Positioning: fifth of marketing "P"

All marketers, business students and entrepreneurs have been taught the 4 “Ps” of classic marketing: Product, Price, Promotion and Place as the marketing model designed to be used by companies to define their marketing strategy. . The marketing mix has been around since the beginning of time and is used as a tool to identify customer wants and needs and how to tackle the competitive landscape.

Positioning is the bridge that connects the other 4 “Ps” around a central theme and creates the brand equity that is so critical to the success and growth of any business and therefore the most important component of business. marketing mix. Many companies approach their customer base with a “one size fits all” approach to their product or service, but in today’s environment, this approach will not work. Each customer you serve in your business is unique and has different wants and needs. Although your product can cover a wide range of attributes that can serve the majority of those customers, a successful marketer knows how to use positioning as a tool to customize a solution for everyone. Here are 5 things you need to position to be successful:

1. Yourself: The business is built on relationships and people want to work with credible people, not with large corporate entities. Use personal branding techniques to position yourself as an expert in your field with credibility and integrity, leading to increased sales. People will buy from people they trust.

2. Audience: your customers need to understand if they are in the right place and if your product and services fit their needs. Marketing experts can position the audience to belong to the target market and community and customize specific marketing messages to their needs and wants.

3. Brand: creating an image or perception in the minds of your customers is one of the most powerful positioning techniques. A brand position permeates an entire organization and is endorsed every time a customer interacts with your organization.

4. Product: refers to what the customer thinks about your product, for example; lowest price, highest quality best service, easy access, etc., when they are making a purchasing decision. The position of your product will directly connect with your value proposition and how it differs from your competition.

5. Offer: refers to your approach to the sales process. Successful offers are focused on the result your customer will receive, not on the offering of products or services. Your offer should be a combination of the results (benefits) your customer can expect and the way (feature) they will receive your product.