Every industry is full of companies seeking to fulfill needs of the market while meeting profit goals. Also a given, there are leaders and role players within each industry. Industry leaders should not discourage others from entering the market for every leader there remains part of the market that is under served. You recognized this when you considered establishing your own company. All new entrants and role players attempt to carve out a niche that meets expectations.
The niche is a segment of the market your business will seek to satisfy. The way in which you accomplish this becomes your positioning strategy and with that strategy should be a well thought and understood positioning statement. This statement is the specific method in which your company plans to deliver goods or service to its designed customer. Establishing a sound positioning statement can determine how you manage internal and external forces impacting your business.
Think of the positioning statement as the who, the what, the when, the where, and the how of your business. It defines your customer, their needs, and how they tend to access fulfillment to those needs. The where is your business and the place in which it provides the service. Finally, the when is your accessibility.
With a positioning statement, owners can review its success by how well the company’s business matches the statement. Following through on the plan should lead to profit growth when the statement is aligned with a definite need not being filled. Any number of factors can be in play when businesses fail to meet projections. Do not be the owner who shifts blame on external factors when this happens. Always review your positioning with market activity.
Remember this one thing, positioning statements can be short or long-term, but your target market’s activity coupled with core competencies will determine the success of your operations. Position statements may need to be revisited when permanent changes happen in either regard. Can you as an owner state your company’s positioning strategy? If not, it is time for you to do some homework.