Many of the posts on our blog these days focus on web design and social media. But none of these tools will be very effective without a comprehensive strategy to pull them together. And at the core of your strategy should be a simple market position statement. This statement defines the unique niche your business will serve and the key benefits you provide for that niche.
What do you want to be known for?
Ask yourself the following questions:
- Who is your target customer and what is their problem? What solutions do you offer them?
- Which features and benefits of my product/service are most important to customers?
- Which of these do I do extremely well?
- What sets me apart from my competition?
- What makes you special?
Look at your business through the eyes of your customers:
- How do they define what you do?
- Why do they choose to do business with you or one of your competitors?
- Is it your quality, price, service, unique product, variety, location, return policy, hours of operation, convenience or packaging which makes your offer most appealing?
For Roundpeg, a big part of who we are and what makes us unique is our emphasis on giving our customers control of their markeintg. Lots of companies build websites. We train our clients how to maintain them for the long run. Then we offer free monthly workshops to help them stay on top of the latest trends.
Remember your market position describes the benefits you provide specifically for your target customer. What you do well, better or different from your competitors. Focus on things which are actually important to your target audience. We work with a real estate company with a team of full-time agents. As full-time professionals, they provide a higher level of service to their clients. Unfortunately, most consumers don’t know the difference. So as we executed their branding program we took additional effort in the messaging to explain the difference.
Your market position is also an emotional statement. It is not just what you want existing and potential customers to think of when they hear your name, but how you want them to feel about you. The impression you are hoping to create should be captured in a clear concise statement which describes your target customer, the primary benefit they are seeking, and how the benefit will be delivered.
In classic marketing strategy, this statement is referred to as a position statement or brand position. The position statement describes your target customer in enough detail so you can picture that individual or company clearly. The more specific the description, the easier it is to create marketing material which grabs the attention of the potential customer. The position statement talks about the primary or differentiating benefit the customer is seeking. Customers have many needs, but how does your product offering or service meet their most important need?
“Positioning” is about creating an impression of your company in the mind of the consumer. This statement forms the foundation of the messages you will use in your marketing programs. but it is not necessarily advertising copy.
A market position statement contains the following elements:
- Description of the target customer
- Benefits sought by the target customer
- Brand name and product category
- Unique solution
If you still need more help with your position statement, give us a call.
What makes you unique?
Download our free
Position Workbook to find out.
Curious about how other companies approach a position statement? Check out some of the examples we have collected over the years.
More than a Few Words
Crafting a relevant position statement was the top of a podcast we recorded a few years ago.