Positioning your product isn't easy, but it's an essential step in your marketing process. In your marketing strategy, make sure you account for these three factors affecting your product positioning:
How consumers connect to your brand emotionally can have a big impact on your product positioning. We recommend businesses to research the way consumers perceive their brand so they're aware of this factor.
According to a recent MM&M Magazine article, businesses can use several market research methods to discover how consumers relate to their brand and product emotionally:
"Uncover emotional connections to your brand. You can use various types of market research methods, such as personification, psychographic and ethnographic research among current and potential customers to uncover underlying emotional issues related to a brand and to gain insight into the subconscious perception of your product."
Effective product positioning requires some amount of game theory. You have to analyze competing products in the industry and anticipate how your competitors will react to your strategy.
Many businesses fail at this step. Since they don't take their competitors' reactions into account, they're left with no favorable options at the next step of the game. This can have a negative impact on your product positioning.
Your target market's preferences
Moreover, it's important to know your target market's preferences before you start planning your positioning strategy. In addition to their emotional connection to your brand, you should also be aware of common needs and wants among your target market. This will help you improve your positioning strategy and gain an edge over your competitors.
Although other areas like product development are important, many businesses fail to give positioning its due credit. As a result, they don't always put themselves in the best position to market their product effectively.
To talk more about product positioning, or anything else, please contact us. Thanks.