How to Position Your Product in a Competitive Market

* This article is part of a book called “Product2Market- How to Market a New Product and Introduce New Features”

 

“Positioning is not what you do to the product; it’s what you do to the mind of the prospect. It’s how you differentiate your brand in the mind. Positioning compensates for our over-communicated society by using an oversimplified message to cut through the clutter and get into the mind.” — Al Reis, Co-Founder and Chairman of Reis & Reis Consulting

(via GIPHY)
 

How does the consumer perceive a product? How does the product measure up against the competition? These two questions form the basis of successful product positioning.

Product positioning refers to how the product is perceived in the marketplace by the target audience against its competitors. When launching a new product, companies must design and promote the product by highlighting important product features and competitive advantages. In doing so, the product will become the “product of choice” for certain target markets. To begin understanding how to successfully position your product, let’s take a look at two different tactics.

Sending a Message… And How You Send It!

How do you present your product to the consumer?

Product positioning begins with sending a message to potential customers about your product. A well-crafted messaging campaign will highlight the product’s unique benefits, target your audience and include a call-to-action. The following key points can help develop strong product messaging:

  • What do you want people to know about your product?
  • What do you want them to do?
  • Deliver a few core messages that connect the dots between the product and how it relates to your target market.
  • Develop a consistent message about the product. This makes the product memorable.

Remember that messaging relates to how the audience perceives your product. Before finalizing product messaging, reach out to potential customers for feedback. Conduct surveys or interview members of the target audience. In this way, you will gain insight into consumer needs, how your product meets those demands, and aspects that you need to improve. Then adapt messaging to highlight features that appeal to the customer base.

Know Your Enemy

How does the product measure up against the competition?

Clear market positioning must also consider consumer perception of your product relative to the competition. Start by researching competitors and market your product so that it stands out from the competition.

Look at questions of value. Does your product cost less than competing products? Does your product include more innovative, unique features? Is your product more durable, convenient, portable, etc.? Web based products for example could incorporate guidance software like WalkMe to make their product more user-friendly. These angles will promote your product against the competition and appeal to the right target audience.

Do your research. Read news and publications, subscribe to newsletters, and stay updated on the status of your competitors. In this way, you can adapt messaging to highlight features that outdo the competition.

Successful product positioning tailors messaging to appeal to the customer base with an important emphasis on the competition. Focus on key benefits of the product and their superiority over other products.

This article is part of a book called “Product2Market- How to Market a New Product and Introduce New Features.”

 Claim your free copy by filling the form below.

 

The book covers a range of topics, including:

Chapter 1: 5 Effective Ways to Launch a New Product

Chapter 2: How to Properly Market a New Feature

Chapter 3: Product Marketing for Boosting Lead Generation

Chapter 4: Positioning Your Product in a Competitive Market

Chapter 5: Case Study: WalkMe Product Marketing

 

 

Mark Silver
Mark is the Lead Author & Editor of Spectechular Blog. Mark established the Spectechular blog to create a source for news and discussion about some of the issues, challenges, news, and ideas relating to Product Management.
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