To (target audience), (product name) is the type of (product) that (performs this task)
What are the specific product attributes?
What are the benefits to the customers
When / how can the product be used?
Identify a class of users
Positioned directly against a competitor
Positioned away from competitor
Compared to different classes of products.
Identify a class of buyers
The differences that are promoted for a product must be:
The difference delivers a highly valued benefit to the target buyers
Competitors do not offer the difference, or the company can offer it in a more distinctive way
The difference is superior to other ways that the cutomer might obtain the same benefit
The difference can be explained and communicated to the target buyer
Competitors cannot easily copy the difference
Buyers can afford to pay the difference
Company can introduce the difference profitably
To identify a niche market, a series of 2 by 2 matrixes can be used to identify an area that is being overlooked by larger competitors. The competitors are mapped on this matrix and you can see where there may be some opportunities.
Go after the whole market with one offer and focus on common needs rather than differences
Target several market segments and design separate offers for each
Large share of one or a few sub-markets. Good when company’s resources are limited
