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How To Analyze Your Product’s Market Position
Newbies to the online marketing arena really show their inexperience when it comes to marketing a product they want to promote.
That’s because they have not mastered the art of analyzing their product’s position in the current market and so miss winning over customers.
So what is a product’s market position?
Positioning of a product occurs when an idea about the product is developed that allows others to perceive it as a service that will set it apart from all other competitors.
To make this statement clearer, here are some examples you will recognize of what positioning means:
- For Rolls Royce, you think of “luxury”
- For Budweiser, you will drink the “king of beers”
- For FedEx, you know your package will “absolutely, positively be there overnight”
So positioning your product makes it unique and is considered a benefit by the target market.
For that matter, positioning is what makes your communication persuasive and logical leading your product to be chosen over others.
So how do you go about creating a market position that will get the attention of your prospect?
A good copywriter will first identify the Unique Selling Proposition (USP) of the product or service they are promoting.
Here are some steps that can help you with that process:
- Make a list of your competitors. Just sign up with them if you can and start receiving emails to get a feel for how they market.
- For each competitor, write a sentence that defines their position in the marketplace, such as a tag line that makes their product unique.
- Now define the current position of your product as it exists in the minds of consumers. It’s basically the perception the marketplace has about the product which you observe based on current advertising and sales messages.
- Now identify that special attribute your product has that makes it different from your competition in a way the majority of consumers will find desirable.
Be sure to write more than one attribute and don’t use words like “innovative leader in banking services, financial products and convenient technology”.
Do YOU think that way? Well, neither does anyone else!
If people don’t use those kinds of words when thinking about themselves, then you know they won’t stick in their minds.
Your goal is to manipulate the readers’ perception about your product enough to get them to click on your link or buy from you.
Here are 5 positioning statements that need to pass this checklist test before you can successfully use your sales copy:
- Is your statement true?
- Can it be easily understood?
- Does the product attractively and easily stand out from the competition?
- Does it use words people using this product would use?
- Did you avoid generalities such as “convenient”, “we do it all for you” and so on…
Here’s an easy fill-in-the- blank form I’ve found useful that can help you find a market position for your product:
“My _____________________ is not just a ________________, it’s really a ______________________.”
Keep in mind that market positions do change as market shifts occur.
Of course, analyzing your product’s market position is just one step in the overall sales process. Sadly, newbies tend to overlook the basics which leads to high failure rates as their eagerness to make money online overshadows the need to pay their dues which takes time, money and dedication.
As a newbie you can avoid many frustrations by recognizing that success follows when solid foundations are built first and having a seasoned marketer in your camp is an investment in your future.
About the Author Marie Leonard
Marie is a seasoned online coach and marketer helping newcomers save time and money in applying sound internet marketing processes and providing them with versatile tools to ease their lead generation frustrations.
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