positioning.png
 

It's an old phrase used to say that if you want your business to be successful you need to be in the right location.

The reason for this is foot traffic and line of sight. If you are visible and people can access you easily they will inevitably buy from you sooner or later.

The crazy thing is that even an average business in the right location will inevitably do better than a business that is excellent, but in the wrong location. It's a crazy thought, but it's true.

Market positioning

So why am I telling you all this? I'm using the analogy of "location" to talk about "positioning" and the important role it plays in a businesses success. Not just in terms of where you are situated, but more specifically the position you occupy in the mind of the consumer.

You see, where you position yourself in the market determines how you think, and the kinds of business decisions you make with regards to the type of product or service you sell, the process you undertake to get there and ultimately the clientele you serve. 

Mind real estate

I'd go so far as to say you need to write a position statement for your business. It should be short, but should explain the area you occupy.
Remember you can't be all things to all men. That's a recipe for disaster.

Another powerful exercise is to take the two most relevant factors around your business and make a matrix from them from there plot where you sit in terms of positioning and then where your competitors do. Once you've done that print it out and stick it up where you can see it.

Not only that, but share it with your staff. It will help crystallise your decision making process moving forward. With that you'll occupy the right real estate in the mind of your target audience.

 

Comment