Today's world is changing at lightning speed. Technological developments, economic factors and societal changes all affect how companies operate and position themselves in their markets. In a rapidly changing market, it is more important than ever before for companies to position themselves appropriately in order to stay relevant and grow. In this blog, we discuss why positioning is so important and how best to do it.
Why is positioning important?
Positioning your BRAND, your business is important for several reasons. First, it helps you better understand your target market. By understanding who your target audience is, you can better tailor your marketing and sales strategies to the needs of your customers. Moreover, it helps you stand out from your competitors. And for me as a strategic business partner, being distinctive is not enough. With a rock-solid positioning and value proposition that matches the needs of your top customers, you are incomparable. No one can do what you can and offer to your clients.
By innovating and creating new value, you strengthen your value proposition. You can offer more value to your customers, increasing your market value.
How are you positioning your company in a rapidly changing market?
To properly position your company in a rapidly changing market, you have a number of steps to take.
Step 1: Understand your target audience
To properly position your business, you need to understand your target audience. Who are your top customers? What are their needs and wants? How can you best fulfill these needs and wants? How does your offer connect to them and make sure you always keep offering the best, so your customers get the results they want?
Answering these questions will help you better align your marketing and sales strategies with your target audience.
Step 2: Define your unique selling proposition (USP)
A unique selling proposition (USP) is what sets you apart. It is what makes you and your company unique and why customers choose you. They choose you because they are convinced of the value you have to offer. By defining your USP, you show what value you have to offer. And when you stand up for your value and position yourself in the market, you make it clear to your clients WHAT you have to offer and WHICH results they can achieve by working with you.
Step 3: Define your positioning strategy
There are several positioning strategies that you can use to position your company ironclad. Some examples are:
- Price positioning: as the most affordable option in the market
- Quality Positioning: as the highest quality option in the market
- Differentiation positioning: as the most unique option in the market
- Niche market positioning: targeting a specific niche in the market as the best option
- Focus positioning: as the best option for a specific target group
Depending on your target market and your onMarket USP, you choose the positioning strategy that best suits you and your company. It is important to remember that your positioning may change as the market changes. Because you grow as an entrepreneur, the market changes, but your customers' needs and desires also change over time.
It is therefore important to regularly evaluate your positioning in a changing market and make adjustments as needed.
Step 4: Develop a marketing strategy
To get your positioning strategy to life and present it to your target audience, you need a good marketing strategy. This is where positioning, personal banding and marketing come together.
From developing a strong BRAND identity to creating engaging content and using the right channels to reach your target audience.
A strong BRAND is the starting point of an effective marketing and sales strategy. In my article: A personal brand: earning more as an entrepreneur, read more about the relationship between strong BRAND positioning, branding, marketing and sales.
Repositioning, why is it essential to remain relevant and successful?
As an ambitious entrepreneur, there are several reasons why you should consider (re)positioning your business in a changing market. Here I give the five most important reasons:
- Growth opportunities: Repositioning offers new opportunities and growth possibilities for your business. By focusing on a different market, offering new products or services or adjusting your BRAND identity. This is how you appeal to new customer segments and increase your sales market and market value. This leads to increased sales and profitability.
- Competitive Advantage: Repositioning strengthens your distinctiveness from other experts in the same field. By taking a unique position, you strongly differentiate yourself in the market. In fact, it makes you incomparable. For example, by identifying a niche market in which you position yourself distinctively through innovative products or services. This enables you to market share and increase your market value.
- Changing market conditions: Market conditions are constantly changing, and it is important to adapt your business to these changes. Repositioning allows you to respond to new trends, technologies or needs of your customers. If your company does not keep up with market changes, you risk falling behind and losing customers to companies that do innovate.
- Business restructuring: Sometimes repositioning can be necessary as part of a broader restructuring. For example, when you introduce a new offering, business and/or revenue model, or adjust your business processes. Also consider mergers, acquisitions or strategic partnerships. Then you need to reposition your company, reposition yourself strongly on your new position in the market. So that it's clear to your (new) target audience and it aligns with your new strategic objectives. This leads to innovation, value creation, more efficient operations, cost savings and new business growth.
- Redefine your BRAND identity: A repositioning offers the opportunity to redefine your BRAND identity. This may be necessary if your BRAND no longer suits you as an entrepreneur, the current market or if your BRAND has built up a negative association (image). By repositioning your BRAND in a changing market, you make a fresh new start. You create a positive BRAND experience with your (new) target group. This will lead to a increased BRAND loyalty, customer trust and customer appreciation.
Positioning is a strategic process. A planning and action plan, so that you do the right actions at the right time, is a requirement. Repositioning can come with risks and costs, but if you do it right and get advice and guidance from a strategic expert in business and positioning, it actually offers significant benefits for profitable growth.
Here lies great opportunity and growth potential, where many entrepreneur are currently missing value and profit.
Do you want to know how to position yourself cast-iron and present your value in a big way? How to convince your customers and make your marketing more effective and your sales more profitable?
Plan a strategy conversation in and we'll discuss what opMarkably Profitable opportunities in for you.