How Your Brand Positioning Keeps Your Business Focused And
Recently, we've worked with companies that are struggling to grow. Only, it's not the problem you think it is - business is actually good. The problem is whether they are growing in the “right way” for their business. Many business owners think they have to chase all revenue opportunities. And in start-up mode with little to no cash flow, it's easy to see why that makes sense. But very quickly, it becomes a habit. And at some point, it can be a habit that prevents a business from growing in a way that supports it in a healthier way. And by healthy, we mean a way to acquire these new revenues at a lower cost. Let's face it, why would you keep paying more (money, time and effort) to acquire new customers when you can acquire more new customers for less, faster and easier? So instead of “chasing” revenue opportunities, why not be more strategic?
Why not think about how new customers can come and chase you?! How are you doing that? Start by positioning your brand and committing all your resources to it. What is the position of a brand? Why should I care about a brand? Your brand's position is the mental space it occupies in the minds of your prospects and customers . It is a reflection of your brand promise. Here's an example: Suppose you own a bike shop. There is a mind map called “bike shops” that you and India Phone Number List community members own. And although these stores are physically located throughout the region, what matters most is the mental map. Just as a store occupies a physical location (at the corner of 5th and Main), your brand occupies a location on this mental map. But which “corner” is yours? And how do you know which corners are? The corners or "grid coordinates" are determined by the most important and relevant attributes for your customers or prospects. These are the criteria by which they make their decision to buy from you or someone else.
The corner your brand has is determined by the criteria you meet better than any other brand. Let's say Mike's Bikes owns the "all terrain", "adventure travel", "endurance" and "hardened" corner. Mike's customers are mountain bike enthusiasts who love to adventure off the beaten path all over the world and like to get dirty and worn. Then there are Sue's bikes. Sue's shop has the 'family', 'safety', 'training' and 'fun' corner. Sue's clients are couples with young children who enjoy cycling together for recreation. They care about their children learning to ride safely and having fun together. Dave's Bikes stands at the corner of 'racing', 'innovation', 'precision' and 'expertise'. Dave's customers are competitive riders looking for the most innovative, accurate products and expert advice to give them an edge in their quest for gold.