Target Audience: the company must understand the demographics, lifestyle, and spending habits of a customer to attract them to their business and know how to market their product towards them.
Branding: a business must establish brand credibility, long-term relationship, and brand loyalty with target audiences which in return will increase the company’s overall retention rate.
Value Proposition: creating a value proposition that reflects why a business’s product/service is the best fit for the customer’s needs is very important. A value proposition must reflect the quality and the uniqueness of a business to attract consumers to the company.
Competition: knowing the details of competition is the key to differentiation in product positioning, whether it is through innovation, development or just basic core values.
Competitive Advantages: Consumers are attracted to the best offering in the market in terms of price, quality, and convenience. Therefore, a business must know their competition and show how their product/service is better than any other.