You've heard the expression, "poll position"
when Nascar announcers talk about where the
cars line up on the track for the start of
the race. There's another race that many business
owners face on a daily basis and positions
important there too. Hi, I'm Peggy Collins
and I'd like to talk to you a little bit about
Market Positioning. Market Positioning is
where you are in the line up with your competitors
when the race to success begins. You may be
the company with the highest gross sales.
Your store maybe the best place to find unique
products or you maybe the low price leader.
Each of these is a positioning statement and
can help you define who you are as well as
where you stand in the market place and in
the minds of the public. One key strategy
in developing your positioning statement is
to know and embrace who you are when compared
with your competitors. You maybe able to turn
a negative into a positive with enough creativity.
A great example of excellent market positioning
is the Avis Brand. Hertz Car Rentals is the
leader in that industry. Their slogan was
"We're number one". After trying to overtake
competitor Hertz with no success, Avis launch
a campaign that actually promoted their second
fiddle position, but with a very positive
spin. They're campaign theme, "we may not
be number one, but we try harder". Instead
of focusing on being market leader, they look
at what they did better than the competition.
They shifted the focus to their customer service
strength and the public responded in a big
way. Not every business can or wants to, be
the leader in low prices. But, every business
must find their position in the market and
claim it in a way that makes a desirable option
for consumers in the market for what they
sell. For instance, if you sell a product
that is unique and hard to find, position
your stores to place to look when shopping
for unusual products. Some furniture stores
sell only leather furniture, so they have
pretty clear focus; but it's not always that
easy. In market positioning, it's always about
how you fit in or stand out when a customer
compares you to your competitor. It can be
a powerful force in growing your business.
So get to know your competitors, what they
do right as well as weaknesses, you can exploit.
Know your business, inside and out, strengths
and vulnerabilities and be hones with yourself,
hey your customers as well. Ask your customers
why they do business with you. You may find
out a great deal of information you can use
and you maybe surprise. Find your position.
Promote it well and you will likely enjoy
a sustainable competitive advantage in the
market. Wishing you positive positioning and
a prosperous business, I'm Peggy Collins.