To define your position in the market you should make product position process which is responsible for building an image for the product and make this image markable for the customer and due to this image you could develop your product or service, increase your brand awareness and develop brand positioning in the market. So, you may want to know the product positioning steps for more advantage.
Basic Steps of Product Positioning Process
1– Define your target audience
Firstly, you should identify the customer you will deal with. To make this process you should follow these steps:
- Create a customer profile that describes the company activity. it is important to attract more customers.
- Conduct market research You can learn about your target audience through primary and secondary market research.
- Reassess your offering and profile.
2- Define your main competitors
Then, you should list your competitors which make the same industry as yours. to list them you should know that there are three main types of competitors:
- A direct competitor offers the same products and services aimed at the same target market and customer base.
- Indirect Competitor offers the same products and services. but he seeking to grow revenue with a different strategy.
- Replacement Competitor offers the same products and services that customers could use instead of choosing your products or services.
3- Define product features
List the benefits and usage of your product. listing product features help you to introduce it in a fine way. The marketers must be well aware of the features and benefits of the products. It is rightly said you can’t sell something unless and until you yourself are convinced of it.
4- Analyze the Customer
It is the main component of any business plan. you should define who your target market is, and decide how you’ll reach them. you should use segmentation of the market. There are various approaches to segmentation but out of all benefit segmentation is relevant, which focuses upon the benefits or attributes that a segment believes to be important.
5- Make unique selling suggestions
Your product should have USP (unique selling propositions) and marketers must know what best their product can do. To make USP follow these tips:
- Describe Your Target Audience.
- Explain the Problem You Solve.
- List the Biggest Distinctive Benefits.
- Define Your Promise.
- Combine and Rework.
- Cut it Down.
6- Promote your brand
You may want to promote your brand and building a fine image for it. you could do it by using these steps:
- Create a brand image, or logo.
- Build business partnerships with other organizations.
- Rely on the power of social networks.
- Offer freebies.
- Develop relationships with your customers.
- Encourage customers to talk about their experience using your business.
7- Make the positioning Decision
To make positioning decision that helps you in branding your business and marketing your product we introduce you some steps:
- Make economic analysis.
- Positioning helps you to implies commitment.
- Try to introduce your services and prevent adding services you don’t have.
- Symbols or sets of symbols must be considered.
8- Monitoring the position
It is necessary to monitor the position, for that you have the variety of techniques that can be employed it can be on the basis of some tests and interviews which will help to monitor any kind of change in the image. step by step you could improve your business by monitoring your position.