Little known ways to position products on your site strategically- “Data driven Product Positioning strategies”
Let us first understand what is product positioning ?
Scenerio 1, imagine a customer going to an apparel store and noticing that the arrangement of aisles hasn’t changed pretty much from her last visit a couple of weeks ago. The immediate action is to leave as there is nothing new to peruse. Had she moved down a couple of aisles, she would have seen the instagram trending jackets which she wanted to own herself.
Scenerio 2, imagine another customer who is shopping for books online and sees the offers on box-sets on top of the page, selects the one he likes and immediately proceeds to checkout.
Does Product positioning matter ?
If we have to analyze the above two scenarios, in the first one the prospect buyer was lost as her attention couldn’t be captured within the first few minutes of her visit. As this is a traditional store, there is still a chance that she would walk through all aisles before potentially leaving. However, if it was an online visit – she would have been an opportunity cost.
Whereas in the second scenario as the available offers are easily accessible, it got converted into a purchase.
Product positioning for online customers
Merchandizers should be cognizant of the infinitesimal attention span of their online customers (both direct/organic traffic and more so for paid channel generate traffic) and should keep varying the sequence of products displayed in list pages. The traditional method of LIFO, where they display the most recent arrivals on the top of the page dont always serve the purpose if products dont get added on a reasonably frequent basis.
Tools for product positioning
One usual approach taken is to tag products under various collections or categories and keep changing the order as per the tags (say, clearance, new arrival, trending, limited, exclusive etc). This serves the purpose when such offer season is going on and they have such products available. To maintain the engagement and see action, arrangement within these categories should also be played with.
Metrics like CTR (number of product view clicks for given impressions), revenue generated per click (impression), products with most sales or least sales (as per inventory management), products with least impressions (they may be missing out on sales as they arent getting featured at all) should be considered while defining various arrangements.
Using these various methods will not only make the site look frequently updated but also help increase the funnel metrics as it will incite action from customers due to relevance. This is also a good way to do internal marketing (in-site marketing) for direct/organic customers as they usually visit the site regularly and will be able to discover various options available.
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