How to Price and Position Products or Services for Marketing Effectiveness

Marketing

Let’s start with an example. Say you’re selling coffee and you have a positioning statement like “Our coffee is the best in town.” That’s fine, but what if you want to position yourself as “The best place to get your morning fix”? That sounds more impressive than just saying “We make the best coffee in town.” By using this kind of language consistently throughout your marketing materials and conversations with potential customers, you’ll be able to establish yourself as a market leader in your niche. Mixx makes social media users popular with more likes and followers. 

How to Price and Position Products

When you’re talking about a product or service, you’re probably going to be carrying on about the features and benefits — that is, what it does and how it can help customers.

It is important to focus on the features and benefits of the product or service. The features and benefits are what make the product or service unique; they should be clearly communicated to customers; and they should also be relevant to your customer base.

You’ll need to go a step further and create something called a positioning statement.

A positioning statement is simply an objective summary of your product or service that tells customers what it does and why they should buy it. It has two parts:

  • The first part states the benefit(s) of using this specific solution (what makes it different from its competitors). This can be broken down into two categories:
  • What makes us unique? How do we stand out from other solutions out there? (Our exclusive features, our superior quality control processes, etc.)
  • Why would someone use our solution instead of other ones on the market today? (Because we have better technology than others; because we’re cheaper/more convenient than others; because our customer service is better; etc.)

Your messaging should dominate the conversation around your product or service in your market.

You also need to tell your story in a way that differentiates you from other similar products or services, and explain how your product or service solves customers’ problems.

Use it as a guide for every marketing decision you make. 

Once you have your positioning statement, use it as a guide for every marketing decision you make. No exceptions!

  • Don’t stray too far from the core of what makes your product or service special. If customers are describing why they like your product and why they don’t use certain competitors, then don’t change those reasons just because it might be more convenient to do so (or because someone else wants to tell you that this is what customers want). If a customer says “I love my [insert brand name] because it’s reliable and dependable,” then don’t start promoting reliability in addition to dependability or vice versa; focus on building trust with consumers by delivering on promises made over time—and do so consistently across all channels where possible (e-commerce sales).
  • Don’t let marketing decisions be influenced by internal politics—even if those decisions are made by senior executives at corporate headquarters who have their own agendas when making them.* Don’t let competing interests inside an organization cause employees within one department/team/department within another group working together against each other through politics (e.*g., “my boss doesn’t want me working on this project because he thinks I’m too young”).

Stick to your positioning statement for maximum effectiveness.

If you haven’t already, it’s time to revisit your positioning statement.

What does that mean? Well, it means that as an entrepreneur or small business owner, you need to make sure that what you’re saying about your product or service is consistent with the way people are seeing them in their minds.

This is something we’ve talked about before: The positioning statement can be thought of as a promise made by your brand—one that has been crafted over time through research and testing (and hopefully plenty of mistakes). This promise should always be rooted in reality because it helps people understand why they should choose one product over another when making purchasing decisions.

Conclusion

In our final section, we’ll give you an example of positioning statements for a product and service. They demonstrate the key principles we covered in this post: how to start with a positioning statement, why you need to keep your messaging consistent, and how not having a clear message can lead to a loss in sales. Wanna know more about how you can boost your marketing skills? Try out Unlimitedmarketing

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