Understanding Positioning: The Overlooked P in Marketing Strategy (Full Transcript)

Speaker 1: Positioning. It's kind of the forgotten P of marketing. Your position is how you provide value to a customers in a unique way. It's a strategy that the business sets, but it's also something which is in the customers mind when they think of you. It's how they perceive you. So you push the advertising and marketing out there and they pull in the information and they make their own mind up what your position is. The positioning strategy starts off really by understanding your market better. So you might do market research so you can find out more about that market in general. Probably not so much customer focused research, but more just looking at the market, looking who's in that marketplace, looking for opportunities and looking for gaps. When we find that gap or opportunity, we can reposition our brand or products, come up with a new product. We could just be a new business and this is all pre-launch. We've got a basis of a product, but we don't know how we're going to price it, how we're going to market it. So looking at the marketplace for any particular gaps so we can fill that gap and provide a solution for a certain group of customers problems. So this is where targeting comes in. Targeting a specific market segment. So a market segment is a particular group of customers. Once we know as a business what segment of the market we want to target, what group of customers we want to target, then we offer them a point of difference with our product. Our product is slightly more suited to their needs than the other competitors in that marketplace.