Is competitive positioning an output of a feature or a marketing story?

I think you've taken the right approach! I would never recommend only building out your positioning based on features or products. You need a full, compelling story which should include non-product things as well as product-related things. Non-product things could be services you offer, training classes or certifications you give, industries or personas you specialize in, etc. Building out a full story including all of your unique value propositions and differentiators allows you to have a better position in the market and doesn't leave you constantly repositioning if a competitor comes out with a new feature.

As I mentioned in one of the other answers, once you have your unique value props or UVPs, you can then apply the MUD framework (what is meaningful, unique, defensible) and start to layer in your competitive positioning there. Features should never be the only part of your positioning, competitive or otherwise. Your approach with a differentiated story is a good one. Set up your story, surround it with both features and non-feature based UVPs. Then take that story and map out where your competitive differentiators lie (the defensible part of MUD) and you'll be in good shape.

Here's my two-cents:

• Your feature/product will always have the same competitors. You may see additional competitors in deals as you create new products/features AND these competitors may not recognize you as a true competitor until you're larger (i.e, at Mercury traditional banks were our competitor, but they didn't care about us; same with Concur at Brex). However, your competitive set wouldn't change.

• Competitors can (and often do) have the same basic positioning (just look at "corporate cards" as an example), whereas the messaging might be somewhat different. I do think the most talented PMMs/marketers can leverage their features and jobs-to-be-done to create really great messaging. For instance, at Mercury I spearheaded the positioning of "Banking basics" whereas in my current role at Brex's business account we play into how we have more advanced features "Financial foundation at scale."

• I also think it can be a marketing story if you are trying to move upmarket or change the perception of your company. We did this at Brex recently with our Concur competitive campaign. By putting billboards, social ads, and SEM directly targeting Concur users, we cemented ourselves in the spend management industry (v.s. just card).

Hope this helps!

I would say it's both.

Competitive positioning attracts customers who resonate with your approach and empowers sales teams to highlight key differentiations effectively. However, the success of competitive positioning hinges on the integration of product features that underscore your competitive advantage, ensuring a unified and compelling narrative about your brand's strengths and specialties. This synergy between product development and marketing strategy is crucial for conveying a clear and consistent message about what sets you apart in the marketplace.