In our previous discussion, strategic positioning was introduced with a focus on how organizations can position themselves effectively in the market. This week, we will conduct an in-depth analysis of the three pivotal factors essential for strategic positioning, namely WHO, WHAT, and WHERE.
WHO:
Every business must discern its specific market and target audience. While a business may offer a solution to society, it is crucial to recognize that its offerings are not universally applicable. It is essential to gain a clear understanding of the intended beneficiaries of the business, their requirements, socioeconomic status, and annual income. Identifying these factors empowers companies to pinpoint their target audience. For instance, a company specializing in the sale of milk and dairy products provides a solution to society but specifically caters to families, nursing mothers, and health and fitness trainers. Conversely, individuals with lactose intolerance or other health issues are unlikely to utilize their products.
WHAT:
Identifying the problem that the business solution addresses in the lives of the target audience is paramount. The business should effectively meet the immediate needs of the target audience, positioning the service as indispensable to them. Using the example of a company selling milk and dairy products, it becomes evident that nursing mothers and families with children aged 0-18 are the primary beneficiaries of their products. The “what” of the service is just as crucial as the “who” the products and services were designed for.
WHERE:
The geographical location is of utmost importance. Understanding where the target audience is situated and where the business’s operations are based significantly influences the approach to engaging the audience. Whether the business operates online or through a physical store, its presence should align with the accessibility and convenience of the target audience.
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