do you want them to think about it? Your market position is actually equal to your customer's perception of your brand, your product, or your service. That's actually what matters. It's your customer's perception that matters. That's what creates your market position. Here's the good news though. The good news is that you actually can control what your customers perceive about you. You get to control the message. You have an enormous influence over their perception. So let's make sure that you utilize that. You can establish your own identity, your own brand, your own image and what you want to represent to the rest of the world, you actually get to control it. So competitive positioning is a little bit different. That's how you're actually positioned against your competitors. So that's dealing with how the market deals with, how the industry looks at you, how your other competitors look at you. That's not what positioning, market position, again, it's all about the customer and that's what we want to focus on. So, the good thing is again, that you've mastered this. This is something that you do everyday because every single brand, every single retailer, every business has actually taught you everything you need to know about your positioning strategy already, which is great. This is embedded into all of us because we got bombarded with every company, every company positions. Every company figures this out for you because they want to make sure that you understand what their brand represents. So let's take a look at some well known brands and these are brands that you're going to already know the positioning of, but I'm going to quiz you on this. I want to make sure that you get it right, now. So let's take a look at Cartier. Well this should be an easy one, right? Because everybody knows Cartier stands for high quality, high price, high design. That's what Cartier stands for. Now let's take a consumer brand like Dove. Well Dove says affordable skin care, personal care, beauty for everyone. It's an every day brand, you can find it anywhere. It's a great brand. How about HBO? HBO very popular, high quality entertainment. They're considered one of the best quality entertainment organizations in the world. Complex stories and high production quality is what HBO is all about. How about UPS, what does UPS mean to you? Well to me it means reliable package delivery. They're the best. They been around forever, they're very, they generic but they get it done and they get it out. And then of course, finally Budweiser. We all know Budweiser. It's the working man's beer. It's all American, that's what Budweiser says. So do you see how these different companies are positioning themselves and how you just in your brain, you just know them. Why do you know them? Because they've done a great job at branding and getting those messages out there. So, and again, they're looking at it from the customer perspective. How does the customer look at each one of these brands? So for a consumer, there are actually a good number of clues to the basic positioning strategy of every brand. So consumers, they don't know this, but subconsciously they're looking at these different clues and they're forming an opinion about your brand and how you're positioned. What they do is they take all of these clues and they actually form an opinion about your positioning strategy. The good thing is is that you have a lot of input to these clues and you can influence these customers in a lot of ways and that's what we're going to do as we start to craft our positioning strategy. So there are some things that I want you to consider as you're coming up with your positioning strategy. These are other things that you need to look at. For instance, the first thing is target market. Who you decide to target will inform how you position your offering over all, your product or your service. How about your product or service capabilities? There's inherent attributes and features that are actually inside of your product. That also helps dictate your positioning strategy over all. Let's say that you got a lot of features, you're super loaded with features, you got a lot of capability. That's going to dictate one positioning strategy or if you're light on features, as it compared to what the consumer really wants, you might position slightly differently. Your competition, your competition can directly impact how you decide to position as well. Your problem statement. What problem are you trying to solve? That also influences your positioning strategy and finally, your mission or your vision. How do you position your product to take advantage of the long term and what you really want to come up with overall in terms of what your vision is. That needs to be embedded in your positioning strategy because people will actually buy vision and in a lot of cases, they actually buy into your mission or your vision and so, we need to be able to communicate that in our positioning strategy as well. So why is positioning so important to your business? And by the way, I think this is one of the most important things that you could do. It really does drive a lot of other strategies, including messaging and marketing and branding. It all kind of centers around what is your positioning strategy? So, in doing that, I think that it brings together a lot of different aspects of your business as well into one succinct package. It brings together all these different strategies that I just rattled off into one nice package. And the result is informs your customer what's going on, how they should think about you. And it also informs your business strategy over all. So let's take a look at this. Some of the business strategies that I want you to consider, first of all, your unique value proposition. And as we look at positioning and unique value proposition, this is going to determine what parts of your unique value proposition are you going to call out. You might have actually different pieces of your value proposition that you really want to emphasize. This is going to help you bring that out more. Your messaging strategy. Your positioning actually dictates how you're going to communicate and what you're going to say about your products or service as well. Next is the future product development. What are you going to develop in the future? What new features are you going to add to your offering? What is going to be your product and service mix? All of these things get considered as you start to look at your product positioning. Positioning also works very closely with the pricing decisions that you're going to make. They actually work hand in hand together because if you've got a pricing strategy and you're really high-end on the pricing side then you're probably going to be positioned on the higher end. That's just the way that consumer brain works. So you're going to need to keep that in mind. And then your distribution models as well. What methods of distribution are you going to be using to get to your target market? And this is important. Where you put your product and how you sell it is also dictated and a lot by what your positioning strategy is and each one kind of communicates together. As you can see from all of this that the positioning strategy really is at the center of all of your key strategies and it all must fit together like a big puzzle. And that's what I want to make sure that you understand that that everything is interconnected. That if all of this doesn't fit together in one consistent package then it's going to be very confusing for the customer and that's the last thing that we want to do is confuse our customer. That would be horrible.