Positioning your business for success
It’s important to know where your product or service is in relation to the competition.
It’s important to know where your product or service is in relation to the customer-perceived personality of the competition – so you can position your business for success.
You’ll need to first estimate where your place in the market will be, and how you can increase your profit by:
We'll examine a free-range egg farm as an example, called ‘Brown Hen Farms.’
Write down the two top qualities that consumers judge your product or service on. Using the Brown Hen Farms example, free-range eggs are purchased by consumers based on their:
Brown Hen Farms is perceived to be medium on the healthy scale and easily available.
Brown Hen Farms' two top competitors are Fresh Farms and A Good Egg.
Fresh Farms is available in all stores across their market area, but has been in the news recently about how their free-range eggs aren’t so free. Therefore, they’re not as healthy in consumers’ minds but are easily available.
A Good Egg has been at several consumer events with friendly worded flyers about their free-range chickens and has set up tours so consumers can see their process. Because of their transparency and customer goodwill, they score high for healthiness but they're new to the market, so their distribution is still limited.
Now you can get an idea of where your product is in consumer's minds compared to your competition. If you're realistic in your analysis, it's a quick, easy way to consider the image of you and your competitors and where you can improve.
In this example, Brown Hen Farms has a competitive distribution, but they can improve in perceived consumer healthiness. They can add perceived customer value and boost their competitive ranking through two main ways:
To add onto their product, Brown Hen Farms could:
Brown Hen Farms could also add value through:
Create packaging and advertising imagery to natural farm images, or healthy families eating eggs.
Set themselves up as experts with media such as parenting magazines, health magazines, or men's magazines about diet, by writing about free-range products and how they benefit the environment and consumer health.
Use healthy events, like a marathon, walk for charity, country fair or health conference, which are aimed at health-conscious consumers. Sponsor a portion of the event for heightened awareness.
Agriculture is the business that feeds the world so it can be profitable to consider how marketing can help make consumers aware of the value and uniqueness of your product.