Product Positioning: Product positioning is the process of creating a distinct image and perception of a product in the minds of target customers relative to competitors. In Ghanaian banking, it involves highlighting unique features, like GCB Bank’s emphasis on local accessibility for SME loans, to influence buying decisions and align with marketing plans.

Three criteria for effective positioning:

1. Clarity and Simplicity: The positioning must be straightforward and easy to understand. For example, Stanbic Bank positions its mobile app as “secure and user-friendly,” complying with BoG’s digital directives, avoiding complex jargon to appeal to tech-savvy youth.
2. Relevance to Customer Needs: It should address specific pain points or desires. Ecobank Ghana positions its remittance services as “fast and affordable” for diaspora clients, matching market research under Act 987, ensuring high adoption rates.
3. Differentiation from Competitors: The position must highlight unique benefits. Access Bank differentiates its sustainable loans with eco-friendly incentives, aligning with BoG’s sustainable principles, setting it apart post-DDEP.

Discussing these:

• Clarity and Simplicity: This criterion ensures quick comprehension, reducing confusion in competitive markets. In practice, unclear positioning led to low uptake in some post-cleanup products; effective ones, like simple savings accounts, boost sales and compliance.
• Relevance to Customer Needs: By focusing on needs, banks like GCB achieve higher satisfaction, as in positioning agricultural loans for rural farmers, integrating with corporate plans for profitability.
• Differentiation from Competitors: This creates a competitive edge; e.g., branding unique tech features helps against fintechs, ensuring long-term loyalty and regulatory feasibility.