The product positioning refers to that positioning where your product/service fits in the marketplace. This positioning is a strategic exercise, which is used by marketer’s to determine how to best communicate their products attribute to their target clients based on customer needs, available communication channels & competitive pressures, and carefully crafted key messages. A successful product positioning ensures that marketing communication reverberate with the target customers and compel them to take action. Some of the key elements that define your product positioning include mission, vision, tagline, market category, company & product differentiators, customer challenges and brand essence.
Product positioning is the formation of a clear image in the consumer’s mind within the targeted segment about nature of the product or service and the benefits to be increased from purchasing the product. Positioning is the tribute of segmentation. The development of positioning strategy is a collaborative exercise that entails product management and product marketing, which are working closely together to describe the core essence of your product. Some of the key steps to effectively elucidate your Company Product Positioning in the marketplace:
To determine how your brand is positioning itself
To identify your direct competitors
To understand how each competitor is positioning their product’s/service’s brand
To compare your positioning to the competitors for identifying your uniqueness
To develop a distinct and value-based positioning idea
To craft brand positioning statement
To test the efficiency of your brand positioning statement
A good positioning strategy entails a careful assessment of market research. The initial step is to assess the total market size and opportunity. Market data such as external market data, industry reports, and your own experience with the market will help you to outline the complete number of potential clients in the market as well as the entire potential sales in the market. The next step is to outline the market distinctiveness for determining whether your market is growing, stable or constricting, and what external factors & trends are influencing your market.
Competitive positioning of Ken research defines how you'll differentiate your offering & create value for your market. It is about figure-out a spot within the competitive landscape and focusing your company and product/service for delivering on that strategy. Your ultimate objective is to win mindshare in the market, to be known as a "definite something" in the market's mind. The main purpose of developing competitive marketing strategies consists of building & maintaining the sustainable competitive benefit for an organization over others within the same industry. Industry Competitive Positioning Strategies include:
Market profile: It includes competitors, size and stage of growth.
Customer segments: It includes prospects groups with similar wants & needs.
Competitive analysis: It includes strengths & weaknesses, opportunities and threats in the landscape.
Value proposition: It is type of value you’ll deliver to the market.
Positioning strategy: Position Strategy refers as how you’ll position your offering to focus on opportunities in the market.
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Ankur Gupta, Head Marketing & Communications