Did you know that over 90% of startups fail within the first three years? One of the key reasons for this high failure rate is a lack of effective market positioning. Market positioning refers to how your brand is perceived by your target audience relative to your competitors.

Developing a strong market positioning strategy can help your startup stand out, establish credibility, and attract the right customers. According to a survey conducted by HubSpot, companies that have a strong brand identity are three times more likely to enjoy brand visibility and customer loyalty than those that do not.

In this article, we'll explore some effective strategies for creating market positioning for your startup:

1. Define Your Target Audience:

The first step in creating market positioning for your startup is to define your target audience. Who are the people that you want to reach with your product or service? What are their needs and pain points? Understanding your target audience is critical to creating a positioning strategy that resonates with them. At iU we defined it as the audience seeking to consume inspiring content online to empower their small business, invest their browsing time more productively, immerse themselves in content that makes them feel up and help them become a better version of themselves.

2. Identify Your Unique Value Proposition:

Once you have a clear understanding of your target audience, the next step is to identify your unique value proposition. What sets your startup apart from your competitors? What are the key benefits that you offer to your customers? Your unique value proposition should be clear, concise, and compelling. Our founder Mr Sujit Lalwani always believed in walking the talk & delivering value through action and impact. Our Online Media platform is precisely sharing stories that either inspire the same or are from the lives of people who are living the version of this kind. That has been our unique proposition that helped us stand out in the crowded digital world of online publishing platforms.

3. Conduct a Competitive Analysis:

In order to differentiate yourself from your competitors, you need to have a thorough understanding of their strengths and weaknesses. Conduct a competitive analysis to identify the key players in your market, their offerings, and how they position themselves. Use this information to develop a positioning strategy that sets you apart. Nobody else took a leap of faith to stay in this arena of inspiring content for long and hence that remained our advantage throughout the journey of close to 14 years now.

4. Craft Your Brand Story:

Your brand story is how you communicate your unique value proposition to your target audience. It should be a compelling narrative that resonates with your customers and creates an emotional connection. Your brand story should be consistent across all of your marketing channels, including your website, social media, and advertising.

5. Choose Your Marketing Channels:

Once you have developed your positioning strategy and brand story, the next step is to choose your marketing channels. Which channels will you use to reach your target audience? Will you focus on social media, email marketing, or search engine optimization? Your marketing channels should align with your positioning strategy and help you reach your target audience effectively. Our greatest strength has been our SEO & that has helped our client base from 70+ countries to date.

6. Monitor and Adjust:

It's important to monitor your market positioning strategy and make adjustments as needed. Keep an eye on your competitors and how they are positioning themselves. Pay attention to feedback from your customers and adjust your strategy accordingly. Market positioning is an ongoing process, and you need to be willing to adapt and evolve as needed.

7. Consider Emotional Branding:

Emotional branding is about creating a deep emotional connection with your target audience. It's about tapping into their values, beliefs, and aspirations. By using emotional branding, you can create a strong bond with your customers that goes beyond the functional benefits of your product or service.

8. Use Data and Analytics:

Data and analytics can help you make informed decisions about your market positioning strategy. Use tools like Google Analytics or Diib to track user behavior on your website, social media analytics to track engagement, and customer surveys to gather feedback.

9. Focus on Customer Experience:

The customer experience is a critical part of your market positioning strategy. Make sure that your product or service delivers on your unique value proposition and provides an exceptional customer experience. This can help you build brand loyalty and differentiate yourself from your competitors.

10. Be Consistent:

Consistency is key when it comes to market positioning. Make sure that your brand story and messaging is consistent across all of your marketing channels. This helps build trust and credibility with your target audience.

11. Be Authentic:

Finally, it's important to be authentic when creating your market positioning strategy. Your brand story should reflect your values and beliefs as a company. Authenticity can help you build trust and establish a loyal customer base.

Conclusion:

Creating a strong market positioning strategy requires a deep understanding of your target audience, a clear and compelling unique value proposition, and a consistent brand story and messaging. By using emotional branding, data and analytics, focusing on customer experience, being consistent, and being authentic, you can create a market positioning strategy that sets your startup apart and resonates with your customers.