Run time: 54 seconds
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Are you taking the best position in your market?
Your market position hinges on public perception—whether you’re considered a low-cost, low-quality alternative or a provider of unique, high-value offerings.
You may have grown your business without explicitly defining your market position, but doing so brings numerous advantages:
- Clearly articulating your value proposition helps attract your target audience more effectively, eliminating diluted messaging that attempts to please everyone. This clarity fosters a strong, recognisable brand.
- A well-defined market position can justify premium pricing for your products or services if you can take up a differentiated position.
- Choosing a less saturated market niche simplifies customer acquisition. Remember, you can always adjust your market position to adapt to changing conditions.
If you’re uncertain about your options, consider Bowman’s Strategic Clock, which outlines eight positions. Examining examples, particularly in the supermarket sector, can provide valuable insights using familiar brands.
Next week we’ll be looking at how to draw a marketing plan together.
Resources
Download our guide: How to create a marketing plan
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