Product positioning is the process marketers use to determine how to best communicate their products’ attributes to their target customers based on customer needs, competitive pressures, available communication channels and carefully crafted key messages.
It may seem like a lot of jargon, however, this is one of the most important steps for increasing the chance of success for your product in the market.
In order to be successful in the market, your product has to be a solution an existing present-day need. This solution has to be communicated to the person who has the need in the present day in order to be the most effective. Products that are perceived to offer innovative and exciting solutions to present-day problems are the most likely to succeed. Customers do not even need to know that they had a need prior to you communicating it to them. For example, there is a product that covers the gaps between your car seats and the manual break to prevent crumbs, phones, etc from falling in the cracks. That product meets such a specific need in such a simple yet innovative way that it makes it exciting.
Influencers are an incredible asset in a world where according to entrepreneur.com, the average person spends 116 minutes per day on social media. Influencers share your product with their audience on their social media accounts which can include blogs, Instagram, Facebook, Snapchat, etc. Communication through influencers is perceived by your audience to be authentic and you are able to take advantage of the relationships already built by influencers with their audience. Using an influencer also serves to put a face to a product and as a personal recommendation. While most influencers grow within a micro-market, the ROI is relatively high since using an influencer can be relatively low-cost and extremely targeted.
In today’s market, customers no longer expect businesses to simply provide a good product. Customers are also in search of a personalized experience from the brand in order to create long lasting relationships with companies and executives they relate to. The personalized experience can be achieved online through interactions on social media such as responding to comments, questions, or feedback or even through a purchasing assistant in the form of a bot through the purchasing website. A company can also provide a personalized experience within brick and mortars stores.
Think about Lush, the cosmetics and personal care brand, as soon as a customer walks through the door he or she is offered a guided tour through each area of the store. The consultant then talks to the customer about his or her beauty routine, any concerns or problem areas, etc and recommends products along the way. Both methods are extremely effective and the correct level of personalization will depend on your product, the size of your business, and the ability to customize the shopping experience.