2. Study your competitors
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?
3. Establish your unique position
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.
4. Make a position statement
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.
6. Test your market positioning
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.
5. Come up with a tagline
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.