How to Position a Product in the Market
You have a new product that you are getting ready to market. You have already done a SWOTT analysis and segmented your market; however, now you need to know the steps to position your product in the market. Below are the steps to position a product in the market.
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Instructions
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Put a Venn Diagram Chart on a sheet of paper.
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List in each circle a benefit of your product. For this example, our product is a food product, a banana pudding dessert.
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Research the industry in which your product is listed. For example, a banana pudding dessert would be considered gourmet, specialty and premium foods. Whatever your industry is, research the most recent mega-trends.
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Evaluate the benefits you thought of vs. the most recent mega-trends. Make sure that you align the benefits to what your end-users or consumers are looking for because, ultimately, what your end-users are looking for should be deemed more important than your assumed benefits.
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Combine the benefits of the product, and write one to two persuasive sentences. Remember - the goal of the positioning statement is to persuade your end users or market segment to purchase your product. For example, the positioning statement for the banana pudding dessert could be "With a short preparation time, yet with a homemade taste, it can be pre-portioned just for you (single servings or family).
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Remember - write a positioning statement for each market segment. Having a different positioning statement for each market segment is important because the needs and interests may differ.
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Resources
- Photo Credit Reginald "Reggie" Rodgers & Gina "Gin - Gin" Rodgers
