When it comes to selling a product, the most important thing to do is to find a suitable target audience for that particular product. This is basically what product positioning stands for.
To get a better idea about product positioning and the 5 important things related to it, read on!
What Does Product Positioning Mean?
Product positioning is all about how you present your product to the market. For instance, the product is targeted towards what kind of audience, and how it can solve their problem. Moreover, it also presents why your company’s product is better than other company’s.
Hence, all of these things come under the process of product positioning. Let’s talk about the 5 important things about it.
5 Important Things About Product Positioning
The 5 important things about product positioning include:
1. It Helps in Understanding the Requirements and Expectations of Customers
Product positioning is essential for businesses as it helps in understanding the requirements and expectations of customers.
It is because before going for product positioning, the business owners have to understand how a product can benefit consumers. In order to do so, they need to understand what the customers want and expect in that specific kind of product and how it can solve their problem.
This way product positioning can help businesses identify the expectations of potential customers.
2. It Helps In Building Customer Loyalty and Goodwill
If any company wants to build goodwill, they need to make sure that they are keeping their customers happy.
Now, with product positioning, they can identify what kind of audience they should target and how the product can help them. Once they help the targeted customers with their products, they’ll have a loyal customer base as well as goodwill in the long run.
3. It Can Bring In A Variety of Customers
Even though product positioning is all about finding the correct audience for the product and advertising to them, it can also help in getting other customers too.
With product positioning, businesses can find out the various benefits of their manufactured item. Then, they can advertise their product accordingly. For instance, one product can offer both affordability and durability. Hence, it can attract customers who want affordable goods as well as customers who want durable goods.
4. It Catches the Eye of Customers
In today’s competitive world, no one wants generic advertisements. Instead, the consumers are looking for answers regarding how a specific product can benefit them compared to the others.
Hence, when you go for product positioning, you’re understanding the problem of your consumers and providing them with solutions with your product. This way you can get their attention and promote your sales.
5. It Can Help In Healthy Competition
There are so many businesses today that some businesses might be selling the same product as you do.
However, what becomes important is that you show the customers how your product differs from your competitor’s. This can be made possible only with the help of product positioning.
Hence, product positioning becomes an important aspect in marketing for both large and small businesses.