BRAND POSITIONING
HOW CAN YOU POSTION YOUR PRODUCT IN A HIGHLY COMPETITIVE MARKET?
The way your customers perceive your brand is crucial since they define your
sales volume, the success of your business, and the profits your company will earn.
Therefore, you should be ready to present your products honestly and effectively. To do
this, you need to consider the following steps.
1. Define your target audience. Knowing your customers, needs, wants,
demographics, and interests allows you to give them the product they strive for.
This way, you can reach your target audience and motivate them to buy your
products. For this purpose, you need to be well-prepared and operate the
necessary information.
2. Identify the key benefits of your product. Benefits are a top priority for any
customer who wants to solve a particular problem. As a business owner, you
need to know all the peculiarities of your products or services, including their
features and advantages. You need to identify your key perks and communicate
them to the masses so that they can consider your product when reviewing
several options.
3. Establish brand credibility. You need to create a brand that people can rely on
to build trusting relationships and encourage your customers to make repeat
purchases. Consumers are more inclined to make repeat purchases from
companies with a good reputation and high credibility. Remember not to make
promises you can’t keep and claims that can’t be verified. Prioritize honesty and
transparency since they will help you build a healthy product positioning strategy.
4. Offer a unique value proposition. Communicate the value your product can
bring to your target audience. You need to know consumers won’t choose a
product if they can’t benefit from it. Explore your product, find its benefits, and
search for the most appropriate communication channels to convey them to your
leads and customers effectively.
5. Consider audience segmentation. If you want to obtain the best results, you
need to segment your audience since your product can’t satisfy all your
customers’ needs. You can divide them into groups based on their interests,
traits, and needs to create customized messages. As a result, you’ll be able to
appeal to their individual wants and needs and provide them with your product as
a solution.
6. Craft your messaging. Once you segment your customers, it’s necessary to
select the right communication channels for each group. Some of them might
prefer social media platforms, but others might use traditional channels like TV
and radio. Give some thought to writing a positioning statement (a description of
a product, its target audience, and how this product can solve a problem that
arises). It will help you prepare personalized and effective messages that speak
to the needs and preferences of each group.
7. Do a competitive analysis. Once your message is ready, you need to evaluate
your competitors’ businesses and the products or services they offer. Competitor
research gives you a clear understanding of your rivals, their offers, and what
makes your product different in a positive way. Afterward, you’ll be aware of the
distinctive features and benefits your product has, your core values, innovations,
and various improvements your company provides consumers with.
8. Demonstrate your expertise. Explain to your customers why they should
choose you over your competitors. You should also prove that your product is
better and that it has several benefits useful for consumers. There are several
ways to show the quality of your product or its benefits: testing’s, trials,
demonstrations, etc.
9. Focus on your competitive advantage. These are the factors that enable your
company to manufacture better or cheaper products and outperform your
competitors. You need to speak about the actual benefit your product provides.
Customers should truly need this product and obtain its visible value. It also
includes staying up-to-date and adapting to new trends and innovations.
10. Maintain your brand’s position. Once you reach this step, you need to
maintain your brand’s position so that customers continue buying your products.
If you aim to operate this successfully, you should never compromise on quality
and increase or reduce prices drastically since it can make customers
suspicious.
