How to Position Your Business for Success
Your business needs to be different and positioned for success because, in today’s highly competitive market, a business will not thrive or even survive without some unique competitive difference, setting it apart.
Differentiate Your Business
Differentiation involves designing a set of meaningful features in your services or products to make them different from your competitors.
There are several things to consider in distinguishing or differentiating your market offering. These are listed below.
a) Product Differentiation
To stand out, make your product different from competitors in:
b) Service Differentiation
To achieve differentiation in terms of the services you offer:
- make it easy to order
- reduce delivery times
- provide excellent customer service
c) Personnel Differentiation
Make your product different from others in the market in terms of your personnel who interact with your customers.
d) Channel Differentiation
Ensure a functional distribution system, efficient market coverage, and expertise among your agents. You can select up to 2 areas to make a difference; achieving a difference in all areas is costly and difficult. However, the set of differences that you select should be:
For example, a set of meaningful differences for a product could be: quality and affordable product (product differentiation), and excellent service (service differentiation).
Once you have a set of meaningful differences for your product; let your customers know. Positioning is all about implanting your brand’s benefits and differences in your customer’s minds.
Steps to Positioning Your Business:
- identifying a set of meaningful differences
- choosing the right competitive advantages
- selecting an overall positioning strategy and communicating it to customers
Value Positioning Strategies
Value positioning strategies define the nature of the messages you send to potential customers through promotions. Your strategy could communicate any of the following messages:
- ‘More for more’: a premium product offered at a high price– This is used for luxury products.
- ‘More for the same’: you have a quality product but sold at the same or a lower price
- ‘The same for less’: you give value for money – good deals; in this case, your product is of similar quality to competitors, but you are selling at a lower price.
- ‘Less for much less’: products are offered less in terms of quality, they cost less. Companies that offer low-cost products, use this strategy.
Surviving in a competitive business environment is a tough battle. It takes courage ad strong will to start and run a business. Hope you are prepared to make a difference.
We at workaforce, are always on the lookout for useful information and resources that will add value to your business. Whether you are a freelancer or a business owner, we care! We look forward to working with you by providing unique solutions and services that will give you a competitive advantage.