26052021 Vadodara, Vadodara StartUp Studio:
- How to create a market awaited product?
- How to tune customer engagement for successful customer acquisition?
- What is the right approach to position a product?
- Why marketing is equally important as innovating?
- How do you scale up your StartUp?
Right product positioning is an essential part of launching your product and StartUp in the market. Positioning creates an identity of your StartUp’s product in the mind of your target audience group, and it is one of the considerable influences on a consumer’s buying decision.
As every StartUp is scattered in the market in the booming channels, and there is an essential need for product positioning arises in the world of marketing when the StartUp initiates its product promotions.
While starting the customer validation phase during your venture’s fine-tuning stage, identify your market type. It will help you out to get insights into your targeted niche.
Start the work on the market type by identifying the market type from the Existing market, New market, and Re-segmented (low-end or niche) market.
Mapping the market involves staking out the most relevant customer segments, It enables you to establish control on how your StartUp product is viewed from the consumer front by stating differentiation and benefits from competitor product.
In my opinion, the best way to sense the positioning would be listing down the following elements:
- What is it? (Shortest Product Description)
- Compelling reason to buy
- Target Segment
- Market Category
- Completive Alternative
- Differentiations (One thing that sets you apart from alternative competitors)
- Key benefit that directly addresses the compelling reason to buy
Once you have considered all elements mentioned above, you are having the exact context to draft a strong product positioning statement.
From a product strategic perspective, this is the core of all of the marketing materials and messaging to come, and that concretely describes your product and its value to your target consumer groups.
Here is the template for writing an effective positioning statement:
For <Target Market> who <Statement of Need>, the <Product Name> is a <Product Category> that <Key Benefit> unlike <Competitive Alternatives> our product <Key Differentiation>
Your venture’s product position should tell a story, to an extent, about how you’re going from point X, where you are, to the point Y, your product-market fit.
Your positioning statement should clearly state your StartUp venture’s intent, its focus, and its desired goals.
Consumers seeking new products do not have a single-minded focus: StartUps need to stand out clearly and connect with their target group of audience.
Doing that requires StartUps to go beyond just stating features and benefits. While focusing on the niche market, Just stand out and differentiate yourself.
The author (NIKHIL SUTHAR) is working as Chief Operating Officer (COO) at ‘VADODARA START-UP STUDIO – PARUL UNIVERSITY’ and having a national foothold in the start-up ecosystem as a key ecosystem enabler.
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