Product positioning is the art of selecting a market niche and creating a unique value proposition for your product in that market niche.
A product is only as good as its positioning. Your job as the product marketer is to make sure your product hits the market in the right place at the right time, with a plan for how you will continually refine and improve it over time. This post will look at five strategies for creating compelling product positioning. We'll also discuss why it's crucial to develop and maintain a clear picture of what your target customers see when they think about the category—and your own company—as well as some ways you can develop this mental picture by understanding where your product fits with others in the market.
Stop Selling Features and Start Selling Stories.
Stop selling features and start selling stories to differentiate your product from the competition.
When creating a marketing message for your product, it's easy to get caught up in listing its benefits and features. You might think that if you can describe what makes your product special, customers can easily understand why they should buy from you instead of someone else. But when we look at how people make purchasing decisions, we see this is not the case. While customers do want as much information as possible before making a purchase decision, they don't pay attention to every single detail about every company offering similar products or services. Instead, buyers only focus on those parts of each ad that help them connect with how their lives could be better after using whatever is advertised!
To successfully position yourself against competitors in an industry with many options available requires telling stories about how different users will benefit from using your product rather than listing out all its specs and features—and ultimately, which one makes more sense for each consumer situation.
Focus on your Customers' benefits, not your product's features.
Focus on what your product does for the customer—not what it is. Your customers do not care about the components that make up your product. They only care about what benefits it provides them and how those benefits will improve their lives.
Benefits are not just an essential part of positioning your product but are also crucial to making sales. When you focus on features, you can't help but sound like a salesperson trying too hard to sell his wares. But when you focus on benefits, people can envision themselves using your products and services in their day-to-day lives and enjoying the results of using them instead of simply listening to someone describe how awesome they are!
Make Sure Your Product is Unique From Your Competitors.
Differentiate yourself from your competitors. The key to product positioning is to ensure that your product is unique from your competitors. This can be achieved by clearly understanding what sets you apart from the rest, whether in terms of quality, price point, or other aspects like customer service. Once you have established this difference in some way (and it should be something tangible), use this unique attribute to stand out from the crowd and ensure that customers know exactly what they are getting when they buy something from you.
Focus on Your Competitors' Strengths and Weaknesses.
Understanding your competitors' strengths and weaknesses is crucial to any marketing strategy. You can use this information to set yourself apart from the competition in a way that will resonate with consumers.
Conduct competitor analysis. It is a critical step for any business looking for success, whether you're new or established. Start by taking the time to research both direct and indirect competitors within your industry; then, determine how their positioning strategies (both on-brand and off) compare with yours. You'll want to pay particular attention here if your company is smaller than other businesses in its field—it may be up against more prominent brands with more established reputations as experts in their areas of expertise or as innovators in their respective fields of research. However, one advantage of being small is adapting quickly to changing market conditions while maintaining strong ties with loyal customers.
Focus on Your Target Market Reception of Your Product.
A target market can be defined as a group of people with similar characteristics and wants, so you need to know what type of person you are trying to attract.
To find out if your product's features resonate with your audience, ask yourself:
- Is this feature something that my target market would enjoy? Why or why not?
- How do they respond when they see this feature in action? Do they keep using it? Why or why not?
Focusing on product positioning can help you grow your business by choosing a market niche and giving consumers a reason to buy from you versus from competitors. It can also help differentiate your product from competitors, and build brand loyalty and customer relationships.
As we’ve seen, there are many ways to position your product. Your strategy should be rooted in a deep understanding of your target audience, but it also needs to be flexible enough to adapt as the market changes. Remember that there is no one-size-fits-all approach; each product needs its own strategy for success!
To sum up, product positioning is an important part of the product marketing process. It can help you create a brand identity and tell your customers what your brand stands for. With these 5 strategies, you'll be able to create better marketing campaigns that resonate with your target audience and boost sales.