Positioning involves defining how the product or brand should be perceived in the minds of the target audience relative to competing products.
Steps in Positioning:
- Identify Potential Competitive Advantages: What unique benefits does your product or service offer?
- Select the Right Competitive Advantage: Determine which advantage(s) will be most compelling to the target segment.
- Communicate and Deliver the Chosen Position: Through strategic marketing campaigns and ensuring product delivery aligns with the promised value.
Positioning Strategies include:
- Attribute Positioning: Associating a product with a particular characteristic or feature.
- Benefit Positioning: Highlighting the primary benefit the product offers.
- Use/Application Positioning: Associating the product with a specific use or application.
- User Positioning: Associating the product with a particular user group.
- Competitor Positioning: Differentiating the product in relation to competitors.
- Product Category Positioning: Associating the product with a particular category.
- Quality/Price Positioning: Positioning based on the value or luxury of the product.
Market Segmentation, Targeting, and Positioning (STP) is a holistic approach to strategic marketing. It ensures businesses can connect more deeply with varying market sections by tailoring offerings to best meet their needs. Through this approach, companies can effectively allocate their marketing resources, develop compelling marketing programs, and achieve sustainable competitive advantages.