How to position your business for success

Written by: Mick Donohoe

Thanks to the influx of home renovation shows on our screens we’re all very familiar with the top three selling points when it comes to putting your property on the market. Put simply, it’s all about location, location, location.

If you’re running your own business, the equivalent ‘catch cry’ for marketing your business is position, position, position…or put more succinctly ‘positioning’.

Positioning means establishing a unique position in the market that helps you stand out from your competitors.

Do you know what your business is ‘known’ for?

If you don’t, a good way to find out is to ask your customers what you are known for and why they choose to use you instead of your competitors. Even if you do know, it won’t hurt to ask your customers to confirm you are on the right track.

How to clarify your competitive advantage: 

  1. Do your homework:  To create your positioning strategy you need to understand the market you operate in and your own strengths and weaknesses. This can include working out the total market size, opportunity and lifecycle it’s in. Is it growing or in decline? What else is going on in the market that could have an impact on your business?
  2. Talk to your customers: As well as knowing why they choose you, find out what keeps them up at night.  Understanding how your customers and prospects think and what their problems are can help you determine the best way to meet their needs.
  3. Check out your competitors: Getting your hands on your competition’s key products and examining their strengths and weaknesses can give you some great insights and help you understand where your next market opportunity might come from. A simple search on their website is a good place to start.
  4. Position, position, position: With all this new information at hand it’s time to put your new-found knowledge to work. What sets you apart from your competitors in the minds of your customers and prospects? Make sure to communicate your competitive advantage at every opportunity.

If you’d like help to identify your positioning contact us today on 0408 689 958 or mickd@capstonemarketing.com.au