- by Rory Ramsden
Positioning your offer correctly gives your product launchthe maximum traction in a new market. It’s all about
differentiating yourself from the competition so you stand head and shoulders above them or better still disrupting the market by creating a new niche altogether. One you can dominate quickly and easily.
To do this you need to think strategically. There are three parts to the equation…
- What can you sell at a premium price to people with money that will have more value to them than the price they paid for it?
- What are your competitors’ strengths and weaknesses?
- What core strengths do you bring to the market?
You market research should answer the first two questions. The third requires you to look inward and decide what you are really good and just as importantly what do you enjoy doing more than anything else. Being passionate about helping your customers to achieve their goals is apparent to them in all your communications, if only subliminally.
Positioning your offer packs a powerful punch. It gives your product or service a clear identity. At a glance, it tells your prospects what you are all about. It hooks them in and makes them want to know more. It is your big bold promise and your core concept
Expressing this in a headline and two benefit driven sentences in which every word has earned its place is all it takes. So how do you craft these words without being a highly paid copywriter with a gift for finding the right worlds?
Luckily, there is a system that you can use…
- Make a list of your product features
- Beside each one, state the advantage that it offers
- Then beside that, state the benefits
- Now compare this list to those offered by your competitors
- Make a short list of your stand-out features, advantages and benefits
- Relate these to what your core market really really wants and is prepared to pay top dollar for
- Take the top 3 choices and find out which resonates best by asking your best customers in the course of conversation
- Rinse and repeat until they immediately ‘get’ what your offer is and give you an enthusiastic response
- Now write your headline and those two power packed sentences
I hasten to add that the best time to do all this is before you have defined and created your product or service. It may seem to you like putting the cart before the horse but doing it this way round will ensure that, when you are in product development, you remain fully focused on the outcome that your customers want
Adding a cool feature that you love, may give you an ego boost but if it doesn’t fit the core concept then put it to one side and use it later. You have to be super disciplined about this process to deliver a killer offer quickly and effectively.
Grounding your product launch by positioning your offer like this has one major benefit. You can move forward with confidence without wasting time and money on a series of false starts.
The Importance of Market Analysis
The senior management team of a paper company correctly identified what the market really wanted. It wasn’t more paper. It was something that would display the written word quickly and easily
This insight led to the creation of electronic readers (e.g., KindleTM). Something that would disrupt the market place and set them apart. In passing, please note that the management were not wedded to the ‘way we do things round here’. They were prepared to reinvent their company and in the process steal a march on their competitors by delivering what people wanted in an innovative way.
Once this alternative technology was identified, the team developed a launch marketing strategy to storm the electronic reader market which is just a small part of the LCD display niche.
How is your product or service different from those of your competitors?
A cheeseburger is a cheeseburger, you may think. But look how McDonald’s, Steers and Spur differentiate their fast food. They offer different side dishes (french-fried potatoes at McDonald’s, as opposed to salad or onion rings at other fast-food entities), different toys with kids’ meals (a big incentive for the under-10 set), and different ways of cooking their burgers (McDonald’s are grilled; Steers are flame-grilled, for instance).
What makes your product or service unique?
In New England in the USA, McDonald’s is the only fast-food chain to offer lobster rolls (a lobster salad sandwich served in a grilled hot-dog roll) in the summer.
3 Keys to Success
- Truly understand what the market wants – this is not necessarily what the market is already buying from you.
- Innovate and disrupt – by positioning your offer to strike where your competition is weakest
- Play to your core strengths
Now that you have positioned your product or service in a systematic way, you are ready to launch your new product and reap the rewards. Remember that most of your competitors do not think strategically . You are now in prime position to attack new micro-niches over and over again because you have system
Now all you have to do is find an effective system that you can use to launch these new offers into their markets. So you may be wondering how much it will cost to hire a product launch manager. The quick answer is not as much as you might expect. Our aim is to structure a win-win sort of a deal with clients. We get paid when you get paid. That is we work on a percentage of the ‘pre-return’s gross’ revenue that your product launch makes. Naturally, you have to pay a fee to get on our calendar. We can only take on 2 or 3 clients per year so our time is valuable and we must know what our schedule is well in advance. It would be unfair on our other clients if we didn’t insist on this. Find out more by booking a free consultation with me now