What Is Your Company’s Position?
The stand or position of a company refers to its place concerning other firms in the industry. No company is an Island, and its activities and brand image would undoubtedly be affected by other companies in its space.
We can see a company’s position from two perspectives, brand and strategy.
Refers to the way consumers view your brand compared to how they view your competitors’ brands. It is the position you hold in the hearts and minds of the consumers in your market space. Are you the high-end brand serving only the crème de la crème of the market, or are you the affordable option serving the masses with the best quality possible?
Strategic position refers to the unique role you hold in your industry as regards value creation and production. It relates to how you do things differently to optimize productivity and ensure efficiency. The process is sometimes referred to as comparative advantage, as it is usually the one thing you do or have that puts you ahead of your competition.
How do I Position My Company to Profit?
One major mistake that entrepreneurs make is to go into an industry without figuring out which position they had like to hold. This event sometimes leaves them in the middle of the industry, which is the worst place.
The middle suffers the pressure from the top and the bottom, and if your company is stuck there, the pressure will crush you in no time.
As an entrepreneur, you must take a step back and decide which side of the spectrum you want to serve or cater to. Furthermore, it would help if you chose which side of the spectrum you can cater to operate.
These are very tough questions to answer, and answering them entails a lot of honesty, coupled with in-depth thought and research. This process is crucial, and once you are through with it, you have made the firsts step in positioning your business or start-up for exponential growth and enormous profit.
Pinpoint Available Role
Another way to figure out which position you want to hold is to pinpoint your chosen industry’s available role. It is important to note that the choice of positioning isn’t binary.
There are a lot of factors that a company is measured by concerning others. It doesn’t always have to be class or price; there is speed, durability, taste, etc. If you can’t be the cheapest or the most luxurious, then hold the fastest and most stable position.
The key is to find a vacant place, utilize your core competencies, and easily be translated into your brand image.
However, business isn’t always straight forward, and, likely, all these three factors don’t align. You might discover a strategic position that works well with your core competency to realize that a much bigger firm already occupies the role.
Or perhaps you have a brand position in mind, but you don’t have the competence or strategic leverage to hold that position.
A good example is the fashion space. There is so much competition that every position seems filled; This is where real positioning comes in.
Process of Positioning
Positioning is the process of making constant decisions and changes to create an absolute value, depict that value, and own a dominant position in your field.
Positioning is more than a one-time decision or show of intention; it is an uphill battle that involves brand and operative strategy.
If you want to take the right position in your industry, you must get the right help. With its industry-specific consultants, who have the right combination of skill and experience, SiMar Inc. is undoubtedly the right help.
In business, it is not just enough to have a goal of becoming better. Most times, it is more profitable to streamline your plan and choose your identity. Don’t spread yourself thin. Choose a position and dig in. You can’t be the best choice for every customer, but you can be the only choice for your target market.