For any company or organization, the product or service defines the business. Product positioning is the process of introducing and determining a product’s position in the mind of the audience. It is the process of defining your new product or service in the market place and it includes analyzing the competitors, industry research, establishing the brand image, etc. In fact, your product positioning also defines you as a brand.
Product positioning makes you accepted and remembered. It makes people talk about your business. All conventional marketing strategies aim to create a perception of your brand or business in the minds of the customers. Positioning is a part of the whole marketing process in your business environment. Product positioning starts from the very beginning of your business. Positioning is crucial for any business because you want the audience to change their perception of your product or service so that they appreciate it and act on it. Below are a few points to remember when positioning your product or service as a brand.
Consider the Current Position
In order to start strategizing your product positioning, you need to be aware of where your product stands now. This is to understand whether your product or service is just another item in the marketplace or it has got a distinctive value.
Identify who your competitors are and conduct a deep competitor analysis. Understand how they are positioning themselves and their products. Your research should include what they are offering, their strengths and weaknesses, their marketing strategy, and the current position of their products and services.
Consider the USP
Consider your Unique Selling Proposition (USP) for positioning. It is the perceived benefit of your goods and services that make it unique from competitors. Your buyers are motivated by your USP, even if it is costlier than your competitors.
Build A Positioning Framework
A product positioning framework helps you build a positioning strategy for your product and services. Your positioning framework should include everything like a big idea, tone of voice, value proposition, and everything that defines your business as a brand in the long run.
Assess Your Positioning
Creating the positioning framework and running campaigns is not enough, you need to check the success rate in real-time. It is essential to evaluate your position often in order to understand the flaws and negatives. This makes your call to action fast and helps in establishing a position for your brand.