October 9, 2024: How to nail product positioning 🚀

REWIND

We went back through the TechTO archives to find content that is still relevant to today’s founders and startup leaders. This one is probably now more than ever.

For today’s rewind, we re-visit a conversation with April Dunford from a past TechTO, where she shared valuable insights into product positioning, and crucial concepts all startup founders and entrepreneurs should utilize for their strategy.

Major Takeaways for the Community

1. Positioning is Critical: Positioning defines how your product is perceived by a specific audience and determines whether it will succeed in the market. It should highlight the product's unique value and cater to a well-defined target audience.

2. Repositioning Can Lead to Success: April’s example of repositioning a failing product (from a Microsoft Access alternative to an embedded database for laptops) highlights the importance of adapting to how customers use your product. Repositioning based on customer needs can turn a dud into a billion-dollar success.

3. Positioning as a Foundation: Positioning is not just a marketing tool; it is the foundation upon which all other marketing and sales activities are built. Without strong positioning, even the best marketing efforts will fail to resonate.

4. Challenges in Defining Positioning: Although marketing books and classes emphasize the importance of positioning, they often fail to explain how to do it. April stresses that filling out positioning templates or using a “mad libs” approach is insufficient without understanding the market and competitors.

5. Methodology for Positioning: April outlined a systematic approach to positioning:

• Start by identifying competitive alternatives, which are not always direct competitors but could be substituted like spreadsheets or interns.

• Define your product’s unique features and the value they provide to customers.

• Determine your target audience and who cares most about that value.

• Finally, decide which market category your product belongs to.

6. Importance of Market Comparison: Understanding your true competition (not just other startups but other substitutes) helps you clarify your value proposition. If you misidentify your competitors, your positioning will be off.

7. Multiple Value Propositions: For startups with several value propositions, it’s essential to prioritize based on the stage of the buying cycle. Don't try to be everything to everyone, but focus on key value propositions that resonate with specific customer segments.

8. Pricing as a Value Proposition: While price can be a strong selling point, it shouldn’t be the sole differentiator. Competing on price alone can lead to a race to the bottom. Startups should strive to have additional differentiators beyond cost.

Key Learnings for Founders

• Positioning is more than a marketing statement; it’s a strategic decision that shapes how your product is perceived and valued.

• Adaptability in positioning is vital. Your product might find success in an unexpected market or use case.

• A clear, well-researched positioning strategy can transform even a failing product into a market leader.

• Founders need to take ownership of positioning, even if they initially rely on marketing teams to execute it.

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