| Marketing for Millions, How Are
Your Products Positioned?
By Barrett Niehus
www.freetrainer.com
Whether intentional or not, if you have a product for sale, you have
created a position in the marketplace. You have set a price based
on the benefits of your product, and are actively seeking out
customers. However, have you given any thought to the possibility
that your product may create more sales and greater profit
if you merely re-position it in the market?
Most small businesses open their doors or web sites with the intent
to sell a product, and have at least a small idea of what their
expected customer is like. However, very few spend the time
to determine how their specific product or approach to selling
the product will differentiate them from the competition. This
differentiation is their position within the market, and usually determines
the company's success.
An organization usually positions itself to fully leverage their product
and their market. Whether they are the "Low Price Leader,"
or "A Cut Above The Rest." The company's position determines
marketing strategy, price points, and the organization's approach
to selling. Subsequently, determining a desired position within
the marketplace is one of the first steps to differentiating yourself
from your competition.
When developing your business plan and sales strategy, fully define
your typical customer. Define their age, gender,
socio-economic status, and all of the demographics
that make up your potential customer base. Now list
the competition, and detail exactly how they are
positioned to service your customer. Do they achieve sales by
deep discounts, do they promise prestige and quality? What has your
competition done to position themselves in your market?
Now take a look at your own business and products. With
which features will you compete with your competition
most effectively? Can you compete in price? If not,
can you offer more luxury or prestige? Do you offer
more tangible benefits? How about more safety,
security, or benefits. Where can you position your business and
products where the competition can't compete?
As I have said, the position of your organization and
product in the market is paramount to your success.
Choose your position wisely and gear both your price
and marketing around this position. Make a conscious
decision to position yourself and under no circumstances allow
the market to make this decision for you. Only by properly positioning
your company can you effectively differentiate yourself from
the competition and maximize your sales.
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