01 Market Position
A prospective client is looking for a service that you provide. First and foremost, they’re trying to make sense of their options. Silently, they’re asking “which brand will solve my need?” and “which brand shares the values I do?”. Simply put, the objective of your brands market position is to communicate why your service is the most viable option for them.
By reflecting on your brands internal qualities, you will gather the necessary insight to communicate to your prospective clients your market position.
- Identify what makes your service unique.
- Get clear on what need your service solves for your client.
- Reflect on your market from an objective point-of-view and assess why someone should use your service over the competitions.
- Determine possible market positions for your brand by using the Market Position template.
75% of people think a brand must have a deep understanding of their needs to engage successfully.1
5 Steps to Starting a Project Right Warm Up
As a brand, you have the opportunity to be known for providing something unique to the market. The set of talking points ahead will create the necessary reflection to communicate what your brand has to offer your prospective clients.
5 Steps in Identifying Your Brands Market Position
01 Address the need you solve.
Knowing exactly what need you solve for your client will help you identify what your market position should be. Are there different needs you solve with different service offerings?
02 Identify your strengths.
Communicating your strengths will demonstrate to the prospective client why your service offering have the ability to solve their need.
03 Demonstrate the value you provide.
Communicating the value that could be had with your service offering will reinforce the reasons-why clients should do business with you over your competitors.
04 Define your brand values.
The guiding principles you follow provide depth to your brand and can help prospective clients create a connection to your brand.
05 Demonstrate emerging trends.
Ideal clients will be doing independent research before buying your service. If you are acknowledging emerging trends, you create a discussion point with prospective clients.
Takeaway
Although there are major overlaps in these talking points, the small nuances which make your brand unique give the clarity your positioning demands in order to create competitive advantage.
Be Known for the Service You Provide Deep Dive
Unclear positioning creates a difficult environment for your prospective client to choose your service. It leads them to create their own understanding of what your service will do for them. Articulating your market position makes it easy for your prospective client to understand your benefit - leading to more business.
The Problem
Inspired by modern architecture, a homeowner is looking to hire an Architect for their family dream home in Portland, Oregon. They begin to do market research.
Unclear positioning creates a difficult environment for your prospective client to choose your service. It leads them to create their own understanding of what your service will do for them. Articulating your market position makes it easy for your prospective client to understand your benefit - leading to more business.
The Problem
Inspired by modern architecture, a homeowner is looking to hire an Architect for their family dream home in Portland, Oregon. They begin to do market research.
The Solution
Step 1: Address the need you solve.
When you can clearly define the need your service solves for you client, you’ll effectively communicate with those looking to solve their need. If you’re vague, the communication may not connect; leading to no differentiation between you and the other service providers in the market.
How this could go wrong
If you haven’t articulated the needs of your prospective client, they are forced to create their own interpretation of what need you will solve.
How to get it right
Articulate your clients needs early on. Based on the work you have done, educate prospective clients on how you have exceeded the clients needs.
If you have multiple service offerings, show examples that address the needs you solve within each of your offerings.
Step 2: Identify your strengths.
If your strength has the ability to solve their need, you’ll be a major consideration to do business with.
How this could go wrong
Failing to identify your strengths, it will not be clear why you’re the best suited to solve their need.
How to get it right
Reflect on what your previous clients appreciate about your service offering. Demonstrate to prospective clients that because of your strengths, you’re suited to solve their need.
Step 3: Demonstrate the value you provide.
If you can articulate the value you provide to your prospective client it will reinforce the reasons-why they should do business with you. Ultimately, one or more of the values you provide will influence them to do business with you.
How this could go wrong
By not communicating the value you provide, you have not shown a reason-why your prospective client should choose your service.
By miscalculating the value you provide to your prospective client, you demonstrate an unclear understanding of your prospective clients needs. This will weaken your market position.
How to get it right
By communicating the value you provide, you help the prospective client form an educated buying criteria. Demonstrating how your value will positively affect your prospective client, your service will be easier to select within your market.
Step 4: Define your brand values.
You solve their need, you have strengths, and you provide them value. Equally as important are the brand values that guide you. It could be your particular style, your process, or your unique perspective within the industry. Whatever brand values your business focuses on, defining them upfront will lead the right people to you.
How this could go wrong
By not having your brand values communicated, your prospective clients will not be certain you are the right service provider for them. Working on projects that are not in line with your brand values will cause friction within your business. As a result, it won’t be a project you’re able to stand behind.
How to get it right
Make sure your brand values are first understood and then communicated from the beginning. You’ll attract clients who want the work you’re best suited for. Those who want something different will go elsewhere; a win for you and a win for them.
Step 5: Demonstrate emerging trends.
Your prospective clients will conduct research before buying, regardless of how well communicated your brand is. If they see you’re talking about what’s current, they’ll tap into your perspective and learn from you.
How this could go wrong
If your business fails to communicate emerging trends but your competition does, your brand will be perceived as outdated.
How to get it right
Acknowledging emerging trends, you create a discussion point with prospective clients. Where possible, you show how you have practically implemented the trends or intentionally avoided them. As a result, your prospective clients will know your service will be well-considered.
Conclusion
The need you solve, your strengths, the value you provide, your brand values, and demonstrating you’re at the forefront of the industry are all critical elements of your market position. By formulating your answers in the market position template below, you’ll create a specific position in the marketplace and differentiate yourself from the competition. Then you’ll be ready for module 02 Defined Audience.