In a market full of competitors, the most important element of a successful business is positioning yourself ahead of the pack. Getting in the ring is one thing, but going toe to toe, product per product with the bigger boys is not the best way to win out. Instead, we will help you engineer the best position your product can have so you can cut a swathe of work and get your business on overdrive.
Market positioning is not something you take for granted, even if you think it doesn’t feel as gratifying as building Facebook diehards or Twitter followers. Solid product position comes from tailoring your strategy according to your brand’s strengths while understanding your competition’s weak points.
Laser Scope Your Demographic
Save for a truly revolutionary product, it’s best for you to scope a certain demographic instead of everyone out there. When building your product, understand who can fully utilize it and who would love how it works. Not everyone would need or want what you have to offer just yet, so a slice of the population who will happily integrate your product or service into their lives is key.
For example, The North Face’s products can be used on the daily, known for having among the most durable backpacks and outdoor equipment around. However, The North Face laser targets outdoorsmen, hikers and backpackers. This not only focuses their campaign onto people who are more likely to buy their products but the market also feels understood through pinpoint marketing like this.
Dig Your Own Niche Trench
This needs a little extra research on the side: if there’s a niche that the big boys are neglecting or the competition is not looking at, find a way to grab that market from under their noses. See why they are ignoring that market and if you have an ability to fit them under your flag, make them love every minute that they’re there.
A good example of this is a company called Your Novel, which creates customized and very detailed novels for their clients. Their audience are people who wants to “star in your own personalized novel”, which is basically a form of professional commissioned fanfiction. There aren’t many people who would go this far, but the appeal is there especially for imaginative people who want to relive their life stories or have their story out for loved ones. As long as there’s a market available that your industry’s Godzilla haven’t gobbled up yet, take it. It’s yours. Make it grow.
Solve Problems, Answer Pains
Positioning yourself on the market isn’t easy, but a surefire way to get ahead is understand the daily aches that people get. There’s a ton of problems out there and pinpointing the exact root of the problems in a preferred industry is a tried and tested method among bigger businesses but is severely under-utilized because most people care only for getting the product out in the market and be among the early waves of businesses with the same modus.
The simplest example for this are answer sites like Yahoo! Answers, Answers.com and Quora. Before the advent of answer sites, your best bet are forums and chat sites, most will either not reply immediately, are unrelated or do not have specific enough skills that can help. You typically had to fend off for yourself with your questions unanswered. These companies started marketing themselves as the literal answers and resolve the need for their audience, leading them to be the most widely used crowdsourced Q&A site in the world.
Combine all of these three elements and you can expect a super solid market positioning for your product and your brand. It will not be easy, but you have to keep on trying, and maybe get some help if you have to. Piece together the perfected mix and you can get forge your iron to just the right shape to owning that market position that you want.