Positioning
Positioning is an important part of launching taxi app in the market. The main purpose of the positioning is to create an image of application in the mind of our target customer. (Product positioning is what comes to mind when your target market thinks about your product compared to your competitor's products. )
And the positioning of application keep the mind of the customer always occurs in relation to the competition or the customer's other
alternatives.
Even though marketing communications play a part in developing the desired position, there are many factors that affect customers' mind , including packaging, pricing, product performance, references and media recommendations.
Mapping the market
Mapping the market involves identifying the most relevant customer segments. It enables to establish and potentially control how the application is viewed in terms of benefit and differentiation.
Benefit: The advantage conveyed by the application to the target customer based on his compelling reason to use.
Differentiation: being in the rural areas creates our benefit and makes us unique in the marketplace, at the same time bearing relevance to the customer.
Positioning statement
The positioning template enables you to create a positioning statement, which explains who you are, what you offer, whom it is for, and why it is important and compelling.
There are many positioning strategies we are follow that help our application to succeed in the market , some of them:
Product Attributes: Highlighting a specific attribute of your product can also be compelling. For example, Ritz Carlton hotels focus on luxury; Motel 6 focuses on economy.
• Benefits: This strategy focuses on a benefit your product provides to your target audience. Examples include Volvo's emphasis on safety and Crest toothpaste's focus on reducing cavities.
• Users: Focusing on the unique characteristics of specific users can also be effective. The ...For Dummies series of instruction books are attractive to people who want to learn about a topic from a source that doesn't assume any prior knowledge on the reader's part.
How to Market a New Product
In order to make a new product something consumers can't live without, it needs to serve a purpose in your customer's life. Defining that purpose depends on your individual product's functionality
Focus on the Descriptors in Your Marketing
Finding the perfect words to describe an innovative product through video or more traditional forms of branding can be time consuming. Make sure to allocate enough time before a product launch to allow for a thorough thought process, remembering that you have to build consumer understanding from nothing.
Branding:
A strong brand offers many advantages for marketers including:
Helps Build Brand Loyalty - Customers who are frequent and enthusiastic purchasers of a particular brand are likely to become Brand Loyal. Cultivating brand loyalty among customers is the ultimate reward for successful marketers since these customers are far less likely to be enticed to switch to other brands compared to non-loyal customers.
Helps With Product Positioning - Well-developed and promoted brands make product positioning efforts more effective. The result is that upon exposure to a brand (e.g., hearing it, seeing it) customers conjure up mental images or feelings of the benefits they receive from using that brand. The reverse is even better. When customers associate benefits with a particular brand, the brand may have attained a significant competitive advantage. In these situations the customer who recognizes he needs a solution to a problem (e.g., needs to bleach clothes) may automatically think of one brand that offers the solution to the problem (e.g., Clorox). This "benefit = brand" association provides a significant advantage for the brand that the customer associates with the benefit sought.
Aids in Introduction of New Products - Firms that establish a successful brand can extend the brand by adding new products under the same "family" brand. Such branding may allow companies to introduce new products more easily since the brand is already recognized within the market.
https://7.knowthis.com/product-decisions/advantages-of-brands
BUILDING YOUR BRAND
If you want to build and maintain a strong brand, you'll need to focus on what your customers want and how you can guarantee to deliver it. You'll need to be consistent in your service and every other point of contact customers have with you - for example phone calls, letters, emails, etc.
Once you've defined your brand values and your customers' needs you can start to build your brand by consistently communicating your brand values.
GROWTH OPPORTUNITIES
The reviewing process can often give you an indication of areas into which you can expand your business. However, it is equally important to use the findings from your review to check if your brand can withstand being stretched to other products or services. For example, if you find that customers strongly associate your brand with particular products, it may be wise to introduce new products under a sub-brand, which may include a different logo.
To grow your business, you should encourage innovation and the development of your products and services. This will help you to stay ahead of your competitors and respond to the changing needs of your customers. However, your brand should always underpin your core values and provide customers with a consistent and reliable experience. Your brand may therefore become synonymous with innovation, but in itself may never change.
BUDGETING FOR A BRAND
As your brand should encompass most areas of your business, from stationery to how you deliver your product or service to customers, it can be difficult to define a budget for building and maintaining it.
But it's a good idea to set a budget, otherwise it's easy to spend money unnecessarily. A budget will focus the mind and force you to prioritise your spending on your branding effort. Before you spend any money, make sure what you propose to spend will help deliver your promises and promote your brand values.
The key areas you could budget for are:
o design needs, such as a logo, signage, business stationery or product packaging
o your premises
o your advertising
o time you'll need to spend with employees to make sure they understand your brand
o any resources you'll have to provide for employees to enable them to carry out what the brand promises, e.g. customer service costs
o keeping your company website updated
You don't need to do everything at once. As long as employees understand and deliver what your brand promises, it stands a good chance of success.
You can create stationery, logos, packaging and advertising quite cheaply if the budget is tight. However, it is a good idea to think about your future growth when devising your image as changing it later can prove costly. You may also find that customers and employees will have already built up a relationship with your brand, which can then make it more problematic to change.
How important is a name? First, there is great power behind successful company or product naming. While not even the best name can save a bad product or idea, the ideal name can have tremendous impact on its success. A truly great name is an advertisement in itself. It is the foundation on which the brand can grow and thrive.
Brand name development is certainly one of the first, and very likely, most important steps in marketing, and can dictate success or failure. Consider that many marketing experts estimate new product failure rates averaging 90%. And while campaigns change often, naming is likely the most permanent element in the marketing mix, if not the most costly to change.
The Strategic Product Plan
The essential goal of a product plan should be to ensure that a product is built that delivers some business value to a specific set of customers in order to meet certain financial goals based upon a defined corporate strategy. Successive plans should increase that product's effectiveness in doing so. A product plan describes the market opportunity, profiles the target customers, specifies pricing, identifies the financial goals, indicates the key priorities for development and enhancement, and provides a roadmap for delivery for at least the next four quarters.
Launching the Product:
If your business is getting ready to roll out a new product, you've probably thought about how you're going to launch it. The launch is your chance to grab customers' attention and help your product make a great first impression.
Identify goals. It's impossible to define success without first defining what you want to achieve. For a product launch, your goals will likely be smaller than the overarching goals of your business, and might even serve as stepping stones to achieve some of those larger goals. Some common product launch goals include growing your customer base, increasing market share, and creating awareness of your product or company, said Waldman.
Define audiences and messaging. You should have at least a basic understanding of your target audience. Know their demographic information, why they need your product, who influences them, what types of media they consume and any other information that is relevant to your product. Once you develop profiles for your audience(s), create messages specifically for them that drive home the core value your product delivers.
Create a concept. Your launch concept serves as the overarching concept that ties together every aspect of your launch. It should be broad and tell the story of your product or company. To develop your concept, think of ways to bring your product's core values to life, such as a special offer for early adopters. Ask yourself what you can do to excite your audience, enable social sharing or attract media attention.
Develop channel tactics. Think about where you'll market and promote your launch by figuring out where your audience is, both online and off. This can mean choosing specific social media channels, planning a launch event, or developing press releases for media sites and blogs that your audience reads. Once you've defined your tactics, create a timeline that lays out everything you need to do leading up to the launch.
Set up measurement. Go back to your goals and measure the outcomes of your initiatives according to those goals. You'll probably want to make weekly measurements, tracking week-over-week and month-over-month changes as you go. Split your measurement by channel when possible so you know which ones drive the most goal completions. You may also want to track analytics data like page iews, visitors, social shares and other metrics that contribute to goal completions.
New Product Implementation
Feasibility
Since new products require time and expense to implement, the first step is to ensure that the product is viable. This process entails developing a clear description of the product and determining its competitive advantage by identifying the type of customer that would benefit from the product to ensure compatibility with other products and services and alignment with the bank's overall mission and strategy. For instance, a bank that targets medium to small domestic businesses would be ill-served in rolling out a product appropriate for a large international company.
Recognizing that banking products generally require high levels of customer interface and advertising, marketing requirements associated with the product should also be considered. Existing customers are likely to be the first to become aware of and use a new product. This could actually have a negative impact on earnings, depending on the relative profitability of each product and the number of existing customers who merely substitute the new product offering for an older one. This is particularly important for mature banks that may have a diverse product line.
Risk Analysis
A risk analysis is important to evaluate the long-term benefit of a new product. Financial projections are a starting point, but intangible benefits must also be considered. For instance, offering trust services can be a loss leader but can enable a bank to market itself as a full-service bank and presents opportunities for cross-selling.
Care must be taken to ensure that a bank does not overly rely on these "soft" benefits, and it is important that each new product be profitable in its own right. Finally, the risks should be carefully considered to ensure that they are commensurate with the rewards. Many banks have profitably expanded a loan portfolio profitably with a particular product or market segment, only to lose those gains and more when the loans matured and failed to perform and were charged-off.