PRODUCT POSITIONING

•PROCESS

•TYPES

•TIPS

PROCESS• Defining the market in which the product or brand will compete

(who the relevant buyers are) • Identifying the attributes (also called dimensions) that define the

product 'space' • Collecting information from a sample of customers about their

perceptions of each product on the relevant attributes • Determine each product's share of mind • Determine each product's current location in the product space • Determine the target market's preferred combination of attributes • Examine the fit between:

– The position of your product – The position of the ideal vector

TYPES

• Competition based Positioning – Identify the appropriate category – Distinguish from other category members or key

competitors on important dimensions. • Image-based Positioning or Goal based

positioning – Depict Brand as way to satisfy customer goals/needs. – Build a strong, consistent set of associations with the

brand. – E.g. Vegas- “What happens here stays here”

TIPS

Unique Selling Proposition

Something unique, that you have to offer. Not necessarily entirely unique. You can appear unique by simply packaging your product or service in a unique way.

Risk Reversal

Differentiate yourself with outrageously bold guarantees, that you're competition don't have the guts for. Most people are genuinely honest, and if your service is what you say it is, you've got nothing to worry about. The increased sales volume will be well worth it.

Inordinate Value

Leverage your advertising, by offering to let complimentary businesses come along for the ride, in exchange for a free sample of their wares. Then bundle those into your offering. Cut the right deals, & your offer will appear "irresistible", compared to your competition.

Clear, Complete, & Concise Customer Education

Here's were most advertisers fall down, and you can stand head & shoulders above the crowd. Tell your full story. Don't make people try to figure out on their own why they should be doing business with you. Spell it out for them.