Why is it important to have a position?
Read on to find out the importance of positioning and what we mean by having a position when it comes to business and marketing.
When you are starting up you may initially aim your products or services towards as many people as possible to help the business roll in. However, a catch all approach is not the most effective in generating long-term sales and growth.
We will show you the importance of positioning and why you should consider finding yours, no matter how old or new your business is.
What do we mean by having a position?
When we talk about a position we mean where your company sits in a particular sector. Also known as a niche, having a position means knowing exactly who you are aiming your content at and sticking to it.
Are you aiming at the millennials who work full time in certain industries? Or perhaps the rich stay-at-home mums who have wealthy husbands and can afford to splash out on more luxuries?
Having a position when it comes to marketing not only makes it much easier when creating content and campaigns but will also help your ROI as well as your brand development. It is about concentrated marketing and catering to a small specific, well defined segment of the population.
Here are a few more reasons why positioning is important to your business:
It creates more customers
If you are aiming your content at a focused target audience, it is easier to complete thorough market research, so you know everything about them.
This will help greatly when it comes to creating your marketing content as you will know how they speak, how they interact with companies and what platforms are best to use.
Knowing everything you can about your target market, and creating customised content and campaigns often leads to an increase in ROI. This also helps provide better quality leads and higher conversion rates.
Having a specific target market also opens opportunities to look at more targeted methods such as account-based marketing. This is a focused targeted method with higher success rates due to the use of personalisation and bespoke content for those you are aiming the campaigns at.
You become a leader in your field
By having and owning that niche it is easier to become an expert leader within that market.
People often look up to experts for advice in a particular sector. By having a niche clearly drawn out you can become this contact in that field which will help build your consumer base as well as network connections with other businesses.
In a world where 67% of consumers would be deterred from a product if they didn’t trust the brand, it is important to ensure that trust it built up. Not only to improve your business but also to improve your consumer relationships. By becoming a market leader the trust is easier to build and maintain.
Positioning or niche marketing means you have a clearer focus on who you are selling to, which gives you clearer, easier to manage objectives. By finding that niche you will find it easier to create content as you know exactly who it is being aimed at and what they want.
However, for niche marketing (positioning) to work, market research is key. If you don’t know your target market thoroughly you won’t be able to create customised, bespoke content for them and the importance of positioning will be lost.
Our marketing team are experts in helping companies to find their niche and fully understand the importance of positioning to help your business succeed.