Q&AI: Unique Product Positioning
Adapted from https://www.linkedin.com/advice/3/how-can-you-differentiate-your-product-through-nx0zf
More about our Q&AI series: https://www.productteacher.com/articles/new-series-q-ai
Exploring effective strategies to carve a distinctive position for your product in the market is essential. In this discussion, we'll explore actionable insights and strategies that empower you to create a unique product positioning, setting your offering apart and capturing the attention of your target audience.
LinkedIn’s question on market research
The first step to differentiate your product is to understand your market and your customers. You need to conduct market research and customer interviews to identify the needs, pain points, preferences, and expectations of your target segments.
You also need to analyze the competitive landscape and the existing solutions that your customers use or consider. This will help you identify the gaps, opportunities, and threats in the market and how you can position your product as a better alternative.
Clement, what are your thoughts here?
Clement’s response on value propositions
While conducting market research and customer interviews is vital, it's equally crucial to look beyond your immediate industry.
Sometimes, the most innovative ideas and unique positioning come from drawing inspiration from unrelated markets. By exploring diverse markets, you'll find unconventional solutions and apply them to your industry, setting your product apart in unexpected and delightful ways.
Plus, don't just stop at understanding your customers' needs and pain points.
Dig deeper into their unarticulated desires – those unspoken wishes that can lead to groundbreaking innovations.
LinkedIn’s question on value propositions
The next step is to define your value proposition, which is the core message that communicates how your product solves a specific problem or delivers a specific benefit for your customers.
Your value proposition should be clear, concise, and compelling, and answer the question: why should customers choose your product over others? You can use frameworks such as the value proposition canvas or the unique value proposition formula to craft your value proposition based on your customer profile and your product features.
Clement, what are your thoughts here?
Clement’s response on simplifying user interfaces
Don't limit your value proposition to the product itself!
Consider the entire ecosystem & experience around your product. How does your customer support, onboarding process, or community engagement add value?
A holistic approach to your value prop can set your product apart by offering a complete and uniquely satisfying experience.
LinkedIn’s question on positioning strategies
Choosing your positioning strategy is the third step. This is how you want your customers to perceive your product in relation to the competition and the market.
You can select from various strategies, such as product attributes, benefits, use cases, customer segments, and values. It's important to pick the one that best suits your product, market, and customers. Doing so will help you create a unique and memorable image for your product.
Clement, what are your thoughts here?
Clement’s response on testing usability
When choosing a positioning strategy, consider a dynamic approach that adapts to your product's growth stage. In the early stages, you could emphasize bottoms-up user-driven virality to gain rapid adoption. You could leverage freemium models to lower barriers and encourage experimentation.
As you mature, you could then pivot toward top-down executive engagement to capture larger enterprise contracts. You might implement waitlists to create a sense of privilege and anticipation among potential customers.
Of course, your mileage may vary! As an example, any kind of enterprise B2B product should almost never start from freemium (even in early stages) because that's not how those customers make purchasing decisions.
LinkedIn’s question on positioning statements
The fourth step is to craft your positioning statement, a concise and catchy statement that summarizes your product's value proposition and positioning strategy. This statement should include a target market, product category, point of difference, and reason to believe.
For instance, a positioning statement for a productivity app may be: "For busy professionals who need to manage their tasks and projects, Zap is a productivity app that helps you prioritize, organize, and track your work in a simple and intuitive way. Unlike other productivity apps, Zap integrates with your email, calendar, and other tools, and uses smart algorithms to suggest the best actions for you. User feedback and testimonials have proven that Zap increases productivity by 25% and reduces stress by 40%."
Clement, what are your thoughts here?
Clement’s response on positioning statements
To clarify, a positioning statement is an internal tool.
It's not about being concise or catchy for external consumption; it's meant to drive internal clarity. It guides us on who our product is for; and, equally importantly, it tells us who the product isn't for.
Also, the point isn't just to have this statement written down!
The real point is to make it core to our product development and decision-making processes. It should align our actions and messaging, creating a cohesive and compelling product experience.
Don't hesitate to pair your positioning statement with additional follow-up, such as team meetings, written FAQs, or recorded voice-overs! Your positioning statement doesn't need to stand on its own as an independent artifact.
LinkedIn’s question on communicating positions
The final step is to communicate your positioning to your customers and stakeholders. You need to align your marketing and sales channels, your product design and development, and your customer service and support with your positioning statement and strategy.
You also need to test and validate your positioning with your customers and measure its impact on your product performance and customer satisfaction. You should also monitor and update your positioning as your product, your market, and your customers evolve.
Clement, what are your thoughts here?
Clement’s response on positioning statements
From marketing and sales to product development and customer support, everyone should be on the same page!
Don't hesitate to repeat, repeat, and repeat yourself again.
Even if you feel that it's repetitive, remember that stakeholders are juggling many initiatives at once, and they may forget what positioning we've elected to take.
For example, imagine that your sales team comes to you in a rush because they've found that a competitor has a feature that we don't have. It's critical to hear them out, yes, but it's just as important that you reiterate the product's positioning.
Don't build features if they don't align with your value proposition! If you do that, your product becomes misaligned from the needs of your specific customer base.
Clement’s other thoughts
Don't just validate your positioning internally. Make sure to gather continuous feedback from your customers!
They're the ones who can provide real-world insights into how your positioning resonates and impacts their perception of your product. Keep an open line of communication with your customers to fine-tune and optimize your positioning over the long run.
