Establishing a Position in the Market

No matter what you do, your business will stand for something in the minds of your prospects. That something is your niche, also known as your positioning. What’s the first thing that should enter the minds of your prospects and customers when they read or hear your name? You’re in charge of the answer to that question, so give it careful thought. Testimonials that use the words “good” or “fine” or “valuable” aren’t worthless, but they’re not far from it. Instead, they should say, “We increased our profits 19 percent in 60 days thanks to your remarkable service.” Or, “My husband never compliments me on my cooking, but he actually hugged me after I served him your gorilla stew!” The more specific the testimonial, the harder it will work for you. Do you want to be known as least expensive, the one that imports goods from Europe, the fastest, the friendliest, the most expert, the most fastidious, the one specializing in apartment dwellers, the one that is devoted to helping home-based businesses? There are many niches from which you may choose. Your choice can determine the fate of your company. Whatever positioning you select, be sure that it’s able to be clearly communicated to your target market. Once you begin to establish that position, it will be very difficult for anyone to take it away from you. When selecting it, take into consideration your strengths, your competition, and trends in the marketplace. If your position is different enough, you won’t have much, if any competition. Winston Churchill said, “Out of intense complexities, intense simplicities arise.” Your niche must sing with simplicity. You can differentiate from your competition in at least ten ways: place, price, promotion, people, product, service, selection, quality, convenience, and speed. The area in which you decide to differentiate is your market position.

Establishing a Position in the Market

About the Author Jesse Byron

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