Want to grow your business? Understand Product Positioning
We tend to start our business with just a single primary goal in our minds – that it becomes successful! Isn’t it so?
But how many start-ups are able to see the light of the success in their full potential?
Because there are many things which they particularly lack in their strategic planning such as not understanding their market audience, copying other businesses just for the sake of minting money without proper research and out of them all – one mistake is the appropriate understanding of the business term which is known as product positioning.
So, what is product positioning? What do we understand by it? Are there any types of positioning methods for marketing our product in the market?
Are there any steps or strategy involved in product positioning?
What is the process behind positioning your product?
These are some of the few queries which might be coming in our minds when we first hear about product positioning!
In simple words, product positioning is the persona of the product in your consumer’s mind.
For example, what thoughts come to our mind when we think of an iPhone.
The images which we create in our minds is of the phone which belongs to the rich, which has got quality, elegance, design, status etc.
This is how Apple has positioned an iPhone or just about every product under it’s brand name.
However, the whole scenario is quite different when it comes to let’s say a Xiaomi phone.
Another great example would Nike shoes.
Nike has positioned its brand in such a way that both athletes and regular office going people buy it. However, the persona related with a Nike product is of someone who is interested in sports, fitness and athletics.
So, if positioning a product is so important for a brand’s success as we can already see with the above examples then…
How do you position a product for effective results?yeah, that’s a question to think about?
In this, product mapping will help you out.
So, what is a product map then?
A product map is essentially a tool which helps the marketers in exactly depicting and visualizing their products in the marketplace.
It helps them know that, how the reaction would come out from their customers as it deals in topics like customer’s needs, competitor products.
Product map is the right tool which helps you in filling the vacant space in market and then it is all about how your product can do that?
So, are you with me? Still reading? Okay great. Let’s do this and rip this topic apart. Together.
How to position your product in the market?
For this, you will be requiring five elements (just like the infinity stones) namely – bad joke, anyways!
- Premise for the product
- Thinking about long-term
- Relevancy of the product
- It should be clear and coherent
- It must be distinctive
Premise for Product Positioning
What this particularly means is that for what market segment your product is? Let’s understand this together by an example.
Let’s say if a company like Apple wants to build something like an iPhone X then it will have to sacrifice its own potential market for $250 phones which it could have acquired by producing such breed of phones, isn’t it so?
But Apple specifically chooses to always make high-budget phones. And sometimes that hurts the regular buyer. Even I want to purchase an iPhone man. C’mon!
Long Term Positioning
This particularly means is that the position of the product which you are launching must not get changed from time to time.
For example, Apple, (yeah, I know again but please bear with me) has been known for providing high-quality and high-priced products to its consumers since the beginning.
And it will continue to do so. Till the end of the line.
This is particularly what we call long-term product positioning.
All that you can think about Apple as a top-notch brand won’t be changing at all. Whether it be it’s high-price, high quality and other similar things.
And this is essential for establishing a brand in the market. It mustn’t be like that for a year or two your reputation was something else and then it completely took a U turn.
Clear and Coherent
The marketing strategy which you cultivate for your brand must be clear, simple and coherent. By all this, what I particularly mean is that it should connect with your audience.
For example, for KFC – it’s finger lickin good.
See how simple, clear and connecting it was!
That is what you got to do if you want to make your brand successful.
Distinctive product positioning is all about the fact that how is your product different from the rest of your competition? The consumers need to recognize this while relating with your brand.
Types of Positioning
Benefit Product Positioning
The idea behind benefit positioning is to create awareness about the benefits that your product or service offers to the end consumer.
For example, the style of a clothing brand, the fuel economy of a car is the benefit positioning of the car brand. That it offers fuel economy to its consumers which the others perhaps are not able to provide.
Target Product Positioning
Here the marketing needs to be focused on the consumer that is likely to buy it.
For example, you should market surfboards to teenagers and young adults rather than old people. The positioning should be such that it makes the consumer think that the product belongs to them and them only.
Price Product Positioning
High pricing can position the product as a luxury item, attracting high-end consumers. But it also needs to be
Same goes for low price positioning. For example, brands like Xiaomi are playing on low-positioning or a more concise example would be IKEA.
It offers quality furniture at very low prices.
However, medium pricing is generally not used to position a product because there are too many products in the same range.
Distribution Product Positioning
The way a product is distributed also can create a product positioning. For example, some products are only meant for sale in certain stores and locations.
Service Product Positioning
This is about how you treat your customers. For example, let’s just say a brand’s store is known for being open 24
How you position your product through your service is service positioning of your brand.
Hope it would have helped.