Along with this, the competition must also be taken in to consideration, that is one must analyze its competitor's product attributes along with how the competitor is positioning its product. The company should also analyze and see how their product is different than that of the competitor; this is one very important aspect for successful positioning, the company must highlight those attributes which differentiate them from the competitor in order to effectively position the product in the minds of the consumers.
As discussed above product positioning is all about developing an image in the consumer's mind hence it is very important that the company emphasizes on the benefits the consumer would attain by using this product and also highlighting how this product is different than what is already available in the market. Some companies try to make their one product to be everything to everyone; this is the worst possible way to position your product in the market hence defining your unique selling point is essential in order to make an impact in the consumer's mind. Once a company has defined its target market, preferences of the target market, competitor's position in the market, its product's benefits and unique selling point then the important step is to communicate all these aspects to the consumers through effective advertising and PR activities.
There are various approaches when it comes to applying positioning strategies on your product/service, these strategies can be applied depending on some important factors such as identifying your customer and analyzing it's needs, as discussed above you determine your target market and then research in to its preferences and needs. Secondly how the competitor is perceived and evaluated that is you will see which competitors to target, also how the consumer perceives that competitor whether they are a success or a fail with the consumer.