Competitive Positioning
Every business is unique an either one way or multiple ways. Take FedEx Delivery vs. UPS Delivery; they are both delivering packages but have two distinct operating techniques that make them each unique and one more preferable to you. Finding out how you are different compared to your competitors is very important to how you run your business.
Knowing how you can position your business competitively, will help to drive your business forward as you grow and expand by allowing you to focus on what you do best and what your competition lacks on. Competitive Positioning is understanding how you stand out from the crowd because of what you can offer in comparison to others in the same Industry.
Here are 4 different ways to identify what your competitor uses for their positioning:
Market Leader: This does not mean they are first-to-market, but that they passed their other competitors because of their brand recognition (Ex: Apple)
Market Challenger: A business will see what a market leader is doing and want to take the market back over from the market leader (Ex: Coke vs Pepsi)
Market Follower: They seek to stay one step below the market leader to gain the same publicity (Ex: Verizon vs AT&T)
Market Niche: This business is like a small fish in a big pond showing their niche (Ex: Business Coach vs. Equine Business Coach)
Knowing where your business lies on a comparison such as this can help you determine the best marketing strategy to pursue. Setting up a plan allows you to try certain strategies to see how your market will respond, helping your business to grow and position itself better.
There are many different steps and comparisons you can take to find out how your business is different than your competitors. Like any business research it will take time, so definitely find a time to sit down with a computer, pen, and paper to find your advantage in the market.
To go further in depth, you could;
Look at your businesses culture
Identify exactly who your target audience is
Do a S.W.O.T analysis on your business
Know the mission/values of your business
By looking into items such as these, it will put your business at a good advantage to know exactly who you want to be your clients. By knowing this you will be able to show them why you are different and why you are the best option for them, leading to loyal clients, newcomers, and excellent testimonies.
Putting your business into the public eye can be intimidating and you may want it to be perfect right at the start for everyone. In reality, you want to be different and you want to show that to the public, you will need to trust the path you chose on how you will be competitive and be ready to change when you think the time is right.
In Conclusion…
While you are trying to find your niche, find out how your competition operates, and figure out what you want to do differently to bring more value to your target audience. After that you will be able to use that business niche to advertise to your audience on why they should choose you over your competitors. Always be evaluating your business and ready for change; nothing ever stays the same and your business is no exception.
Thank you for joining the Equidae Family here at Benner Stride!
In the comments below, let us know how you research and market to your target audience compared to your competitor.