As promised to you last week here is Koogar’s first guest blog on our new Business Development Forum. Kindly written by Julie Webb, Director of Azzure Marketing and titled “The need to position your business” the blog is sure to get you thinking about how you are currently marketing your business. I hope you enjoy reading it as much as I did. Please feel free to comment on the blog.
The Need to Position Your Business…
Positioning your business correctly in today’s markets is critical. If you do, then you understand where your business is, what your objectives are, what your marketing strategies are, who your competitors are, where your target market is and how you will reach them, along with understanding the changing factors in the macro environment, which could impact your business.
It means you will be a proactive business in your market sector, building awareness and making you a confident voice, an expert in your field, which people will grow to recognise and trust. Trust and recognition helps decision-making. It is what you want to achieve to gain long-standing customer loyalty with your customers and prospects and which aides for a sustainable and profitably business for the long-term.
So do you know these things about your business, market, competitors and customers to position your business?
Today’s markets are full and so very competitive, there are not that many markets out there where competition is low. The need to differentiate and stand out from the crowd is essential. Evaluate what you offer and what you are good at so you can create you USP’s (Unique Selling Points). This will help define you in your market place and differentiate you from your competitors.
Positioning defines your business and your image. Image is your Brand. Positioning will build a perception; perception will build your Brand.
Perception is not only how your customers view your business, but your competitors, suppliers, partners, employees and how you do as a business. You need to know what your objectives are for your business and where you want to be, to evaluate what your business ethos and values are. Understanding this will enable you to portray your business in the way you want it to be perceived and therefore how you will do business to grow the right perception from others.
When you as a person make a purchase, think about how and why you buy a particular product or service. What makes you choose a particular product, when you usually have several options available to you? Is it the quality of the product, is it the fact that you need back up after purchase and so customer service is paramount, is it location of supplier or is it price. Note however generally price alone is not one of the top priorities when making most purchases, so positioning on price alone is often an unnecessary strategy and a very risky one long-term.
Understanding your business position will assist and lead you into making better decisions and plans with regard to your marketing communications and therefore utilise promotional elements which best suits your business now and in the future.
Knowing your business position in the marketplace with have an effect on how you promote and create awareness of your business and the messages you wish to put to your market, which aligns with the brand you want to build for your business.