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A good positioning strategy requires a careful evaluation of market research. The first step is to evaluate the total market size and opportunity. Market data (including industry reports, external market data, and your own experience with the market) will help you outline the total number of potential customers in the market as well as the total potential sales in the market.

Competitive positioning is about defining how you’ll differentiate your offering and create value for your market. It’s about carving out a spot in the competitive landscape and focusing your company/product/service to deliver on that strategy. Your ultimate goal is to win mindshare in the market — to be known as a “certain something” in the market’s mind.

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After you’ve defined your market size, begin outlining your market’s characteristics. For this task we highly recommended that you have at least one person involved who intimately knows your market and customers. You’ll want to describe what’s currently happening in your market and the influences on the market.

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It’s important to understand the lifecycle stage of your market. The market’s maturity impacts how you should approach your market and position your company/product/service against your competitors. Reference the market data and market characteristics to help determine the lifecycle stage if it’s not apparent.

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Qualitative market research will help us understand the behaviors, attitudes and decision-making processes of customers and prospects in our markets. These are the psychographics of our market. By understanding how our customers and prospects think – knowing what their true problems are, how they attempt to solve them and how we fit into their solution – we’ll better understand how to fulfill their needs and market to them. This understanding will also help us define market segments or personas – the distinct subgroups of our market – that will allow us to more efficiently market to each group.

How well do you really know your customers and your target market? Your goal is to understand how your prospects & customers think. What are their true problems, and how do they attempt to solve them?

There are many ways to accomplish this. Your approach is probably dependent upon your current market intelligence, your available resources and your urgency for creating a competitive positioning and brand strategy.

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When you segment your market or create buyer personas, you can do a better job addressing the specific problems faced by the people/companies/prospects within each segment. And when you speak to specific problems and needs, you can greatly improve all of your sales and marketing efforts.

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Qualitative market research will help you understand the behaviors, attitudes, and decision-making processes of customers and prospects in your markets. These are the psychographics of your market. By understanding how your customers and prospects think – knowing what their true problems are, how they attempt to solve them and how you fit into their solution – you’ll better understand how to fulfill their needs and market to them.

Figure out the Current Market Characteristics

What are the characteristics of your market? Is it growing, stable or contracting? Are prospects actively seeking out your product/service? Do they have a known pain but not yet realize that your product/service will alleviate that pain?

Figure out the Decision
Maker + Influencer

Who makes the ultimate decision to buy from you? B2B marketers often have to deal with multiple decision-makers or a team of decision-makers and a number of influencers. This affects their overall marketing and sales strategy, as they often have to deliver different messages to different people within a company.

It's typically clearer for consumer marketers, as the person using the product/service is often the decision-maker. However, many big-ticket items, such as cars, furniture, and appliances, may have multiple decision-makers.

Who else is involved in the buying decisions (the "influencers")?

Figure out the Knowledge of Pain

Is your market actively seeking a solution to this problem? In B2B, for most companies, there is a mix of people actively seeking a solution, people wanting a solution if one were to be presented to them (but they're not actively seeking one), and people who have the pain (whether they've realized it or not). B2C is similar. For example, for cold medicine, the buyers have pain (a cold) and are actively seeking a solution. For a teeth whitener, many people in the market might not be actively seeking the product but might be interested if it was affordable, easy, and effective. People with stained teeth, who have no interest in breaching them, would have pain, but wouldn't desire a solution. People with naturally white teeth would have no pain.

These scenarios affect the marketing strategy and ultimate positioning, as markets with a high number of prospects actively seeking a solution require different activities than does a market with a large number of prospects who have latent or unknown pain.

Estimate the percentages of each scenario. If you don't know, start with a guess, and refine it as you are able. All four combined should total 100%.

1) Percentage Mix of People/Companies Actively Seeking a Solution in the Market:

2) Percentage Mix of People/Companies Desiring a Solution in the Market:

3) Percentage Mix of People/Companies with a Pain but Not Desiring a Solution in the Market:

4) Percentage Mix of People/Companies with No Pain in the Market

Figure out the Market Trends

Finally, what are the trends in your industry and/or market? Trends are important because they can translate into new opportunities. For example, is the industry shifting toward a new type of solution? A current popular trend is "green" products. Many consumers are willing to pay more for a product that they believe is friendly to the environment. You may have already listed your trends above under "Characteristics or Influences," which is fine, but it's possible that all three -- characteristics, influences and trends -- could be different.

Now it’s time to put everything together to determine your high-level approach to positioning yourself in the market. Review the characteristics of your lifecycle stage and the typical positioning approach for each below. You may decide that the typical positioning approach is right for you, or you may wish to modify it.

So how does it work? Let’s check our Getting Started tutorial or choose from pre-made templates.

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