B2B Market Positioning on a Budget

You're an SMB or Start-up SaaS and you want to get marketing right. You've studied, researched, or been enlightened about the importance of market positioning, and you know you need to nail it as the foundation of your growth strategy.

Market positioning: where you sit in the minds of buyers versus your competition. Well-positioned companies' value propositions and differentiators will resonate with buyers instantly and be remembered.

The Cost of Consultants

Fantastic, let’s hire a consultant. So you Google “market positioning consultant” and screeech, it’s going to cost how much? The first result on Google is priced at $65k for a workshop. Gulp, that’s the marketing budget you had in mind for a quarter or two. Top positioning strategists are often worth the investment but obviously aren’t feasible for all businesses. Even more run-of-the-mill pricing of $10k to $30k for a positioning exercise is far-fetched for most businesses.

Positioning on a Budget

You can still get your positioning right, and right doesn’t have to be perfect. Right will differentiate your brand, get you out of the gate, and provide the foundation you need for your content and messaging strategy.

How Do You Position Your B2B Brand Without Breaking the Bank?

It comes down to conversations. Talk to your clients, talk to your executive stakeholders, and talk to client-facing members of your team. Questions to ask:

• Who is the primary target audience?

• What problem does the product or service solve?

• What pain is/are the buyer(s) experiencing because the problem is unresolved?

• What’s your perception of our brand positioning versus the competition?

• What value does our brand provide?

• Why would a customer choose this brand instead of the competition?

Make sure to speak with at least one representative of each group, but the more the merrier. A realistic goal without killing resources is to talk to 3 clients, 3 executive stakeholders, and 3 client-facing team members.

Collecting and Organizing the Data

Once you've conducted these conversations, it's crucial to organize the data effectively to draw actionable insights. Here's how:

• Transcribe Conversations: Use a tool like Otter.ai or Rev to record and transcribe your conversations. This ensures accuracy and saves time.

• Categorize Responses: Utilize AI tools such as MonkeyLearn or IBM Watson to efficiently categorize and analyze the responses. This helps in identifying common themes and insights quickly.

Turn Conversations into Positioning Insight

If the answers you receive are all over the place, your market positioning is concerning. What can you find within the conversations that were similar? Look for common themes or phrases. These similarities can be the foundation of your positioning statement, indicating where your brand naturally resonates with your audience. If there are no common themes, it might be necessary to revisit your core value proposition and refine it based on the feedback received.

If the answers you get are similar across the board, you’re probably fairly well positioned, as there’s consensus across disparate groups as to who you serve, the problem you solve, and what your differentiation value is. Maybe you have a messaging problem, but your market position is tracking well.

Creating Your Positioning Statement

A positioning statement succinctly defines your brand’s unique value and place in the market. Here’s how to craft one:

• Template: Use a template like: "For [target customer], who [statement of need or opportunity], our [product/service] is the [product category] that [statement of benefit]."

• Refinement: Refine your statement based on feedback, ensuring it captures the core insights from your conversations.

Messaging: Clarity and Simplicity

After defining your positioning, the next step is ensuring your messaging is clear and compelling. Your positioning statement should be easily understood by laymen. This is where the KISS principle (Keep It Simple, Stupid) comes into play. Complex jargon can alienate potential clients; simplicity ensures that your value proposition is accessible to your target audience.

Consider having someone who knows nothing about your company conduct the exercise. Their basic understanding will help identify the best way to communicate the product in a compelling way. This fresh perspective can highlight assumptions you may have made about your audience's knowledge and ensure that your messaging is truly clear and effective.

Consistency Across All Channels

Once your positioning and messaging are defined, consistency is crucial. Ensure that your brand message is uniform across all channels—your website, social media, email campaigns, and sales collateral. Consistent messaging reinforces your position in the market and helps build a recognizable brand identity.

Conclusion

Getting your market positioning right is essential for your B2B company's growth, but it doesn't have to be a daunting or expensive process. By engaging in meaningful conversations with clients, stakeholders, and your team, you can uncover valuable insights that will guide your positioning strategy.

If you need expert guidance to refine your positioning and ensure your messaging resonates with your target audience, contact Mark for professional assistance. Let's work together to build a strong foundation for your brand's success.

By following these steps and continuously refining your strategy, you can establish a strong market position that differentiates your brand and attracts the right clients. With a strategic approach and disciplined execution, your B2B company can achieve significant success and growth even on a limited budget.