Market positioning is the process of influencing consumer perception relative to one’s competitors. On balance, it is a strategic exercise that places your brand in a unique position to attract prospective customers. Strategies that marketers can implement include positioning via:
There are more than 500,000 brands in the world, spanning over 2,000 product categories. With such a huge number, it’s easy for brands to get lost amidst all that marketing noise. Having a good market position may be the game-changing factor your brand needs to stand out. Below are some of the benefits of good market positioning:
– It allows you to easily create a positive image of your product. You can influence the way engineers to see your brand by creating content and materials that display it in a positive light.
– Focusing on a segmented target audience helps brands increase product sales by directing engaging and relevant offerings specifically to them.
– A strong market position also gives your product and your firm a better chance of withstanding hard times. This is because a good market position results in loyal customers who will stick with you regardless of economic problems or the appearance of competing products.
– Your brand or product can become flexible in terms of extensions, alterations, and distribution. When your loyal customers know that you provide high-quality engineering products or services, they’ll welcome changes to your product because you’ve already gained their trust.
If you want your engineering firm to penetrate a market, you must first identify your target audience. When this is done, the next step is to devise a strategy to position and establish your brand image. As a marketer, that means separating yourself from the competition and influencing the ways your targeted customers view you. If you want your firm to be seen in a unique light, it’s vital to give the correct message to your engineering audience. Here are ways to do that:
Is your specific product or service being sold as if it’s just some other commodity in the marketplace, or is it presented as something special? Your current market position is essential in determining where you should go next. To fully assess your competitors, you must first understand your current position.
The questions below can help you assess your present market position.
– What does your brand stand for?
– Who are the customers you’d like to reach?
– What are your objectives?
– What distinguishes you from competitors?
– What challenges might your brand be able to resolve for your customers?
Engineers prefer to interact with firms that appear and feel authentic. Start by researching your target market and begin communicating in their language.
After examining your position, conduct a competitive analysis to identify and understand your competitors. There are several methods for determining who your competitors are. Try any or all of the following:
– Conduct a fast search using relevant keywords to see which firms are mentioned. After that, ferret out more possible competitors by conducting market surveys.
– Ask your customers which companies or products they considered before selecting yours.
– Make the most of social media. Check out discussions on other engineering websites and forums. Take note of the questions people ask as well as the suggestions given.
The ultimate goal is to determine how your competitors position their products and how effective their efforts are. As a result, your research should, at a minimum, answer the following questions:
– What products or services do your competitors offer?
– What are the competitor’s strengths and weaknesses?
– Which of their marketing strategies is the most effective?
– Do they have a solid presence in the existing markets?
Building a unique position is a process of discovering what makes you stand out and what performs best for your firm. Many engineering companies have comparable strengths and limitations. You might find that your competitors have similar shortcomings to your own. Pay attention to your unique offerings and focus on what you can do more effectively than anyone else.
A positioning statement describes your product and targets audience as well as how it meets market demand. This is not a customer-facing document. It is used by marketing and sales teams to guide their marketing communication and ensure that every interaction remains consistent. Here are six crucial characteristics of a good positioning statement:
– It is straightforward, memorable, and targeted at the intended audience.
– It gives your brand a distinct and easy-to-understand image that sets you apart from the competition.
– It feels trustworthy and shows that your company keeps its word.
– It notes that your brand could be the only one in the market to hold this position. It’s yours to “own.”
– It helps you determine whether marketing decisions are in line with and supportive of your brand.
– It allows room for expansion.
Once you’ve decided on your positioning and launched a marketing strategy, it is essential to set periodic meetings to test and evaluate your market positioning’s effectiveness. Check how your audience responds to your marketing materials.
– Is it gaining attention?
– Is it driving revenue?
– Does it encourage engagement?
Do this to multiple market positioning strategies so you can learn which works and which doesn’t. Depending on the outcomes of these tests, you can fully establish your positioning and change your marketing operations.
Once you’ve created a compelling positioning statement, the next step is to create a tagline or slogan. In contrast to the positioning statement, a tagline is a marketing tool that speaks directly to your customers. It should reflect the benefits or brand image you want them to know. Below are some popular taglines:
– WSP engineering company: “What If We Can?”
– Tesla: “Evolving the Way the World Moves”
– Nike: “Just Do It”
– McDonald’s: “I’m Lovin’ It”
– Apple: “Think Different”
An effective tagline is short and direct. It should express your brand message more effectively than a longer, more comprehensive positioning statement.
Market positioning is a complex undertaking that requires time and dedication. It is a proven strategy to create consistent income, win new customers, and retain existing ones. Follow the steps above to create an effective market positioning strategy for your engineering firm. Contact us today if you need help creating engineering content that aligns with your market positioning strategy.
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