The key to gaining market positioning is through brand differentiation and increased exposure. In order to gain market position against your competitors, you must accomplish brand differentiation first. This will separate you from the competition and clearly define who you are in the eyes of your potential target market.
Brand differentiation could be achieved through logo and design development, creative in-store visuals, customer perception (high end vs. mass market), pricing, target marketing demographics and selecting effective marketing vehicles.
The second step, to increase brand exposure, should be taken only when brand differentiation is accomplished. Increasing your brand exposure is achieved by increasing your advertising, marketing and promotions schedule. This can include public relations.
Things You'll Need
- Corporate identity
- Marketing materials: in-store POP, printed collateral
- Print advertisement
- Press Release
How to Gain Market Positioning-Brand Differeniation
Research your competition's logo and design package. Does your design package stand out from the competition? Make sure the colors and style fit your brand's identity. The logo and design will be the face you put forth to potential customers, so make sure the tone and colors fit. For example, a casual restaurant should have a friendly font with primary colors versus a more fine dining restaurant with a more formal design aesthetic and scripted font and mature muted colors.
Once you have determined your logo and design aesthetics, your in-store visuals should mirror this design. For the example of the restaurant, your menu and signage should be in the same color and style of your logo.
Determine what customer perception of your product or store is. Are you a high end product or a mass market brand? Once determined, this will direct you to the right pricing of your product. Surveys and questionnaires are one way to get this information.
Research your potential target market by using surveys and questionnaires. Some information you may want to gather is the ages, income level, what they do for a profession, why they would purchase your product and why they would they not buy your product.
Evaluating a correct pricing strategy is also key to gaining market share. If your product is not priced for the right perception of your key market, then you may actually loose market share if your target market feels you product is too expensive. If it is priced too low, it may even be considered too inexpensive and the quality may come into question.
Public relations may take time, but it is very cost effective. Give your demographic an opportunity to learn more about you and your business.
How to Gain Market Positioning-Increased Exposure
Select the appropriate advertising, marketing or promotional vehicles by determining what your competition is doing. This is one of the most important factor. You need to reach the correct market via newspapers, radio and community papers.
When placing an order for advertising, make sure you are not buying just one ad. You need a series or flight of ads to capture your demographic. Within a three month period, you can run one ad a week on a day of your choice. This will reinforce your brand image and make an impression on the readers or listeners of that media.
You can also get the press to take notice of your product to promote. This is public relations.
Determine if your product carries any relevant and timely news? For the example of our restaurant, maybe you are paying extra shipping costs due the high cost of gasoline and you have chosen not to raise prices on your customers. Instead, you choose to "go green" by dimming lights and air conditioning to save the money. Send a release to the media alerting them of your "green" efforts and follow up with a phone call to see if they are going to pick up your story.