News & Events
#016 – Positioning Your Business In The Marketplace
- 4th October 2017
- Posted by: Nicky
- Category: Episodes
Hi everybody! Welcome to the latest podcast from The Marketing Menu with me, Nicky, and Liz. And we’re finally going to reveal to listeners what we’ve been doing over the summer, aren’t we Liz?
We are indeed! And we couldn’t be more excited listeners. We think we’ve kept you waiting long enough. Go for it, Nicky!
Well, we’re delighted to announce the launch of The Marketing Menu Consultancy! Our new business has been set up to offer marketing training online as we both feel that this a natural extension to what we have been trying to achieve with the podcasts.
It also leads really nicely into the subject of today’s podcast which is about How to Position Your Business. But let’s tell the listeners a little bit more about how we decided to go into business and what we can offer with the training.Download transcript 390kb
©The Marketing Menu 2017. All rights reserved.
Yes, good idea! Well, it all started with me going to an incredible 4-day course called the Public Speakers University run by Andy Harrington, who is well regarded as one of the World’s Leading Public Speaking Experts. I was so inspired by what I learned that it got me thinking about what else we could do and I can remember getting back to my hotel room in the evening and, although I was completely exhausted, I was inspired and called you, Liz, to say what do you think about offering marketing training online.
And I remember that call very clearly! You were buzzing even though it was late and I was in bed! By the end of the conversation, I was completely on board and you were flying even higher.
It did seem a very natural progression from the training that each of us offer face-to-face, of course, but entering the online training world was new to both of us. And, boy, what a journey it has been so far.
It really has. But we’ve had luck along the way. A long-standing contact of mine was selling her online training business at exactly the right time and just happened to email me to say did I know of anyone who might be interested in buying it.
So, enter Nicky and Liz!
Yes, perfect timing! And I think that this perfectly illustrates the power of networks.
So, we then set about investigating exactly what we needed to do to launch an online training business.
From formally creating the business to researching the different platforms to be used. And, I must say at this point, my hat is off to you, Nicky, because you have done a completely awesome job on the technical side, from setting up the training platform to negotiating your way round webinar providers and stuff like landing pages and email automation. Just saying these things gives me a migraine!
Well, thanks Liz, it has been hugely frustrating at times and I have had some sleepless nights but I am really proud of how it all looks and operates. I’ve learned so much and the great thing is that I’ll be able to share this knowledge with clients now! It may be worth pointing out for those who may be familiar with our website the marketing menu.com that it has a little bit of a facelift, as has the branding for our podcast which people may have noticed over recent weeks.
Yep, I particularly like the mini me’s that we’ve created. Perhaps we should say a shout out to our wonderful graphic designer Mary for creating these, we will have some fun with these I’m sure.
So, let’s explain the training. And listeners, we’ve had to apply all we‘ve talked to you about over the last months to market our own business!
Well, we couldn’t not, could we really?!
Practising what we preach! First, we put together an Action Plan and have continued to build on this with timely updates.
Of course, we did because we’re always stressing the need for action planning, aren’t we listeners?!
Haha! We then looked at our target market and decided that we wanted to develop the training to appeal to small business owners, who have been struggling with their own marketing, managers who employ someone to do their marketing, but would like to understand more about how it works and anyone who wants to brush up their marketing skills, and bring themselves up-to-date with new practices.
Next, we looked at Tone of Voice which helped us to convert the training materials into Marketing Menu speak. We already knew this because we’ve established it through the podcasts. For instance, the jargon-free, no Americanisms ethos.
Yes, that was really important to us.
Which brings us on to Positioning.
Ah yes, I forgot we were doing a podcast about that!
We’ve talked briefly about positioning in previous podcasts. Basically, it sets out what a business should do to market its product or service to its customers and to create an image in the customer’s mind. It forms part of the marketing plan and comes into play when you are working through the Marketing Mix – you know, the 4 P’s Product, Price, Place and Promotion.
The key things to look at when considering how your business is positioned are:
- Look at how your business is currently positioned
- Find out who your competitors are and look at how they are positioned
- Determine what makes you different from your competitors
- Create a brand positioning statement – we’ll tell you how to do this in a minute
So, why is positioning important?
Because once you know how you want to be perceived by your customer, you can focus your marketing activities more specifically and effectively. You do have to know how you want to move your customer on from knowledge of what you do to buying. Listeners, I’d refer you right back to Podcast 004 which covers What Makes Your Customer Tick as a starting point.
I’d also say our podcasts on Pricing and Branding would also be really relevant. Particularly when it comes to deciding which positioning strategy you are going to use.
How do you mean?
Well, you may choose quality positioning where you focus on offering the highest quality products possible. You may want to be seen as leaders in a particular field and, as such, your pricing needs to reflect this as people will be buying a premium product, and will expect to pay a higher price.
So, conversely, value positioning would be where your product is perceived to be at the cheaper end of the market, say like Aldi and Lidl?
Yes, they’re really good examples actually. Then you’ve got demographic positioning where you might be appealing to a specific target group by age or gender, for instance. Like Over 50’s insurance or multivitamins for pregnant mums-to-be. See how this really helps you focus on what your marketing messages need to be.
Then you’ve got competitive positioning strategies. This is where you are actually repositioning the image of your competitor’s in the customer’s mind.
Well, say you’re run a carpet cleaning business and pride yourself on using non-toxic chemicals and your competitor is doing the same, you could re-emphasise the benefits of using those cleaning agents going into more detail about the quality of your service, thereby diminishing the effect of your competitor’s message, and emphasising your unique selling point. You could even look at how Coca-Cola & Pepsi compete with each other – similar product, same target market and they’re evolving their messages all the time.
Good stuff. Right, before we go any further, let’s just take a moment to remind everyone that our podcasts are free and available to download from iTunes, Stitcher, Blubrry and TuneIn.
Yes, and we also provide a transcript of all our podcasts on our website too, so you can back and check specific details about what we’ve talked about www.themarketingmenu.com
Let’s get back to Positioning then and talk about how to create a Brand Positioning Statement. What needs to go in it?
Well, to start with you need to look at your target market. Who are you trying to appeal to – the more detail you can include here, the better it is for creating the marketing message.
Then do some research about how relevant your product or service is compared to your competitors. This should be followed by deciding what it is that makes you stand out from your competitors – your USP.
Finally, what evidence do you have that your business delivers what it says it does?
When this has all been written down and finalised, you can create a Positioning Statement.
To give you an idea, this is the Positioning Statement for Starbucks:
“To cultured millennials, Starbucks is a premium coffee house that adds an intimate and valuable experience to a consumer’s lifestyle by integrating caffeine with a comfortable environment.”
So, it says what you do, how you want your customers to perceive you and what makes you different from everyone else. Done! Although I’d say the integrating caffeine statement is a bit high brow.
But with such a strong statement, clearly defined for everyone, including your own staff to see and understand, it helps you define what else you want to say.
You may even think about creating a tagline, which of course makes your brand more memorable. Think of Nike and Just Do It or L’Oréal and Because You’re Worth It.
Great examples, and of course they couldn’t have been created without knowing what the Positioning Strategy was for each product. Take L’Oréal for example – their tagline reflects the fact that customers will expect to pay more.
So, on to Repositioning, And we touched on this when we talked about Tasty Brand Stories in Podcast 014.
Yes, we gave the example of Old Spice, didn’t we, and how they repositioned their brand to women when they wanted to introduce a new male body wash range.
So, repositioning is basically getting your customer to think about your product or service differently.
Precisely. Or it could be to appeal to a different target market. But you would go through the same process we outlined earlier to make sure you were using the right marketing message to appeal to this new market.
Or you may consider repositioning if a product wasn’t selling well.
Another good example of repositioning is Travelodge. They had got the reputation of being cheap and a bit tatty but after they had a major refurbishment of their hotels, they repositioned themselves as a value alternative for families and business travellers.
Once again, this is a huge subject and we have only just skimmed the surface but hopefully, listeners, we’ve given you some of the basics to consider when looking to position or reposition your business or a specific product.
So, back to our own business positioning, let’s apply some of what we’ve talked about to our own marketing.
I think we should!
Not only are we developing over 20 bite-sized courses covering marketing, customer care, sales and business, we have what we’re calling our Signature Courses which are really meaty and will cover marketing essentials with practical exercises and strategies that can be put implemented immediately.
Included with this course will be free access to our Savvy Social Media, Profiting from Public Relations and Tasty Marketing Action Plan courses. These will be available to buy separately but the Signature Course is only available by attending the workshop.
So, our positioning reflects that this is a prestigious course with high-quality teaching and materials, developed by two marketing professionals with over 40 years combined experience, delivered in a luxury hotel because our target market works hard to achieve their success and deserve to be treated well.
You can find full details of all our courses and the benefits of attending the Marketing A La Carte Signature course from 30th November-2nd December on our website www.themarketingmenu.com
Well, that brings us to the end of this podcast and we hope that you have enjoyed hearing about our new venture and have been able to draw inspiration and ideas for your own business. Please share this podcast with your friends and colleagues particularly if they are starting up a new business or are trying to do their own marketing.
Don’t forget, we’re also on Social Media, of course, so visit our Facebook and Twitter pages where we share all sorts of useful information to help your marketing activity to be as effective as possible.
And as if this podcast couldn’t be more exciting, we’re happy to announce that our next two podcasts will feature guest speakers.
Yes, on 18th October, we will be joined by Jake Moore who is Cyber Crime Prevention Officer from Dorset Police and he will be talking to us about how to stay safe online. He has a great new YouTube channel too offering some amusing insights and some great information on this interesting and concerning safety aspect, so I am looking forward to that.
And then after that, we’re looking at TV and radio advertising and how it has evolved to become a really smart way to advertise which many listeners I know will be really interested to learn more about.
So, until then, it’s time for us to leave you for this week so it’s a goodbye from me, Liz.
And me, Nicky, and we’re both from The Marketing Menu Consultancy!
©The Marketing Menu 2017. All rights reserved.