Understanding product positioning can help you to determine the best way to make your brand or product stand out from the competition. With the right strategy and plan of action, you can position your products effectively and maximize their potential in the marketplace.
Define Your Target Market and Persona.
Before you can develop an effective product positioning strategy, it’s important to define your target market. It’s also useful to create a “persona” for your ideal customer – this is a detailed description of the type of person who is likely to be interested in your product or service. Take some time to consider who your ideal customer might be and how they think, act, and feel about the products they purchase. This information can then help you to craft a messaging strategy that resonates with them.
Understand What Sets You Apart From the Competition.
One of the most important steps with any product positioning strategy is to understand what makes you different and why it matters to your target customers. This can be a mixture of your product or service features, customer service quality, or delivery options. Whatever the case may be, make sure that you know how you are different from everyone else in the market. When identifying your unique selling points remember to focus on the key benefits and why it’s meaningful for your customer, rather than focusing on features that may not appeal to all potential buyers.
Figure Out the Benefits & Features That Differentiate Your Product.
It's essential to understand your target market and what they need before creating a product positioning strategy. Ask yourself questions like what are the main features of your product or service that make it stand out from the competition? What key benefits do these features provide? What added value will customers experience when they choose your product over competitor products? Investing in researching the buying habits of your ideal customers, their pain points, and other direct or indirect competitive threats will help you determine which unique hook will tip the scales in favor of you.
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Create a Unique Positioning Statement for Your Brand/Product.
Crafting a unique positioning statement for your product or brand is what will set you apart from the competition. In simple terms, a positioning statement is “what your product does” in light of how it solves the needs of customers and how it “stacks up to competitors”. The two parts of your positioning statement should encompass what benefits are being provided (message) and why your product or service stands out from the rest (unique value proposition). Consider this example: "Our product provides for, unlike our competitors who only offer."
Monitor Your Results and Adjust Your Positioning as Needed.
Once your positioning statement and strategy is live, you should monitor its performance across all channels. Measure how your customers react to your new product positioning by tracking changes in website traffic, sales, customer sentiment, media engagement, word of mouth, and other KPIs. Make sure to adjust your product positioning based on the results you observe over time; this will ensure that you’re maximizing the effectiveness of your messaging.
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