This week, we will continue our 12 Ps Marketing series blogs by discussing Positioning.
What is positioning in marketing mix?
This new component of marketing mix is crucial as it is at this phase that you determine what sets your brand, product or service apart from your competitors. It determines the primary takeaways for your different target groups, assists in ensuring consistency in your messaging and acts as a tool for helping to make your brand relevant and stand out from your competitors. This substantially affects how customers perceive your brand and products or services.
Creating an elevator pitch, where you summarise your product or service value, will help you present your product or service, get the main attributes forward, as well as make a connection with your current and prospective customers.
Marketing decisions made about positioning
The money should start rolling in now that you have created such an excellent product or service, but this will not happen if you haven't addressed the proper brand, product, or service positioning questions. The mere fact that you have an excellent product does not guarantee that consumers will want it or even understand what it does. In order to set your brand apart from the competition, you have to create a desire in consumers and set your brand, product, or service apart from the competition. Your target market will be made aware of the worth of your product or service through the appropriate product positioning. Without it, you risk attracting incorrect leads, which could cause confusion, negative reviews and feedbacks, and a stressed-out customer care crew.
Questions usually asked when making the decisions are:
What does your company stand for?
What makes your product or service valuable?
Who are your competitors?
What qualities set your product or service apart from your competitors?
Which target market needs your product or service?
What problems does the target market use your product or service to solve?
Is your product or service addressing all the needs of your target market?
How effective is your current messaging? Is it resonating or falling flat?
Is your product or service an everyday one or only relevant in specific situations?
Which features of your product are not used or understood by your target market?
What impression does your product or service leave on consumers?
How will they describe their experience with your product or service?
How often do customers use or interact with your product?
In summary, every marketing and sales function starts with product positioning. In lieu of other strategies that have a more quantifiable influence on Return on Investment (ROI), businesses far too frequently ignore this crucial part of the marketing process.
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