Wednesday, February 17, 2010

Product Positioning

According to http://www.mmm-online.com/10-steps-to-product-positioning/article/24881/, the steps to product positioning include

1 Conduct interviews with target market in your product's niche to gain relevant insights.

2 Assess the competition.

3 Develop a thorough understanding of your product's attributes and features.

4 Conduct internal positioning workshops with your team.

5 Create positioning statements.

6 Conduct qualitative positioning testing to provide a diverse range of subjective viewpoints about your product.

7 Uncover emotional connections to your brand.

8 Conduct quantitative market research to refine insights about your positioning options.

9 Craft the final statement and ensure buy-in from all internal stakeholders.

10 Write the creative brief.

Other sites may state the procedure differently, but give the same gist.  Here is what Wikipedia states about product positioning.

"Generally, the product positioning process involves:


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 (referred to as an ideal vector)

Examine the fit between:

The position of your product

The position of the ideal vector

Position.

The process is similar for positioning your company's services. Services, however, don't have the physical attributes of products - that is, we can't feel them or touch them or show nice product pictures. So you need to ask first your customers and then yourself, what value do clients get from my services? How are they better off from doing business with me? Also ask: is there a characteristic that makes my services different?

Write out the value customers derive and the attributes your services offer to create the first draft of your positioning. Test it on people who don't really know what you do or what you sell, watch their facial expressions and listen for their response. When they want to know more because you've piqued their interest and started a conversation, you'll know you're on the right track.

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