You’ve just launched an innovative SaaS product, and now it’s time to market and sell it. But how do you explain what makes your product unique to your target audience? The answer lies in creating a clear and concise product positioning statement that highlights how you solve your customers’ pain points and why they should choose your product over the competition. In this article, we’ll guide you through the process of crafting effective product positioning statements, along with five examples to inspire your own.
What is a product positioning statement?
A product positioning statement is a short description of your target market and the product you offer. It serves as an internal tool to keep all teams in your company aligned in communicating the value of your product to users. Your marketing department will refer to this statement when creating campaigns, while your sales representatives will use it as a foundation for discussions with potential customers. A well-crafted product positioning statement ensures that your company presents a consistent brand image and effectively communicates your product’s value to your target audience.
The key elements of a product positioning statement
While your product positioning statement reflects your brand, it is different from a brand positioning statement. The former focuses on your product’s value to consumers, while the latter communicates your brand’s value to the market. For example, Spotify’s brand positioning centers around the company as a leader in the audio streaming movement, while the positioning for its product Anchor tells consumers that the product makes podcast production seamless.
People often use the terms “product positioning” and “brand positioning” interchangeably, especially when talking about brands with a single product offering. However, even if your brand has only one product, it’s crucial to differentiate between your product offering and your brand’s overall mission.
Crafting your product positioning statement
To craft an effective product positioning statement, you need to consider several key elements:
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Your product’s name: This is the first part of your statement, but it should actually be filled in last if you’re developing a new product. Your positioning statement and research should influence your product name. If you’re a one-product brand, your product and brand names may be the same.
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Market category: Use the language that your target users would use to describe your product and its direct competitors. Showcase your product’s strengths in relation to the industry you aim to serve.
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Your product’s benefit: This is the most important part of your statement. Clearly communicate the problem your product solves and how it outperforms your competitors’ offerings. Conduct a competitive analysis to understand how your competitors position their products and how you can differentiate yourself.
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Your target user group and their needs: Develop user personas by talking to people and gathering feedback. Understand what your target users are looking for in a solution. Send out surveys and conduct interviews to gain insights into your ideal user’s mindset.
Examples of product positioning statements
Let’s explore five examples of product positioning statements from top SaaS brands. These statements demonstrate how each company effectively communicates its product’s value to its target audience:
1. Reclaim.ai
For busy professionals looking for a way to take control of their seemingly unmanageable agendas and increase productivity, Reclaim.ai is the smart calendar assistant that gives users more time in their week to tackle their most important priorities. Reclaim.ai takes care of the tedious task of schedule organization by automating the most stressful parts of time management, all within a user’s existing calendar.
2. Talkspace
Talkspace is an online therapy service that connects people seeking quality mental health services with trusted therapists and immediate access to self-help tools—all within a safe, virtual environment. Talkspace’s online platform makes access to mental health support more affordable for individuals living with a wide range of needs and allows members to connect with board-certified mental health professionals via phone, text messages, or live video chat.
3. Buffer
Buffer is the social media management application that helps brands grow their online audience outside of spreadsheets and within one seamless tool. Buffer provides users with simple tools to schedule and publish content and manage the engagement on all of their social media accounts from one platform.
4. Amplitude
Amplitude is the premier product analytics platform, offering companies all over the world the product intelligence tools they need to scale. Used by over 40,000 digital products, Amplitude helps users increase product adoption by providing user behavior insights that help teams build engaging experiences.
5. Writer
Writer is a first-rate AI-powered writing assistant that helps teams keep their brand voice aligned across all forms of content. Unlike Grammarly Business, Writer allows teams to create and whitelabel custom style guides and checks that brand-specific terminology is used correctly and consistently. Writer also guarantees unmatched security as it never stores content after it’s processed.
The secret to great product positioning statements
A product positioning statement is a living document that should evolve alongside your product. As you update your product with new features and improvements, revisit your positioning statement to reflect your current market and differentiate yourself from competitors. By crafting a compelling product positioning statement, you’ll effectively communicate your product’s unique value and attract your ideal users.
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