Product Positioning – The First Step in Crafting a Strong Marketing Strategy

Product positioning is the process of determining how your product will be perceived in the market. It involves identifying your target audience and communicating how your product benefits them in a clear and compelling way.

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Take SaaS platform Stripe, for example. They use a clear product positioning strategy on their website to communicate how they empower millions of businesses to accept payments online.

What is product positioning?

Product positioning is a strategic marketing process that defines how your product will be perceived in the marketplace. It outlines the benefits consumers can expect to receive from your product, distinguishing it from similar products offered by competitors.

Positioning can be applied at different stages of the product life cycle, from pre-launch to launching and beyond. Regardless of the stage, an effective positioning strategy can have major benefits for your business. It can help you identify the most promising market opportunities, align your broader team around core messaging, and drive marketing and sales activities that deliver on your value proposition.

For example, if you’re targeting affluent yoga enthusiasts, your positioning might be that you offer premium, upscale clothing and services that meet the needs of this audience. Alternatively, you might be trying to position your product as being more environmentally conscious, which would be a different selling point from your competitors.

In addition, your product positioning can be influenced by the pricing of your products, which is often a key factor in customer purchasing decisions. Samsung’s Galaxy smartphones are a great example of this, as they have been positioned as being more affordable than competing devices. Additionally, your product positioning can also be impacted by the quality of your products and how they are marketed, which is why it’s important to ensure that you have a strong brand identity that reflects your values and differentiates you from your competition.

How do I position my product?

Product positioning is the first step in crafting a strong marketing strategy. It distills who your audience is, what they need, and how your product can uniquely solve their problem. Positioning helps to counter competitive pressures by clarifying the unique value your product provides over alternative solutions.

Effective product positioning strategies are used across channels including marketing materials, website content, and in-product messaging. This allows you to convey a consistent message about your product’s unique value and the problems it addresses, resulting in a more cohesive marketing effort.

Regardless of the industry, the key to successful product positioning is making sure that it appeals to your target audience. A product may seem like the right fit for many people, but if it isn’t marketed towards the demographics who are most likely to benefit from it, then you risk missing out on valuable opportunities.

A good way to find out whether your product is positioned effectively is by asking yourself questions such as: “Does my product have a clear value proposition? Does it differentiate itself from competition?” Using this methodology, you can create a business model canvas to understand how your company fits in the market, and which niches your product is best suited for. You can also conduct market research to identify the trends that exist in your market and how your product can be positioned within these.

What are the benefits of positioning my product?

Product positioning helps you define how your product fits in the market and communicates its unique value. When done well, this can result in a receptive audience that is confident your product is the best choice for them and will solve their problems. It also allows you to distinguish your product from competitors based on the advantages that matter most to consumers.

This is why it’s important to base your positioning strategy on bona fide market research. Never use internal assumptions or speculation when positioning your product. Using data-driven insights based on consumer responses will ensure that your products are being promoted in the most appropriate way to maximize customer satisfaction and loyalty.

Developing your position statement should be an ongoing process. As your product evolves, it’s important to revisit the process to make sure that your messaging is in line with what consumers expect from the product. This will help to prevent your product from becoming a victim of market conditions.

To assist you in defining your position, we recommend using the business model canvas to create a testable hypothesis of how your company fits into the market and how it differentiates from competitors. This 2×2 matrix also provides structure and rigor to larger business decisions as your product offerings grow. If you would like to work through the process on a digital whiteboard with your team, you can download our positioning template in Aha! Notebooks.

How can I position my product?

As the name suggests, product positioning is about determining where a new product fits in the market and how it differs from existing products. It also encompasses establishing its value proposition in the eyes of the consumer. Having a clear product positioning strategy is important to make sure you’re communicating the right messages to your target audience. This can help you gain traction in the marketplace, and set your brand apart from competitors.

One way to determine the unique position of your product is to analyze its competition. This can be done using competitor surveys, social media/forum searching, and other research tools. By doing this, you can see what features your competitors are highlighting and identify gaps in the market where your product could fit.

You can then use this information to develop a product positioning statement. This should include a description of who your ideal customers are, what problems they’re trying to solve, and how your product uniquely solves those problems by offering a specific benefit. For example, a product might be positioned as “the leading customer data platform” because it allows businesses to collect and analyze their own customer data, rather than relying on third-party sources.

Developing an effective product positioning strategy is a collaborative process that requires input from marketing, sales, and product development. With the right tools, you can easily gather feedback from your team and stakeholders and ensure that all departments are aligned on their goals. To try out an easy-to-use tool for setting product strategy, gathering customer feedback, and reporting on roadmap progress, sign up for a free trial of Aha! Roadmaps today.