Stand Out from the Crowd: The Importance of Product Positioning
Today I want to talk about one of the most crucial steps for any business looking to succeed in the market - product positioning. It's all about creating a unique image and story for your product and brand in the minds of your consumers.
Let's see what product positioning is: The process of identifying a unique market for your product (preferably, for whom your product solves a "hair-on-fire" problem) and communicating with them. This can be achieved through a variety of traditional marketing techniques such as advertising, public relations, sales promotions, and personal selling, but the most important is User Behaviour Tracking and Feedback.
To differentiate your product in the market, you need to understand your target market and its needs. This includes researching your competitors and understanding their positioning in the market, Researching your existing customer and their behavior. The ones who are most active vs the ones who left just after logging in. It will tell you, what to do and what not to do.
Once you have a clear understanding of your target market, your existing users, and your competition, you can begin to develop a unique positioning for your product.
The first step taken by almost every product is to highlight its unique features and benefits. This could be something that your competitors don't offer. You can emphasize the quality of your product. Consumers will pay more for a high-quality product.
If you have a physical product, then you can also differentiate yourself by branding and packaging. Unique branding and packaging will definitely help your product stand out on store shelves. You can use the packaging to communicate a unique story that only your brand tells.
The next one has to be my favorite and most crucial way to differentiate your product: Excellent Customer Service. For people who have taken a ride on RAPIDO (only in India) vs Uber or Ola, This doesn't need more explanation, but for those who haven't let's take a stroll. By providing detailed product information, clearing customer doubts, offering a money-back guarantee, or providing a high level of customer service, you will create a positive image for your product in the minds of consumers that no one else can offer.
But what about crossing the chasm? It is a very important and critical step when you have to transition from early adopters to mainstream customers. To successfully cross the chasm, You must first draw the line between the motivators and trigger points of early adopters and mainstream customers. These two groups of people even though sometimes in the same demography, are very different psychographically.
One way to do this is by developing a "beachhead strategy." This involves identifying a specific target market that is most likely to adopt your product and then expanding from there. By focusing on a specific target market, you will build a loyal customer base and create buzz around your product before expanding to the mainstream market. here the early adopters become your influencers and sales person who talk about your product.
It's important to note that product positioning and crossing the chasm is a process that takes time and requires a significant investment in product growth and sales efforts. You must be patient and prepared to make this investment as they work to establish a foothold in the mainstream market.
So, there you have it - my thoughts on product positioning and crossing the chasm. I hope this has been helpful and informative for anyone looking to differentiate their product in the market.
See the example of companies and how they have positioned their product:
Apple - Apple has positioned its products as high-end and premium in the market. Its marketing campaigns focus on the unique features and benefits of its products, such as its innovative designs and advanced technology.
Coca-Cola - Coca-Cola has positioned its products as fun, refreshing, and a source of happiness. Its marketing campaigns focus on the emotional benefits of the product, such as its ability to bring people together and create happy memories.
Tesla - Tesla has positioned its products as environmentally friendly and innovative. Its marketing campaigns focus on the unique features and benefits of its products, such as their advanced technology and eco-friendliness.
Nike - Nike has positioned its products as high-quality and performance-driven. Its marketing campaigns focus on the benefits of the products, such as their ability to help athletes perform at their best and achieve their goals.
Airbnb - Airbnb has positioned its products as a unique and authentic travel experience. Its marketing campaigns focus on the benefits of staying in an Airbnb, such as the ability to live like a local and experience the culture of the place being visited.