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By Manila Rauniyar – Senior Director Product Marketing at Clear
In product management, product positioning is one of the major foundations for success. It is an important determinant that decides how a product is perceived in the market.
It is a critical area of work within the go-to-market strategy. This stream has the core task of actually bringing out the identity of the product. The idea of product positioning is really to put forward a product in the most appealing manner to the target audience.
Before product managers go deep into the product strategies, it is important to understand the product itself. This involves having an understanding of the product features, functionalities, and unique selling points. Once the product is thoroughly understood, product managers can attempt to explain the same to the target market.
After the product is thoroughly understood, the next important step is having a good understanding of the target market. The market can be identified based on characteristics like demographics, psychographics, and behavioral characteristics. By pinpointing the audience most likely to buy and benefit from the product, product managers can tailor their product positioning efforts to resonate with their needs and preferences.
The product needs to address pain points and fulfill certain aspirations of the target audience. If it does not address any pain points or customer aspirations, it will be a flop in the market. Hence, product managers need to have a deep understanding of the pain points and aspirations the product addresses in the target market and ensure that they resonate with their product.
Simply put, the value proposition includes the unique benefits that a product offers to the customers. Product managers should build a successful value proposition that can catch customers’ attention and help give their product a competitive edge in the market.
In a competitive marketplace, differentiation is key to standing out among competitors. Product managers can utilize the unique selling proposition to highlight how their product is set apart from the other competition products. It can be better in one or multiple aspects such as superior quality, new features, or good customer service.
The right messaging is very important to convey the product positioning to the target audience. Crafting the right messaging involves articulating the value proposition and USP in a clear, compelling, and memorable manner. The messaging can be conveyed in multiple ways such as advertising, branding, or content marketing.
Hence, understanding the fundamentals of product positioning is necessary for product managers to create a good position for the product in the market. By having an understanding of the product, target audience, pain points, value proposition, and USP, and conveying the right messaging of the product, product managers can ensure that the product is positioned well in the market.
Product positioning is a way for product managers to understand where exactly the product fits into the overall market.
The main components of product positioning are the product, target market, pain points and aspirations addressed by it, USP, value proposition, and messaging.
The right messaging helps in articulating the value proposition and USP for the audience in a clear, compelling, and memorable manner.
About the Author:
Manila Rauniyar – Senior Director Product Marketing at Clear
