WHAT IS PRODUCT POSITIONING?
What is product positioning?
Positioning is where your product or service fits in the marketplace. It is a strategic exercise that defines what makes your product unique and why it is better than alternative solutions.
Why is product positioning important?
Your strategic positioning is the basis of your marketing story. The goal is to distill who your audience is, what they need, and how your product can help.
Establishing upfront how you want your product to be known in the market sets the foundation for how you will communicate the value of your product to customers.
Your ability to articulate the key benefits of your product and the problem it solves is critical to business success. It keeps your marketing strategy grounded in the true value of what your product provides. This ensures your promotional activities resonate with customers and help them understand why your product is the best option to meet their needs.
What influences how a product is perceived?
Product positioning is made up of core building blocks that explain your product’s unique value. By bringing together your customer, market, and product knowledge, you can align the broader team around the best way to position your product for success.
KEY ELEMENTS THAT DEFINE YOUR PRODUCT POSITIONING:
The overall direction for where your product is headed.
How you are going to make your vision a reality.
- Market Category
The market that you are in and your key customer segments.
Catchphrase or slogan you use to describe your company or product.
- Customer Challenges
Major pain points for your customers.
Developing a positioning strategy is a collaborative exercise. It usually entails the following:
1. Understanding your customer
2. Analyzing your market
3. Assessing the product
Product perception is majorly influenced by what customers experience when they actually use your product.
Core areas that contribute to the complete product experience:
- Marketing How potential customers learn about your product and decide if it might be a fit.
- Sales How prospects get the information they need to make a purchasing decision.
- Technology The core set of features that customers pay for.
- Supporting systems The internal systems that make it possible to deliver the product.
- Third-party integrations The ecosystem of products the customer uses.
- Support How customers receive product training and assistance.
- Policies The rules that govern how your company does business.
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