All marketers, business students, and entrepreneurs have been taught the 4 “Ps” of classic marketing: Product, Price, Promotion, and Place as the marketing model designed for companies to use to define their marketing strategy. . The marketing mix has been around since the beginning of time and is used as a tool to identify customer wants and needs and how to approach the competitive landscape.
Positioning is the bridge that connects the other 4 “P’s” around a central theme and creates the brand equity that is so critical to the success and growth of any business and therefore the most important component of branding. marketing mix. Many companies approach their customer base with a “one size fits all” approach to their product or service, but in today’s environment, this approach won’t work. Each customer you serve in your business is unique and has different wants and needs. Although your product may cover a wide range of attributes that can serve the majority of those customers, a successful marketer knows how to use positioning as a tool to customize a solution for everyone. Here are 5 things you need to position to be successful:
1. Yourself: Business is built on relationships and people want to work with credible individuals, not large corporate entities. Use personal branding techniques to position yourself as an expert in your field with credibility and integrity, leading to increased sales. People will buy from people they trust.
2. Audience: Your customers need to know if they are in the right place and if your products and services fit their needs. Skilled marketers can position the audience to belong to the target market and community and tailor marketing messages specific to their needs and wants.
3. Brand: Creating an image or perception in the minds of your customers is one of the most powerful positioning techniques. A brand position permeates the entire organization and is endorsed every time a customer interacts with your organization.
4. Product: refers to what the customer thinks about your product, for example; the lowest price, the best quality, the best service, easy access, etc., when they make a purchase decision. Your product position will connect directly to your value proposition and how you differ from your competition.
5. Offer: refers to your approach to the sales process. Successful offers focus on the result your customer will receive, not the service or product offering. Your offer should be a combination of what result (benefits) your customer can expect and how (feature) your product will be received.