The famous violinist Joshua Bell once played music in a DC subway… and hardly anyone stopped to listen.
… Even though people regularly pay $300 to hear him play music in a plush concert hall!
So what gives?
As Erez Druk points out, this story shows the importance of product positioning.
Because people don’t always “get” the value of something, especially if it’s out of context.
To solve this problem, Erez recommends using April Dumford’s framework of positioning components to make it easier for your customers to contextualize and see the value of your product.
All you have to do is ask five simple questions…
#1 – If you didn’t exist, what would your best customers use? This might hurt to hear, but your customers are probably comparing you to alternatives.
So learn who your biggest competitors are, and figure out how to position yourself against them.
#2 – What unique attributes and features do you have that others don’t? When you study competitors, think about what you offer that they don’t.
What’s something that can’t be done without your product or service? Identify it, and promote it hard.
#3 – What value do you provide for your customers? Features are nice. Now turn them into value by approaching your product from the “what’s in it for them” angle.
You know how Apple famously promoted the iPod as “1,000 songs in your pocket” instead of having “5GB of memory?” That’s an example of value.
#4 – Who’s your ideal customer? Focus on people who care the most about the value you offer.
This will help you target high-intent buyers and earn you the most money.
#5 – What’s your market category? Remember how we mentioned context earlier? Here’s where you figure that part out.
Because even the greatest product or service will fail when put in the wrong context.
By asking these questions, you’ll improve your product’s positioning. And your sales and marketing teams will be eternally grateful!