I really like this question because it's not every day that you're launching a new product. Oftentimes you're making incremental improvements to a product (for example, with several features that add up to something pretty significant). Regardless, you should be frequently revisiting the products you have to ensure they're really resonanting in the market.
I've gone through the process of repositioning a product a few times, and I usually encourage people to really start from scratch and have an open mind. That is, don't be bound by the positioning you've had in the past and instead start the process from the beginning of brainstorming what the painpoints and core value props are based on customer feedback, research, talking to sales, etc. Basically, treat it as though it's a brand new product you're launching. Some ideas for where to start:
- Talk to your sales team for the product and get their take on what does / doesn't resonate when they pitch. We've been recently working on repositioning an existing product and have discovered, through convos with a few reps, that certain features we thought would be exciting / really resonate actually don't get customers excited at all. On the other hand, there are certain things we would have never thought would be interesting that are completely game-changing to customers. When you have a product that's already in market, you have the benefit of having pitched it multiple times. Which brings me to my next point..
- Talk to customers. Very similar to the sales point above, you already likely have several customers (of different shapes, sizes) that would be willing to talk to you about what they love (and don't care for) about the product. They are also great candidates to bounce ideas off of when you do have a new product positioning.
- Talk to prospects who passed on the product. If it's an expansion product (and you have customers using yoru core product), this is easier to do. But regardless, you should always try to get in touch with folks that passed on your product to better understand why
- Literally start filling in a blank positioning doc. Again, I encourage people to really start from scratch, and the best way to do this is to start from a blank sheet of paper.
The final thing I'd say here is that it's easy to get into the mindset of thinking that just because something has already been positioned that it must be 'working' and doesn't need changing or updating, which can lead to hesitancy to just start from scratch and reposition. Sometimes, however, products were positioned hastily from the start, or you've learned an incredible amount since you first positioned something, or you're now trying to move into a completely different segment (e.g., moving from SMB to Enterprise) with very different needs (and therefore different value props will resonate). There are a number of different reasons why you might need to completely start from scratch, and it's more common than you might think.