tech4buziness

Product Positioning To-Do List:

1. Conduct a market segmentation.
2. Define your target market.
3. Identify the product attributes.
4. Data collection from the target market (customers and potential customers) on the identified product attributes.
5. Determine the product’s share of heart and mind (of the total potential mindshare). Being ‘first’ in the market usually is a significant benefit in mindshare.
6. Place your product in the right ‘space’ (e.g. luxury market; economy market; high value, low volume; health; snack; etc.)
7. If position is a graph, determine what your product’s ideal position on that graph might be (e.g. nutritious, high cost snack).
8. Determine what you need to do to reach that position in the minds of your market.

Marketing a new product is like having a new baby. It is always a new venture.