undefined /
undefined
undefined
Blog/ Oct 19, 2022

Ace your go-to-market positioning

Most likely, you have already heard the term, go-to-market strategy, or have even created one to launch your product or service. But there is a critical step before you build a strategy, and that is around the positioning of your business and product compared to what is already out on the market.

Do your prices position you as a luxury item or a valuable item? How do your product features stack up against the competition? Do you offer any value-added services that the competition doesn't?

Finding the answers to questions like this will help you determine your position and ultimately allow you to develop an amazing go-to-marketing strategy around your strengths.

 

What is go-to-market positioning?

Go-to-market positioning is the act of analyzing your product or service and comparing it to the competition to better understand where your marketing strategy can have the most impact.

Having a clear understanding of your positioning means you can develop a go-to-market strategy that highlights the strengths of your service and even uncovers gaps in the market that your competitors aren't focusing on.

 

Types of go-to-market positioning to consider

There are a number of go-to-market-strategies that are successful but here are a few main ways to position yourself in the market:

  • Pricing - Are you marketing yourself as the affordable option or the expensive but exclusive option
  • Features - Are you great at one thing or do you have all the bells-and-whistles
  • Branding - Is your brand going to be the thing that sets you apart from the rest?

In order to determine which positioning is right for your product or service, you will need to have a deeper understanding of your value proposition compared to your competition. That can really only happen after you have deep-dive into what you are selling as well as your competition.

At a high level, there are the main three steps you need to follow to get the insights you need:

  • Step 1: Research your target market
  • Step 2: Research your competitors
  • Step 3: Determine Strengths and Weaknesses

Let's break this down a bit further to help you get started.

 

Find your GTM positioning in 3 steps

To develop your go-to-market position, we have identified three key steps that need to be taken in order to gain enough insights about your product or service as well as your competition. Some of these steps may overlap with other research you have done in the past (Establishing your target market, for example) so if that research is still current and accurate, feel free to save some time and use it.

 

1. Research your target market

In order to figure out your positioning, you need to first figure out who you are marketing to in the first place. Are you focused on B2B or B2C? Which industries will your product or service best serve?

You can take this further by building out persona-based models based on roles within a company, pain points with the role, and buying budgets to really have a deep understanding of who you are trying to market to.

 

2. Research your competitors

Your competitive research can go really in-depth but we will just cover the basics here. At a minimum, your research should cover:

  • Pricing of products or services
  • Product features
  • Countries where they do business
  • Their target market
  • How do they market their product
  • Main benefits of their product or service
  • Customer acquisition strategies
  • Marketing channels

If you really want to get into a detailed analysis, Hubspot has a really good guide to competitive research.

In doing this research, you may discover additional competitors or even find that some of them really aren't your direct competition at all. But having this information is a critical step toward a really unbiased approach to your positioning strategy.

 

3. Determine your strengths and weaknesses

Now that you have a good understanding of your target market and competition, you can take that information and determine what the strengths and weaknesses of your offerings are compared to what is already out on the market.

Depending on how much information you collected, there could be a lot of factors to consider. 

But a great way to visually understand your data is to map it out on a 4-axis graph along with your competitors. In this example, we will compare our made-up service (a cell phone plan), against our competitors' offerings. The two factors we will compare are:

  • Price
  • Features

Price can go from inexpensive (bottom left of chart) to expensive (top left of chart) and features can go from basic (bottom left of chart) to advanced (bottom right of chart). The idea is that after you have done research on your competitors, you can position them on the graph and see which quadrant you and your competitors best fit. We have labeled each quadrant that best fits the intersection between price and features. For example, “Entry Level” would indicate that companies there are inexpensive but also have basic features, whereas, “Leaders” would be more expensive but feature rich. 

As you map out your competitors you will start to see areas that you can focus on for your positioning and overall marketing strategy.

Here is a great example of how T-Mobile used their strength and competitors' weaknesses to create a very compelling promotional video.

 

 

Making adjustments to your GTM positioning

More times than not, your positioning will need to be adjusted as you analyze campaign results as well as what other competitors are doing. If you are selling globally, your pricing strategy may need to be adjusted based on the region you are in.

Selling a product or service globally, regardless of whether it is based on usage-based pricing or some other pricing model, means you need to have a global strategy in place. But in most scenarios where you are selling digital goods or services, it is clear that setting one price across every region is not feasible. Generally, you are dealing with different currencies, economies, tax regulations, and the list goes on. 

We have found through multiple customer implementations that a singular product pricing model is not sufficient, especially for Europe. Prices should not be configured by just currency, but also by country. One easy way to do this within LogiSense Billing is to use Price Books, which allow you to create unique pricing for each currency, as well as each country that you are selling your product or service.

For example, if you are a telecommunications company and offer the same services across multiple countries, you may run into a scenario where your packages in Spain need to be priced at 30 EUR, but can be 25 EUR in Germany. This is a game changer because you now can become more competitive in very specific regions without it impacting the rest of your pricing strategy.

There are other important factors to consider as well. It is likely that each unique region may have different service data requirements like General Ledger Codes (different GL Codes based on where the service is sold), and service tax categories (Some countries have to classify their services differently than others). Normally, managing this requires a lot of manual work and customization within your billing platform and is one of the biggest indicators that your billing platform needs to be upgraded.

adjusting your go-to-market positioning over time

If you are just getting started with figuring out your positioning, there are a few pitfalls that people run into along the way.

Lack of clarity

If you don't have a good grasp of who your competitors are, it is going to be tough to figure out how you stack up against what is already out there.

Too much focus on features

Product features are just one piece of the puzzle. What about your pricing, region of the world you are selling in, and the demographics of your customers? Looking at the bigger picture will really give you a better idea of where you can position yourself.

Not customer-centric

Ultimately, having your go-to-market-positioning figured out should lead to a better overall marketing strategy. But, if you focus too much on how you are better than your competitors versus how your service can do a better job serving your customers, you may lose sight of the real objective here.

About the Author

Tim Neil /

As Sr. Director of Marketing at LogiSense, Tim is responsible for corporate brand messaging and digital assets ensuring that future customers understand the immense benefits that LogiSense Billing brings. Tim has over 20 years of Product Management and Marketing experience in the technology industry.

RESOURCESSee All

Billing Academy: Usage Billing 101

Learn everything that you need to know about usage billing and how to best configure your catalog.
Learn More

Overcoming Subscription Fatigue

Service Providers find themselves struggling to acquire loyal customers. Customer churn remains one of the largest threats to providers.
Download PDF

Cisco Replaces Zuora with LogiSense

Cisco desired greater autonomy for go-to-market and product changes as well as better automation and consolidation of invoicing systems.
Read