Seven ways to position your product successfully on a bootstrap budget
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Posted: Mon 2nd Sep 2024
In the fast-paced and ever-evolving market of 2024, getting your product to stand out is more challenging and crucial than ever.
Whether launching a physical product or an online service, the foundation of your marketing, research and delivery efforts should start with a well-defined product positioning statement.
This statement serves as your product’s compass, guiding all strategies and actions to ensure your product resonates with your target audience.
Here, we share some tips on why defining your product positioning statement is essential, as well as seven effective strategies for positioning your product successfully, even on a bootstrap budget.
The importance of a product positioning statement
A product positioning statement is a concise summary that defines how your product meets the needs of your target market better than competing options.
It articulates your product’s unique value proposition and sets the stage for all your marketing and sales strategies.
For physical products and online services, getting your positioning right ensures that you clearly and effectively communicate the benefits of your offering.
Whether it’s a tangible product or a digital solution, your positioning statement helps you connect with your audience in a way that highlights your product’s unique strengths and aligns with their needs and desires.
Examples of brands and their product positioning statements
Airbnb
“For local and international travelers, Airbnb is the only booking website that connects you to unique experiences worldwide because we offer the largest selection, most diverse, top-rated and personalised places to stay.”
Coca-Cola
"For individuals looking for high-quality beverages, Coca-Cola offers a wide range of the most refreshing options — each creates a positive experience for customers when they enjoy a Coca-Cola brand drink. Unlike other beverage options, Coca-Cola products inspire happiness and make a positive difference in customers' lives, and the brand is intensely focused on the needs of consumers and customers.
Charlotte Tilbury
“Give a woman the right makeup and she can conquer the world.”
Seven ways to position your product successfully on a bootstrap budget
1. Define a clear and unique value proposition
Strategy
Develop a value proposition that outlines your product's uniqueness and why it matters to your target audience. Your value proposition should address specific pain points or needs that your product fulfils.
How to do it
Start by identifying your product's core benefits and how it solves problems for your customers.
Conduct competitor analysis to find gaps in their offerings and position your product to fill those gaps. You can leverage a SWOT analysis template; MIRO has a free template ready to download.
Ensure your value proposition is clear and easy to communicate. HubSpot has shared a template you can fill out to create your product positioning statement.
2. Leverage customer feedback and insights
Strategy
Use customer feedback to refine your product positioning. Understanding what your customers appreciate most about your product can help you emphasise these aspects in your marketing efforts.
How to do it
Collect feedback through surveys, interviews and social media. Analyse customer reviews and support tickets to identify common themes and sentiments. Use these insights to tweak your positioning statement and marketing messages so you mention the users' pain points.
Survey Monkey has a free feedback template that you can start using. Tailor it to the questions you want to ask your users and start gathering valuable feedback.
VIDEO: Improving your marketing with brand storytelling
Marketer Danny Matthews shares his proven framework and how you can apply it to your marketing, social media and website to get more people interested:
3. Craft a compelling brand story
Strategy
Develop a brand story that resonates with your target audience and reinforces your product’s positioning. A compelling narrative can help differentiate your product and create an emotional connection with your customers.
How to do it
Outline the story behind your product, including its origin, mission and the impact it aims to make. Ensure your brand story aligns with your positioning statement and communicates your product’s unique value in a relatable way.
A brand story builds trust and allows your customers to develop a relationship with you and your brand.
Enterprise Nation member Oatsu and its brand story
4. Focus on niche markets
Strategy
Target niche markets where your product can fulfil specific needs or solve problems. Focusing on a niche can help you stand out from larger competitors and build a loyal customer base.
How to do it
Research niche segments within your industry and identify areas where your product offers distinct advantages. Tailor your positioning and marketing efforts to appeal specifically to these segments.
Investopedia is a great free tool which shows you how to conduct market research.
VIDEO: Marketing on a shoestring budget
Watch this webinar for innovative ways to give your marketing efforts the biggest impact, all without breaking the bank:
5. Use cost-effective marketing channels
Strategy
Promote your product using low-cost or free marketing channels. Social media, content marketing and email campaigns can reach your target audience without breaking the bank.
How to do it
Create a content calendar and plan regular posts for social media platforms relevant to your audience.
Develop valuable content that showcases your product’s benefits and engages potential customers. You can stay organised and never miss a deadline with this customisable content template.
Use email marketing to keep your audience informed and build relationships. I would suggest testing and learning quickly. Double down your time on this if you see results on one social channel over another.
Example of a content calendar
6. Build strong partnerships
Strategy
Collaborate with other businesses or influencers to expand your reach and enhance your product’s visibility. Partnerships can provide access to new audiences and lend credibility to your product.
How to do it
Identify potential partners who share a similar target audience but are not direct competitors. Explore opportunities for co-marketing, joint promotions or influencer endorsements that align with your product’s positioning.
Set up a spreadsheet or a free account on HubSpot and you can start a pipeline of partners who can help you reach new audiences.
7. Boost your online presence
Strategy
Ensure that your online presence effectively reflects your product’s positioning. Your website and social media profiles should communicate your value proposition and engage visitors.
How to do it
Optimise your website with relevant keywords, compelling copy and clear calls to action that reinforce your positioning statement. Regularly update your social media profiles to reflect your product’s unique value and engage with your audience.
Enterprise Nation member, Little Black and White Books Project, homepage
Conclusion
When it comes to your product standing out, a well-crafted product positioning statement guides your marketing and sales strategies.
Why not start by creating your product positioning statement and unique value proposition? Then, try to implement these seven strategies to capture the attention of your target market and end users.
Even on a bootstrap budget, focusing on clarity, customer insights and cost-effective tactics will help you build a strong market presence and drive your business forward.
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