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HOW TO GROW YOUR ONLINE SALES BY POSITION YOUR PRODUCT TO THE RELEVANT MARKET
| Guest post by: Francis Kamau |
Article Overview: A position is a reference point determined in terms of time and space. For example USA is positioned between Mexico to the south, Pacific Ocean to the west, Canada to the north and so forth. A position can be a rank or a qualification i.e. China is placed 3rd in the world economy after USA and Britain. In marketing we use position the same way; we use positioning to refer to product relative to other competing products in the market, i.e. product A is positioned to appeal to middle income group. Brand B is positioned to appeal to the go-getters. Positioning of products is a process and there are steps that are used to come up with a specific position for specific product. Positioning is therefore the process of putting a product in a location in reference to the competition and the entire market.
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Free Download - HOW TO DEMOGRAPHICALLY AND GEOGRAPHICALY SEGMENT THE MARKET FOR EFFECTIVE ADVERTISING AND PROMOTION. By Francis Kamau |
HOW TO GROW YOUR ONLINE SALES BY POSITION YOUR PRODUCT TO THE RELEVANT MARKET
A position is a reference point determined in terms of time and space. For example USA is positioned between Mexico to the south, Pacific Ocean to the west, Canada to the north and so forth. A position can be a rank or a qualification i.e. China is placed 3rd in the world economy after USA and Britain. In marketing we use position the same way; we use positioning to refer to product relative to other competing products in the market, i.e. product A is positioned to appeal to middle income group. Brand B is positioned to appeal to the go-getters.
Positioning of products is a process and there are steps that are used to come up with a specific position for specific product. Positioning is therefore the process of putting a product in a location in reference to the competition and the entire market. Positioning is a marketing process and for you to succeed in online business, you cannot afford to ignore it. Positioning go hand in hand with segmentation, hence you cannot position a brand without first segmenting the market.
The positioning process is carried out to achieve the following marketing objective:
• Exploiting market gap
• Targeting a specific segment
• Creating an identity
• Differentiating your brand from the competition
• To communicate core competences
• Drive market growth
• To create brand
• To create perception in the mind of the consumers and customers
Once a specific brand position is realized by the market, it is communicated to the consumers and customers, through advertisement and promotional activities. Furthermore a market posture taken by your brand in other marketing activities enhances your positioning. For example, if your brand position is for the health sensitive consumers, you cannot support a smoking activity. A position includes creating a philosophy, a culture and a theme that is right for that position; this is what the marketers call branding. Remember positioning creates identity to differentiate you from your competitors. Positioning is not only for products but is applicable to companies, organizations and other economic and social systems.
Positioning also determines the market posture a brand will take, i.e. do you want to become the market leader, or do want to become a market challenger. Such is the case of Pepsi, they are the market challenger and thus their strategies are market challenger’s strategies, they don’t want to take the leadership position of Coca-Cola, who is the market leader.
What are the processes of a positioning activity?
First and foremost market segmentation is undertaken. This involves identifying different segments based the following needs, demographics, psychographics or attitudes. Once one finish the identification of segments in the market, the current offers in the market are mapped out using perpetual mapping. Perpetual mapping is the way the market perceives different market segments and their offers. With perpetual mapping occupied and none occupied segments are identified. The market size of each segment is measured to identify the monetary potential of each segment. This way you are able to identify attractiveness of each segment and make a decision what posture you want to take. Once that is done, a market research activity to determine consumers’ preferences and perceptions is carried out. This type of market research is commonly referred to as a usage and attitude survey. This provides each segments market space, Techniques like mapping exercise during the qualitative focus groups or depth interviews are very ideal for this mapping exercise. This is followed by quantitative study, this measures the attributes generated in the qualitative stage. By doing this you are able to determine the following:
1. The different market segments,
2. Identifying different attributes associated to each segments, this way you identify the different product locations and dimensions plus the limits of each market segments,
3. Identify and understand the inherent characteristics of each segments and what the market players are currently offering
4. Determine the potential market in-terms of shares
5. Determine competitors location and offers
6. Position your product to the desired position through advertisements and promotional activities
For many years positioning of different products has always been done demographically, these are the physical attributes of a given target group, i.e. young versus old, women versus men, Mexican versus Brazilians, but with globalization, this has posed a great challenge and other positioning modules have emerged. The psychographics segmentation leading to positioning has been in use for quite a while now. As a marketer you can combine two segmentation types i.e. demographic and psychographics segmentation to come up with a more comprehensive positioning. Another thing that can make your positioning yield more is use the need based positioning. This is because needs, are the basic foundation that lead to any purchase decision.
I know by now your product may have taken a specific position in the market and you may either be contented with that position or you may be dying to change. There is something marketers refer to as de-positing and re-positing. De-positioning is changing the competitors’ products in your target consumers mind. This is done through advertisements and other promotional means. Re-positioning is changing your current position to fit a different position, or to make a brand or product appeal to different consumer segments. This can include making the product appeal to a wider market segment or to narrow it to appeal to less consumer segments.
Without carrying a positioning exercise your marketing has no direction and or your product will be a me too product standing for nothing in the market place and in the mind of the consumers. Differentiate and earn more by positioning your business or products. Start the branding exercise with positioning.
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