Positioning your business
Positioning is trying to occupy a market niche or impression of your business in your customers' mind. It's about defining how you want your customers to think about your products and services. Defining your position in the market should be one of the first things you try to do in your business or marketing plan. It helps you be clear about what your business does, who you do it for and why you're different from your competitors.
For example, is your business competitively priced? A budget choice for families? Or do you offer more high-end services? Asking yourself these kinds of questions can help you work out where you want to be positioned in the market.
How do I position my business in the market?
You can use features of your business, such as location, your experience or packaging, to position your brand or products in the market. For example, an online home wares shop might use their pricing strategy to position themselves as a budget supplier, whereas a home-based accountant might use their international experience to position themselves as an up-market service provider.
Once you have worked out your position in the market, you will be able to work out what other business activities you might consider to suit your positioning. Although positioning might seem like marketing jargon, it's important to get it right from the very beginning. It helps you to be clear and focused in your marketing and business efforts.