Product Positioning Process
The following are the process of product positioning:
Understanding Target Market
The first step of product positioning is understanding your target market. In the STP model, positioning comes after selecting the target niche. It is crucial for marketers to pinpoint their target market before learning about their wants and preferences. Every person has a unique set of requirements, wants, and preferences. Nobody can think in the same way twice. Therefore, the company should understand where their target market is and what their needs, preferences and habits are.
Understand what your customers want from you
After identifying the target market, the next process is to understand what they want from you. The products must satisfy consumers’ needs. The company must specify the features of the product. The features and advantages of the products must be well known to the marketers themselves. It is true that you cannot sell something until and unless you are fully persuaded by it.
Unique Selling Proposition (USP)
Every product ought to have distinctive selling points, or at least a few of them. Organizations must develop unique selling propositions for their businesses and communicate these to target audiences successfully. Without USP, the products become homogeneous with other products and the customers will not be attracted towards the product. Therefore, it is crucial for the business to identify it’s unique selling proposition and communicate it to the consumers.
Marketers need to be aware of what their rivals are selling. They should make people know how their product is superior to the competition and how they can get benefits from it. Similarly, the marketers should know how their competitors are influencing the customers in the market and what they can do differently from their competitors. The company should not undervalue its rivals. They should inform their target market why they should choose their product over competitors. To have an advantage over their rivals, marketers must continuously put up great effort.
The next step for product positioning is to develop the strategies for brand promotion. The marketer should select a suitable topic for the advertisement. They should come up with catchy taglines and create a hook for the customers. There must be no ambiguity in the advertisement. The marketer needs to emphasize the advantages of the goods and how it is different from other competitors and can add value to their purchase.
Maintain the Brand’s Standing
The marketers must maintain a high standard of customer service in order to maintain an effective positioning. Even after promoting the brand, the marketer should maintain the position of the brand in the market consistently. For this, the company should never skimp on the quality and also shouldn’t significantly lower the cost of their goods.