One of the most important things for businesses to consider is how they will "differentiate" their offering and create value for their market. What makes them different? Why should customers choose them?
In marketing-speak this is known as the Competitive Positioning Strategy.
It’s about carving out a spot in the competitive landscape, putting your stake in the ground, and winning mindshare in the marketplace – being known for a certain “something.”
When your market clearly sees how your offering is different from that of your competition, it’s easier to influence the market and win mindshare. Without differentiation, it takes more time and budget to entice the market to engage with you; as a result, many companies end up competing on price – a tough position to sustain over the long term.
Your competitive positioning strategy is the foundation of your entire business – it’s the first thing you should pin down if you’re launching a new company or product. It’s also important when you’re expanding or looking for a new edge.
We recommend using a 5-step process:
Profile your market
Segment your market
Define how you deliver value
Evaluate your competition
Pinpoint your position
Only once you have defined where you are in your marketplace (and where you would like to be) can you realistically consider your brand strategy.
To talk competitive positioning strategy, contact firstname.lastname@example.org