One of the greatest benefits of having a startup business is an immense opportunity for growth! As a startup, you will quickly check small goals off of your to-do list and constantly be working towards the greater objectives. With so much room for growth, how can you be sure your business is staying on track? A positioning statement is the best place to start. Positioning statements help to keep your company’s core value in check with its objectives and goals. If you’re launching a startup, keep reading to learn how to develop your positioning statement.
What is a positioning statement?
Positioning in itself is managing how your organization distinguishes itself from other competitors with original meaning for your pubic(s). Essentially, this is how you want your organization to be seen based on what makes your business stand out. For example, if your product or service provides a benefit, your positioning statement should highlight your businesses most valuable attributes that no competitor can match. There are many different angles of positioning. Read the examples below to decide the best fit for your business:
- Quality positioning
- Distinguish your business from competitors by providing the “high-quality and trusted” specialty service or product.
- Value-price positioning
- This entails positioning your company as “affordable.” Maybe your company offers complimentary services or has promotional offers.
- Benefit positioning
- Highlight your companies most appealing attribute that competitors cannot also claim. Be sure it is an attribute that your customers will benefit from.
- Problem and solution positioning
- Position your brand as a solution to a customer’s problem. Remember your solution must be unique.
How to make your positioning statement
Your positioning statement should be unique to your company. Now that you have chosen which position you want your company to present, use this formula below as a starting point for your statement! Make sure to edit your statement to make it the perfect fit for your business. Remember that your positioning statement will help you shape your objectives, strategies, and tactics for your company, so you want to develop one that really fits your businesses vision and brand.
- Who is your product or service for? This should be your target audience and/or public.
- This should be a statement of a need or an opportunity. Essentially, write out what purpose your business serves or what you aim to satisfy.
- This one is simple. Your “the” is just the product name and product category.
- This should be a statement of a key benefit. Make sure this demonstrates a compelling reason to buy your product or service
- State the primary completive alternative. This will help to distinguish your business from its competition.
- Our product
- State your product or service’s primary differentiation from the competition. This is where you explicitly state what makes your business special.
Once you iron out the specific pieces of your positioning statement, fit it all together. Here is an example of a custom bike business:
Example: Specialized is the brand of Personalized Style and Performance that allows younger, entry-level mountain and road bike riders to “specialize” their ride to their own personality and tastes. Specialized delivers the ultimate in customization because: it offers the broadest selection of color and styling options; best quality components and features in a bike that fits the budget and lifestyle of the target public.
This example meets some excellent criteria for a positioning statement. This statement highlights the unique qualities of the brand and compares it to other companies by using words such as broadest and best. Once you build your positioning statement, you can build off of it to create business objectives, strategies, and tactics that all relate back to your businesses’ position. Establishing a positioning statement will provide a simple reference for your future business plans. Now that you have this statement, you can easily refer back and ask yourself do my plans reflect my companies position?