As we continue our look at the 9 P’s of Marketing, it’s time to review the second ‘P’ – Position. Having defined the Purpose of your Online Marketing Strategy, we now need to find your spot in the market.
Back in the day, when each community had one butcher, one baker and one candlestick-maker, ‘position’ would have been much further down the list of P’s. Position isn’t as important when you have the monopoly!
Today’s market is a competitive one and securing your Position is crucial. Not only is there more competition in your industry and your geographic area, but you are also competing with online stores from around the world.
That means you have to find or create your niche – your Unique Selling Proposition (USP). You need a point-of-difference from your competitors. In marketing terms, positioning your organisation refers to people’s opinion of your and your business.
For some businesses, having the cheapest prices is their positioning statement. For others, it’s having the best quality products or services, or the most eco-friendly.
People’s opinion of your business is based on many things, including Product, Quality, Reputation, Customer Service, Expectation, and Price.
Price is the primary influencer in purchasing decisions, but that doesn’t mean you need to be the cheapest. If you believe in the quality of your product or service, price accordingly, and position your business in a different way.
Building Brand Awareness
The aim is to build awareness and recognition of your brand. We want your name to be synonymous with the product, so consumers don’t even consider going anywhere else. There are some famous examples of how successful this can be, such as Coca-Cola, McDonald’s, and Hoover. For the latter, the brand name became so synonymous with the product, it became a verb!
When we start to develop your Online Marketing Strategy, we will consider how you want to be seen, what makes you stand out, and what’s unique about your business. We will research both your customers, and your competitors. This will give us your Positioning Statement.
We can then create and target your marketing material correctly, and monitor the results. Your Online Marketing Strategy is an ongoing and ever evolving process, so it’s crucial to continually reassess what your customers think.
Online, positioning can be done through your brand, your Mission Statement, product descriptions, blogs, social media, and an effective SEO strategy. Remember, more than 80% of consumers research products online before they buy, so you need a strong presence.
Furthermore, around 60% of Australians say they read online reviews or blogs before making a buying decision (2016 Sensis Social Media Report).
Get your positioning right, and the rest will follow.