Posted in Marketing and Strategy Terms, Total Reads: 501
Definition: Position Statement
A position statement defines how a product or service of a particular brand can meet a consumer’s need in a way that other competing brands do not. A position statement may also be known as a brand positioning statement or brand strategy.
The process of positioning a product/brand entails identifying an appropriate market for the product and establishing our product there by highlighting the position statement, emphasizing how it helps meet the existing needs of the market.
A position statement may be written highlighting the following:
1. target customer
2. statement of the need (pain point) or opportunity
3. product name
4. product category
5. statement of key benefit, reason to believe
6. competitive advantage/unique selling point (USP)/ points of differentiation (PoD) over primary competitive alternative
Simply put, a position statement may be created as follows:
“For [target audience], the [brand/product] is the [USP or PoD] among all [competitors/ industry] because [reasons to believe].”
For example, say you want to introduce a new women’s fairness cream “Fair.ly”, you may position it in the following manner:
“For women; Fair.ly will make you look fairer in just 3 days. Fair.ly has milk extracts and promises to make you feel more vibrant looking and confident.”