How is your small business positioned, or defined relative to your competition? We have looked at the Top Picks for Positioning: A) Price, B) Quality and C) Variety. In addition, here are three more to consider: D) Value, E) Convenience and F) Emotional Connection.
Value implies that buyers will be satisfied that they have paid a fair price for whatever you offer. Their purchase will not fall apart or quickly fail -- and is probably priced in the middle of the range for similar products or services. In essence, it is a combination of “price” and “quality.”
Their ads are fun and colorful, and fashion is a significant story in addition to the well-known price story. They establish designer names in order to gain credibility and imply that the relationship between price and quality are “right on target.”
A business with a convenience positioning is easy to locate and the purchase is easy to make. Purchases leave the buyer with a good feeling of time or effort saved.
Is your business or product name easy to spell or remember for internet research? Do you always include your street address? Do you have plenty of parking? Does the Customer Service you offer enhance your image? If not, you are losing sales.
For years, Starbucks coffee houses grew like dandelions. They also tout other issues (e.g. social responsibility, variety, quality), but they are iconic because they are on every street corner in big cities – and easy to find in smaller ones.
If you can connect with people on an emotional level, or meet an intangible need, you are fortunate indeed.
In the mid-1980’s, I was considering concepts for a new book series. In our consumer research, participants were not overly excited about any one idea. There was one exception. In every focus group of 10 to 12 people, one or two loved our concept of a series on the war in Vietnam. Everyone else hated the idea – the pain of the war was too fresh. So, we did not do it. Two years later our primary competitor came out with – you guessed it – a blockbuster series on Vietnam. In this case, emotion won. A very excited core group, if there are enough of them, is sufficient for success.
Now you have six possible positionings to consider. Which ones will best fit with your product and target market? When you know the answer, you will have finalized an important piece of your Marketing Strategy within your Business Plan.
Until we meet again,
The Entrepreneur’s Friend
The Entrepreneur’s Friend® is a registered trademark of Wheaton Consulting Group LLC. Photo credits: All photos were taken by Cynthia Wheaton and owned by Wheaton Consulting Group LLC except as noted. Coffee cup art by Jim Wheaton. Author support: Fellow authors from The Wrinklings and Light of Carolina Christian Writers Group.