Product Positioning with Bull’s-Eye Analysis
Product Positioning with Bull’s-Eye Analysis
Product positioning is the same
way targeting, like a bullseye, which means where the product fits in the market,
why customers like the product, how different from the competitor’s product,
and the place the product in the consumer’s minds relative to the competing
product.
Marketing positioning is the process to attract potential customers to put the product in a unique position to the targeted segments and to occupy a desirable place relative to competing products in the minds of the target consumers.
Example from the other article – In the automobile market, BMW is positioned on performance, Toyota is positioned on the economy, Mercedes is positioned on luxury, and Volvo is positioned on safety.
Target Customers: The
target customers are the types of people who buy the product, and the company
needs the right product to satisfy the needs of customers like lifestyle, age,
gender, etc. By survey, social media, or research can know about the target
customers.
Competitors: Company has to list the competitors
which make the same or similar product. The company has to understand the weak
and strong points of competitors. The company can gain an advantage by offering
consumers greater value, either through lower prices or by providing more
benefits that justify higher prices.
Product: Product benefits and usage help to introduce
it in a unique way. The company has to pay attention to customer feedback and
act on it to improve the product.
Pricing: Price on the product that is within a certain
price range and many factors will influence product price. Where a product
price is positioned as regards to its competitors in a market as well as in the
mind of different customers. Product price is a unique selling proportion and
makes that product stand out from its competitors.
Place and Brand: The place that a brand occupies in
the views of the customer and it is distinguished from the product of the
competitors and different from the concept of brand awareness. Brand ability to
capture customer preference and loyalty.
Finally, product positioning is about how the company wants consumers to
perceive the company brand, product, and strategies to reach the company goal.
Market analysis and customer surveys help to understand the product position
and improve the product in a better way.
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