How to Define Your Market Position

June 18, 2009sparxoo_admin

 

When someone says “Disney,” what immediately comes to mind? Whimsical fantasy, endless possibilities, magical neverland and infinite imagination might be adjectives to describe your initial thought. The Disney brand embodies “a magical world where dreams come true.” Disney is an example of a brand that can effectively convey a philosophy consumers want and meets their expectations. Through consistent value, Disney maintains a strong market position.

The goal of market positioning is to find the ideal opportunity in the market based on customer needs, market forces and financial and strategic considerations. Once you find that market opportunity, further develop your product and elevate your brand to deliver outstanding value. To clarify your market position, find an overarching theme, then define the details. To get you thinking about your market position, here are three essential elements of market positioning:

Brand Idea—The idea is an aspirational concept that ties the essence of your brand together. It defines you. The brand idea is your lighthouse–it guides you in the right direction. Consider BMW. BMW’s brand idea is “the ultimate driving machine.” When their team release a new model, all engineering and thought behind the product must work towards unveiling the next “the ultimate driving machine.”

Value Proposition—When a customer visits your store, uses your service or product, what should they expect? Your value proposition is your promise to your customer (see our advice on creating a value proposition).  Once you’ve defined your value proposition, it’s essential that you follow through. The idea being, when customers return, they receive consistent value. Think Apple. When their team launches a new product, it’s expected to be high-quality, simple and creative.

Differentiating Attributes—This is where you claim your individuality amongst your peers. What specific attributes set you apart from others and how does that support your overarching brand idea? Finding how you are different from the competition is key if you’re going to compete. To add value to the marketplace, it’s essential you have a unique proposition. Whole Foods Market is committed to wholesome living. That means in-store and marketing efforts must contribute to that central brand idea. Compared to other grocers who provide low price for low quality, Whole Foods adopts a philosophy of doing good while offering high quality products, supporting fair trade and doing business with local farmers.