Want to set yourself up for success from the get-go? Ayoa’s Product Positioning template will help you to conduct valuable market research before launching a new product or service.
As the name suggestions, product positioning exercises are carried out by business teams to help them determine how to position a product in their chosen market. A vital exercise when looking to develop an effective product launch plan, they enable you to identify your product’s unique selling points and the pain points your product solves, as well as clarify how you stand apart from your competitors.
This exercise should be conducted any time you’re looking to launch a new product or service to the public as it will help you to conduct valuable (and essential) market and customer research. However, it can also be valuable to carry out this exercise on a periodic basis in order to stay informed of any changes in the market and to check if the positioning of your product has shifted over time.
This exercise allows you to gain a deeper understanding of the market you’re looking to launch your product in and what unique solutions you can bring to the table. Your chances for success will be greatly improved by conducting this research beforehand, so you can identify the right demographics and market to target, as well as what you can offer that your competitors cannot.
This exercise will vary depending on your product or service offering, which is why our Product Positioning template is completely customizable to allow you to use in the way that works best for you.
Our Product Positioning template is broken down into different sections to guide you through the exercise, allowing you to easily organize your ideas ready to be analyzed further when needed. Simply follow the steps below to get started.
To access the template, sign up to Ayoa. Once you've signed up, navigate to the homepage to create a new whiteboard, mind map or task board and choose this template from the library.
First, begin by defining your product or service. How would you best explain what your product offers? What features does it include? Add any ideas to the ‘What is it?’ section of the template using sticky notes.
Next, consider your target demographic. What sector or industry is your product primarily targeted to? When defining your target demographic, you may already begin to see if the features offered in your product would be of value to this particular audience.
One of the most vital areas to define during your product positioning exercise is to identify what benefits your product offers and the problems you will solve for your customers. Consider what these key pain points are for those in your target demographic, being as open and honest as possible. This should enable you to determine if your product in its current state is able to effectively solve these problems.
In the ‘Market category and characteristics’ section, identify which market your product resides in and consider the different characteristics of customers within this market. For example, if your product falls into the retail market, what other products do customers in this market usually purchase? What would make them switch to your product?
Now it’s time to define your competition. Use this section of the template to list your key competitors and the things that make them stand out. Think about what has made them successful, or what they have failed at. Are their pain points similar or different to your own?
Finally, add in any of your differentiators. What sets your product apart from the competition? How can you gain an advantage in the market? By conducting some research on your competitors, you’ll soon gain an understanding of how your product will fit alongside these when you launch.