The Value of Marketing Positioning
Developing highly differentiating marketing positioning (aka brand positioning) for your small business is almost as imperative as the products and services you sell. Sure it would be an incredible triumph of technical innovation if you were to develop the world’s first flying widget. However, if you do not have the means to adequately describe what it is, its value or why people need it, then no one will buy it. People only buy things they need or want based on an understanding of what they are getting.
Take a legal service, for example. Without effectively communicating its value and distinction, the firm will be hard-pressed to secure new business. New clients would likely only come if they were referred by a friend or family member. In order to attract new business, the firm must successfully articulate its marketing positioning in the form of targeted, value-driven, succinct key messages that make a case for why this firm is right for you. These statements can describe, for example, the firm’s litigation specialties, its past success, its credentials, and so on. These are the key attributes that will attract and convert prospects into paying clients.
The same holds true for your small business. Are you adequately communicating your value and differentiation? If not, you need to be. Otherwise you are leaving business opportunities on the table for others to secure.
Here is what you need to do in order to craft strong marketing positioning for your business:
1. Identify what makes your business special as compared to your competition
2. Clearly articulate what products/services you offer
3. Clearly articulate who your target buyer is
4. Clearly articulate the value of your offerings
Once you have these components nailed down, you have the pillars needed to craft a powerful elevator pitch (aka positioning statement), supporting key messages and value propositions (what’s in it for the customer).