How do you effectively position a product that is unable to compete on features alone?

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Director of Marketing in Software, 1,001 - 5,000 employees
You have to sell the whole company, not just the product features. How trustworthy are you as a company to live up to your commitments to customers? How well do you deliver on implementation timelines? How well do you partner with customers to reach their business goals? These are of course all messages that only truly impactful customer case studies can deliver.
Director of Marketing in Finance (non-banking), 10,001+ employees
I never go for feature parity-Either go for top line benefit or bottom line saving as a starting differentiator. Then go for ease of doing business. 
CMO in Software, 1,001 - 5,000 employees
Features is only a part of the entire value proposition in my opinion and bringing in the customer experience and the entire ecosystem of benefits can be a game changer. I worked in the logistics space, and we were inferior on the features part of the offering but were able to add more value on the 'we go the extra mile' and other adds on which (some) customers appreciated and that was my biggest lesson. 
VP of Marketing in Media, 51 - 200 employees
To effectively position a product that can't compete on features alone, focus on its unique value proposition, highlight benefits, create a strong brand image, leverage customer testimonials, and offer exceptional customer service.

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