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How to Develop a Product Positioning Strategy

 

Lots of business leaders and others may be looking at product positioning as the way to grow a business, to get market share and to a support a company that is dealing with tough competition. A product positioning strategy is something that each enterprise has to craft on its own, but some basic guidelines apply to getting good product positioning ideas into play.

Know What the Market Needs

Although some marketing experts may differ on what exactly a product positioning plan consists of, the general consensus is that product placement deals with developing specific kinds of goods or services for a market, and getting them noticed according to the role that they play in a consumer market. For this, it's crucial to do in-depth market research and know what markets need. What is missing in an existing product line-up? What does the competition not currently have for sale? What are people looking for that they can't often find? These are all good questions for "knowing a market" and using the laws of supply and demand to get your product positioning ideas on the table.

Look at Resources

It's important to look at what your businesses has available when developing a product positioning plan. Business owners should not try to stretch their shop beyond what it can handle. Instead, use your current operational restriction to guide your product positioning or brand marketing strategy sessions, and focus on what your company is good at. Even if products or services already exist on the market, identifying your strengths and playing to them in development can lead to a company that offers a "top tier" product that has good positioning in a specific audience.

Incorporate Branding

Many marketers agree that brand management and product positioning often go hand in hand. While trying to develop the best set of products or services, company reps can use outreach events to test markets and get visibility at the same time. Taste testing, free samples at community events, and similar programs can do so much for nearly any kind of business that some experts recommend adding these kinds of tactics first to a product positioning scheme.

Utilizing Staff

A mistake that a lot of business leaders make is to disregard the great ideas that may exist at various levels of the company. It's fine to bring in consultants, but before that, a business owner may want to listen to what's coming from the people who are working in the business every day. Sometimes, in-house talent can steer the rudder just as well as someone coming in from the outside. That's not to diminish the role of professionals with marketing credentials. It's not unusual for a top management team to use both resources in developing robust product positioning programs.

All of these ideas encourage product positioning that can really help a business expand, even in a tough economy, by playing to its strengths, doing its homework, and generally creating effective initiatives, regardless of what it is selling.

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