Product Positioning
Do you ever wonder why some products seem to effortlessly capture the attention of consumers, while other products struggle? The secret lies in successful product positioning. By identifying the unique selling proposition of a product and communicating it effectively to potential customers, businesses can set their product apart from the competition in the market.
Let’s take the case of Jumia, a leading e-commerce firm in Nigeria – which has successfully positioned itself as the biggest online shopping destination. This brand offers a wide range of products at competitive prices, with fast and reliable delivery. Jumia has differentiated itself from competitors by offering value-added services such as pay-on-delivery, easy returns, and 24/7 customer support.
Competitive Positioning
In a nutshell, before defining your competitive positioning as a brand, it is vital that you understand who the top players are and what they are doing with their strategy, as in the example above. Competitive positioning is therefore the top of the top-of-the-mind value that consumer has towards a brand in relation to the competitors’ offerings.
The general idea is to figure out who your target audience is, their wants, and how your product or service can help them in a unique way.
Why is product positioning important to a company?
Defining the significant benefits of your product and the problem it addresses is crucial to achieving success in business. Here is a quick tip for effective positioning: Identify the unique benefits that your product offers to your customers and how it solves their problems or addresses their pain points.
By this, you can effectively communicate your product’s clear value to potential customers and differentiate your offering from competitors. There are a variety of product positioning strategies used.
This includes
- Price
- Quality
- User
- Product Type
- Differentiator, and many more.
One of the most effective ways to develop a good product positioning is through Qualitative competitor analysis.
To begin with this, you need to first understand that product positioning is an ongoing and evolving process that needs to adapt to changes in the industry and customers’ needs. As industries evolve, new competitors emerge, customer preferences change, and the product positioning strategy needs to adjust accordingly.
Therefore, the first step to developing a good product positioning using qualitative competitive analysis is to identify your competitors and evaluate their products and services. This will help you understand the competitive advantages and unique selling points of your products.
The next approach is to gather qualitative data on your competitors. This may include customer reviews, online research, and feedback from employees and important people in the industry. This data will aid in evaluating your competitors’ strengths and weaknesses and pinpoint opportunities for your product entry.
Analysis of the data gathered can be made to have a complete overview of your competitors’ performance and identify areas where your product can come in, and better meet the needs of consumers.
In conclusion, successful product positioning entails a complete understanding of the market and a readiness to adapt to changing consumer needs.
Let us help you identify your unique selling proposition and effectively communicate it to your target audience. Reach out to us at info@webhaptic.com