You’ve got a brilliant business with products or services you believe in. The only issue? You’re not quite sure where you stand in the grand scheme of your industry. Market position evaluation is like a compass in the business world, pointing you to where you actually are among your competitors.
But how do you accurately evaluate your market position? It’s time to take a deep dive into the interrogation room (you know, the friendly one with lots of natural light where we don’t use “interrogation” in a literal sense) and start asking those tough questions that get us the intel we need.
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The Importance of Knowing Where You Stand
Understanding your market position is crucial for success and growth. It guides your brand strategy, helps exploit untapped opportunities, and fortifies you against competitors.
Are you ready to find out what it takes to assess your market position thoroughly? Here are 25 questions that peel back the layers and help you understand how you’re seen in the eyes of the market.
Market Position Evaluation Questions
1. How Do Consumers Perceive Our Brand?
It’s not about how cool your logo is (although that helps). It’s how your audience feels and talks about you. Is the word on the street favorable? If not, why?
2. What Are the Top Three Reasons People Buy Our Product?
Is it the value, convenience, or something else? Understanding the primary motivation of your customers’ purchases is key to honing your marketing efforts.
3. Do We Clearly Communicate Our Unique Value Proposition?
If you can’t articulate it, customers won’t understand it. Your Unique Value Proposition (UVP) is your competitive edge. Is it shining through in your messaging?
4. How Does Our Price Compare with Competitors?
Are you the affordable option, the luxury choice, or somewhere in between? Knowing where your price stands tells a lot about how you’re positioned in the market.
5. What Do Reviews Tell Us About Our Competitors?
Customer reviews can be a goldmine of information, exposing both your strengths and your competitors’ weaknesses. Use them to your advantage.
6. What Expectations Do Our Customers Have of Us?
From service to performance, meeting and exceeding customer expectations is key to cementing a strong market position.
7. Are Our Marketing Efforts in Line with Our Brand Voice and Values?
Consistency is everything. Is your marketing reflecting the values that your company stands for? If not, it’s time for a brand voice check.
8. How Easy Is It for Customers to Find Our Products?
Is your distribution strategy on point? Are your products where your customers expect them to be?
9. What Are the Best Channels to Reach Our Target Audience?
Social media, ads, or good old-fashioned word-of-mouth? Figure out where your audience hangs out and be there too.
10. What Keeps Local Customers Coming Back?
Loyalty is a precious currency. Find out what makes your nearby customers loyal and replicate that wherever you can.
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11. Is Our Customer Service on Par with the Best in the Market?
A happy customer is a returning customer. Your customer service is often the tipping point in making or breaking a customer experience.
12. How Strong Is Our Online Presence Compared to Competitors?
In the digital age, your online presence is a massive part of your market position. How does your website and social media presence stack up against the rest?
13. What Do Our Market Share Numbers Tell Us?
Numbers don’t lie. Be on top of your market share and understand what it means for your business.
14. What Are the Key Strengths of Our Closest Competitors?
Keep your friends close and your enemies closer. What are your competitors doing right that you could learn from?
15. Do We Offer the Same Product Variety as Competitors?
Are you offering everything they are and a little more? Product variety can be a major factor in a customer’s buying decision.
16. How Is Our Brand Recognizability Compared to Industry Leaders?
Are you a household name? If not, what can you do to become one?
17. Are We Keeping Pace with the Industry in Terms of Technology and Innovation?
Staying stagnant is the first step towards being left behind. Are you innovating as quickly as the rest of the market?
18. How Do Our Sales Numbers Look?
Profit is the ultimate yardstick. But what drives your sales? If you’re not sure, now’s the time to find out.
19. What Are the Key Weaknesses of Our Competitors?
Are they struggling where you’re strong? Weaknesses in competitors can be golden opportunities for you to shine.
20. What Does Our Market Segmentation Look Like?
Are you appealing to a broad consumer base or a niche market? Understanding your segmentation helps craft your market position.
21. Are Our Customers Loyal Advocates of Our Brand?
Loyal customers aren’t just repeat buyers, they’re your biggest fans. Turn them into brand advocates.
22. What Do Surveys Tell Us About Our Customer Satisfaction?
Sometimes, asking is the best way to know. Customer surveys can provide invaluable insights into satisfaction and areas for improvement.
23. How Does Our Product Quality Stack Up?
Quality speaks volumes. Is your product good enough, or is it the gold standard in your industry?
24. In What Ways Are We Involved in the Community?
Companies that give back are often companies that customers root for. How is your brand involved in the community? Make it count.
25. Are We Prepared for the Future of Our Market?
The only constant is change. How well you adapt to industry shifts can define, or redefine, your market position.
Takeaways and the Road Ahead
Evaluating your market position is not a one-time thing; it’s an ongoing mission. The answers to these questions can be a bit like the pieces of a puzzle. But one thing’s for sure — by consistently revisiting these positions, you ensure your business remains strategically aligned with customer needs and market trends.
Conclusively, understanding where you stand in the market is both an art and a science. As you uncover the answers to these questions, you inch closer to a more solid, dependable, and profitable position for your unique brand in the vast, ever-changing landscape of consumers. Keep interrogating your market position, and before you know it, you’ll be surveying the landscape from the top spot you’ve claimed.
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