In this episode, Mark and Jamie discuss the three ways to position a new product or service. Mark reminisces about the good old days (before mobile phones) and explains why a list of features and benefits just doesn’t cut it anymore.
Positioning a new product in a new market can be a daunting task. After all, if people aren’t aware your product or service exists, how do you go about explaining it to them in a way that connects, and creates a desire to buy? The good news is, we’ve developed a simple 3 step process to position a new product or service.
3 Steps to Position a New Product or Service:
If your product or service is genuinely new, and no marketplace exists for it, follow these 3 steps to help customers understand exactly what you sell and what it does for them.
1. What problem are you solving?
Explain in simple terms, the exact problem your product or service solves. Phrase the problem exactly how you would to a friend or family member (avoid jargon and industry terms).
2. Explain how you solve that problem.
Now explain exactly how you solve that problem. i.e. Do you have a patented invention, a unique methodology or a superior system? Explain your solution in simple terms.
3. Prove it.
This is key, especially for startups. Gather ‘killer stats’ that support why your product is needed. These can be industry stats at first, but as you start to sell your product, gather as many killer stats as you can that prove that it works. (e.g. Each customer saves £500 per year on average. Over 10,000 gallons of water saved etc.).
Secondly, when it comes to proof, there is nothing more powerful than customer testimonials and detailed case studies that demonstrate that your product or service really delivers. Make it part of your workflow to collect as many as possible and make them prominent in all of your marketing.