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[view in browser.](saurhsmcr-_~lzaularazaaugcaaarumra-_~8587022139817975918395779899goe2c6gqnbhfy-_~wgavs-_~79997lld9999999hsbmojfklpqrydtusvih02-_~bm4XMfdvGcEYAKuP-ermg)   saurhsmcr-_~lzaularazaaugcaaarumra-_~8587022139817975918395779899goe2c6gqnbhfy-_~wgavs-_~79997lld9999999hsbmojfklpqrydtusvih02-_~bm4XMfdvGcEYAKuP-ermg   saurhsmcr-_~lzaularazaaugcaaarrmgu-_~8587022139817975918395779899goe2c6gqnbhfy-_~ez-_~79997lld9999999hsbmojfklpqrydtusvih02-_~H69zwojy7R8bDk-ermg saurhsmcr-_~lzaularazaaugcaaazgsaz-_~8587022139817975918395779899goe2c6gqnbhfy-_~smyixelb-_~79997lld9999999hsbmojfklpqrydtusvih02-_~sLvObXlaz935S-ermg saurhsmcr-_~lzaularazaaugcaaacghlz-_~8587022139817975918395779899goe2c6gqnbhfy-_~vwimcu-_~79997lld9999999hsbmojfklpqrydtusvih02-_~OpB4lELYCfb3VRDo-ermg   This is a Paid Advertisement. This email was sent to you by a third-party marketing company. 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(Definition And Benefits) Updated 11 September 2023 Marketing teams employ a variety of tactics to help businesses increase the number of customer purchases. Marketers can do this by using positioning, which is a tactic that helps distinguish a company's products from those of its competitors. If you want to increase sales of a company's products, you might benefit from learning more about positioning. In this article, we examine what competitive positioning means, discuss the goals and elements of this strategy, highlight three approaches for outperforming competitors, review tips to create one of these strategies and see the benefits. Related: What Is Competitive Strategy? Definition, Types And Examples Related jobs on Indeed Part-time jobs Full-time jobs Remote jobs Urgently needed jobs View more jobs on Indeed What Is Competitive Positioning? Competitive positioning is a strategy which helps a marketing team differentiate a company from its competitors. A company's position depends on how the value of the products and services it offers measures against the cost of comparable products and services available in the market. To strengthen their position in the marketplace, a marketing team considers a variety of market factors, such as audience needs and contemporary trends. Related: What Is Brand Positioning? (With Benefits And Tips) What Is The Goal Of Positioning? The goal of positioning is to increase sales by enhancing the perceived worth of a business amongst consumers. This often entails identifying a niche for a business's products to target their particular requirements. By doing this, you may appeal to a market that is interested in your services while also reducing competition. Elements Of A Positioning Strategy There are a few common elements you may consider while creating a positioning strategy, including: The market for a product: Consider all aspects of the market to determine where a company and product fit. To learn how to increase the success of a company, think about whether the market for the product is big or small, what stage of growth the market is in and how many competitors the company has. What an audience wants: Find out the specific needs of a target audience through analytics and social media to learn how to better market to those requirements and succeed against the competition. Use this knowledge to improve products and marketing campaigns with unique angles, additional features and specialised content. How a company performs: A company's performance can affect the success of marketing campaigns, so consider evaluating company performance using methods like a SWOT analysis. Analysing SWOT, which stands for strengths, weaknesses, opportunities and threats, helps you determine the potential of a company within its market. The value of a product: Determine how much value a product has for customers by examining the price point and the benefits of the product. If the product's price point matches the capabilities of the product, then you may have a higher position than competitors who charge more for less beneficial products. Related: What Are Product Research Tools? (With Best Practices) 3 Ways To Create Competitive Value There are three key strategies for enhancing the competitiveness of products. To engage an audience and increase sales, you can concentrate on a particular area of customer interest. Here is a closer examination of the strategies for producing competitive value: 1. Operational excellence When you utilise operational excellence to increase a company's competitiveness, you market the way a business produces a large number of goods at a cheap price while keeping a high level of quality. To do this, the management of a company may concentrate on manufacturing more effectively to create a large quantity of products they can sell quickly. This usually indicates that the products are essentials like hair brushes or cutlery, which rarely require modifications to designs. Related: 15 Types Of Operations Metrics And Their Use In Business 2. Product leadership Marketing the distinctiveness and excellence of products to enhance a brand's reputation and promote sales is one way to distinguish a business from its competition through product leadership. While management considers methods to enhance products and include extra features that appeal to more customers, you can conduct market research to identify areas where a company can fill gaps that the competition fails to address. Product leadership is typically most effective in marketplaces where products offer clear upgrades or comparable features, such as with computers and cell phones. 3. Customer relationships Having positive customer relations can help a business, as loyal consumers are more likely to purchase new items, refer them to friends and promote them on social media. Being involved and approachable on social media and paying attention to customer feedback to improve services are all part of customer connections. This strategy is particularly helpful for promoting online stores or specialised products that let a team interact with customers who have particular interests. Related: How To Manage Customer Relationships: A Complete Guide Tips For Developing A Positioning Strategy Examine the following tips to develop a positioning strategy to increase sales for a company: Create a list of goals. You can better understand how to adopt a strategy for a business by defining its goals. The management of a firm and its marketing staff can meet to discuss the short- and long-term objectives of the organisation's positioning. Become an expert in a market. Understanding a market and the role of a company, its marketing team and its audience in that market can help you strategise and find an ideal competitive position. Research current trends, know who your competitors are and research new products to find out what is selling well and what customers still want from the items in which they invest. Analyse competitors. When you study a company's competition, you might spot opportunities for growth and foresee modifications to their marketing approaches. This can assist you in developing unique, innovative marketing initiatives and helping a business stay relevant to its customers. Understand price vs benefit. To determine whether competitors' products offer value to customers, examine the price and attributes of their products. Using this data, you can create a product value chart for a business and assess whether you can increase prices or improve the quality of items to outperform competitors. Make a timeline. Consider creating a timeline if a marketing team has a campaign deadline or set of objectives so you can stay on schedule and assess your success in relation to competitors. This aids in assessing your position in the marketplace and provides a visual guide for performing the tasks necessary to expand a business. Find a niche in a market. A niche might assist you in attracting potential customers who look for speciality products that other businesses might not be able to provide. By outlining how some items are unique and superior to competitors' products, you may promote a company's goods to niche buyers and strengthen its standing. Examine customer segments. Customer segments refer to groups of prospective consumers with the same objectives, preferences and needs. A business can better understand its target market and develop marketing materials that relate to one or more particular target markets by evaluating customer segments. Choose a strategy for delivering value. Focus on establishing a strategy to deliver value if you want to achieve a competitive advantage or implement a competitive positioning strategy efficiently. Customers are more likely to choose a company over its competition and become long-term customers if you can demonstrate to them that you can provide a niche product with added value. Reduce prices or raise value. A company may find it challenging to reduce the cost of its products while still giving customers more value. It may be advantageous for businesses to choose between lowering prices and increasing the value of goods before developing marketing materials that emphasise the strategy they choose. Related: 9 Pricing Tools To Consider (With Definition And Examples) Benefits Of Positioning By incorporating positioning strategies into a marketing plan, you may increase the potency of promotional messages, create price plans that are appropriate and customise services to a target market. Implementing a marketing positioning plan typically has the following advantages: Builds a favourable perception of a company or product. Using positioning in marketing, you can influence how customers perceive products. Customers may associate a brand with a product if you provide materials that present it favourably, which might result in increased sales. Increases product sales. You can achieve a significant rise in sales and even gain new customers by presenting appealing and pertinent products to a segmented target group. Aligns the utility of a product with the preferences and requirements of a target audience. You may use positioning by focusing on how a service or product and its unique qualities match or surpass the requirements and desires of potential customers and add value for them. Enables you to make wiser decisions. Having a well-defined positioning plan makes sure that you have the information you require to make decisions that can produce favourable outcomes and healthy customer relationships.