In this entry I’m going to tackle one of the easier elements, where little specific planning or strategy is needed. Here we’re looking at the “Our [product name]” section of the positioning statement. So as usual let’s look at the context of this element in the wider positioning statement.
FOR [the ideal customer] WHO [has this specific pain or problem] OUR [product name] IS A[product category] THAT PROVIDES [this main benefit and reason to buy] UNLIKE [the primary alternative or competitor] OUR PRODUCT [has this unique selling proposition].
Having said that little planning or strategy is required here, what I should have said is that from the perspective of the product marketing task of creating the positioning statement, the product name is usually already in place. But not always. Obviously an incredible amount of effort, research and focus group feedback can go into selecting the product name. And whilst the name doesn’t usually change based on the ideal customer or the pain that they have, it might be that specific products are “created” so as to appear focused on a specific audience and/or problem.
I’ve had experience of companies (mea culpa!) where the engineering effort required to bring such a product to market stretches only as far as to add an adjective or a noun to a product name in order to make it appear more targeted at a specific problem or prospect.
Whilst the science of product naming is outside the scope of what I want to cover here, if you’re interested there is an good discussion on that subject, as well as many others in the seminal book by Ries and Trout “Positioning: The battle for your mind“. It’s a good read even if its roots are in advertising and it appears a little dated now. Perhaps I’ll revisit it later with a book review.
So other than that, that is the product name section – really just a place holder for, as you might expect, the name of the product (or service).
It should be borne in mind that Lustratus’ focus is on the high-tech software industry and whilst positioning as a concept will transfer to just about any business to business industry, many of the classifications we use assume that we’re dealing with a technical audience for infrastructure software. So please bear that in mind for your own industry.