Before you start preparing your marketing strategy, you should establish how your company compares to the competition. Basically, the market position determines the place your product or service occupies. In order to successfully fight rivals, you should monitor the market share as well as check the total sales of the product against the results of the global market segment.
Market position: what is it?
While many people think that market position and market positioning are the same, there is a difference between them. Both concepts refer to the place that a given product takes, but in the first situation we take into account indicators that give unambiguous results. However, in the case of market positioning, subjective opinions are taken into account.
Are you wondering how to stay ahead of the competition? The market position will make your task easier, as it helps to build the brand image, and thus influences how customers perceive it. It allows you to stand out from the competition, and also helps to express the basic values in communication channels with customers.
How to check the brand's position on the market?
To prepare an effective advertising campaign, you should learn about the strengths and weaknesses of your competitors. It comes with help SPACE analysiswhich takes into account both the external and internal environment. The external environment includes environmental stability and internal attractiveness. In turn, the internal environment takes into account competitive advantage and financial strength.
Market position is a key element of brand development that should be taken into account when determining a content marketing strategy or establishing cooperation with influencers. It also helps to prepare a pricing policy and choose distribution methods.
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Experts argue that the market position even influences decisions made by other departments. Are you looking for a way to stand out on homogeneous market? First of all, carefully analyze your pricing policy. Consider whether you want to offer a free service for, say, 30 days, and then charge for an annual subscription. Or maybe you prefer to set a specific rate for unlimited product use.