While planning for your global business growth, you must focus on building an effective market positioning strategy. It will help you sell your product and services smartly to foreign customers based on their key interests, demographics, and market trends. You really need to look beyond global enterprise translation and localization to be globally successful. Moreover, marketing positioning is essential to make your brand a success in the global market.
To build trust in your overseas customers, a market positioning strategy should go hand in hand with your brand localization strategy. Read this article to learn about the significance of market positioning strategy to establish a strong brand reputation internationally.
Market Positioning Overview
Before going ahead, you need to know what market positioning actually is. Your brand’s market position is how your target customer will look at your brand compared to other competitors. Market positioning is a process of creating your unique brand image to make your product or services seem different from what competitors are already offering.
Let’s take the example of food companies; Coca-Cola has positioned itself as a beverage that brings happiness, freshness, togetherness, and positivity. The company never talks about health or claims to be a safe drink. They have positioned themselves as a thirst-quenching beverage that makes you feel good. On the other hand, Nestle is another food company that talks about nature and well-being. The company has positioned itself as a safe and healthy brand.
Why does Market Positioning Matter?
Your brand market positioning represents the core values of your brand and what it stands for. To grow internationally, you must differentiate your product from other competitors. Why will your target customers buy from you when there are already brands like you selling more or less the same items? No matter if your products are similar to other competitors, through market positioning, you can tell unique brand stories and invoke different emotions in your customers that will make them resonate with your product and make them buy from you.
How To Make Your Brand’s Market Positioning Strategy?
Following are some important guidelines to help you develop a robust market positioning strategy.
Start With Competitors’ Analysis
Before starting to work on your brand strategy, you need to have a detailed competitor analysis. To position your brand more effectively in a market, you first need to understand how other competitors are positioning themselves. Based on cultural values, market nuances, customers’ interests, and competitors’ marketing, you have to position your brand in a way that smoothly fits into the unique market demographics while maintaining its exclusivity simultaneously. You also need to analyze your competitors’ market share, strengths, weaknesses, growth rate, and USPs.
What Is Your Market Positioning Statement?
Once you have understood the competition in a market, it’s time to define your brand positioning statement. This statement explains what you are offering your customers and what your brand is all about. It also states why your customers should buy from you instead of other competitors. You can work with top language service providers to help you figure out your brand positioning statement. Your positioning statement should define: what you are offering; why customers should use your product; what problem you’re solving; what are the key benefits of your product, and what difference does it make?
Create A Unique Market Position
As you have studied the competition in the market as well as defined your positioning statement, now it’s time to position your brand. You have to make your Market Positioning strategy very carefully, keeping in mind the following factors.
Price: Make sure your brand’s pricing is somewhere near the pricing of other competitors. Too low pricing means poor quality; too high prices might create affordability concerns.
Attributes: Based on the culture and customers’ interests, associate the positive characteristics with your brand. Your brand should invoke positive emotions in customers.
Quality & Convenience: Provide higher quality products or services to your customers to fulfill their core needs. Your product should be easy to buy and use.
Distribution Channel: Selling your product on the right platforms is also significant to meet your sales target in a foreign marketplace. You can sell it online through social media or build brick-and-mortar shops.
Make Yourself Live
Once you have figured out how to position your brand in a foreign market, it’s time to go live. At this point, your brand is localized for the target market. You can use the top localization management platform or work with the top language service provider to effectively handle the localization project. Your work is not done yet because real issues only arise once you’ve launched your brand in a foreign marketplace. You may need to make some modifications to your current brand positioning based on the customers’ response to your brand’s current standing. If your brand market positioning is not working out, you can always reposition your brand.
Can I Do Brand Repositioning?
It’s time to know your customers better by getting feedback or conducting surveys. Doing comprehensive customer research helps you with better repositioning your brand. When it comes to global business growth, you have to keep evolving to create the best version of your brand for overseas customers.