Competitive positioning is about defining how you’ll “differentiate” your offering and create value for your market. It’s about carving out a spot in the competitive landscape, putting your stake in the ground, and winning mindshare in the marketplace – being known for a certain “something.”
When your market clearly sees how your offering is different from that of your competition, it’s easier to influence the market and win mindshare. Without brand differentiation, it takes more time and budget to entice the market to engage with you; as a result, many companies end up competing on price – a tough position to sustain over the long term.
One of the key elements that many small to mid-size companies overlook is how they provide value at the highest level. There are three essential methods for delivering value: operational excellence, product leadership and customer intimacy.:Figure out your point of difference. Your unique attributes are what set you apart from your competitors and attract clients to your offering. ...
Decide which customers you serve the best. ...
Find your place in the competitive landscape.New product development provides an opportunity to change the competitive landscape. New products can help company gain new customers, retain existing customers and increase profitability. In short, new products is the only source of competitive advantage - if executed correctly.A small business can increase the odds of making a sale to target customers by increasing the opportunities for the customer to see the product. ... Having your products more widely available is a powerful way to build your brand awareness -- a key component of competitive advantage.
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Answer:
COMPETITION
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Answer:
Competitive positioning is about defining how you’ll “differentiate” your offering and create value for your market. It’s about carving out a spot in the competitive landscape, putting your stake in the ground, and winning mindshare in the marketplace – being known for a certain “something.”
When your market clearly sees how your offering is different from that of your competition, it’s easier to influence the market and win mindshare. Without brand differentiation, it takes more time and budget to entice the market to engage with you; as a result, many companies end up competing on price – a tough position to sustain over the long term.
One of the key elements that many small to mid-size companies overlook is how they provide value at the highest level. There are three essential methods for delivering value: operational excellence, product leadership and customer intimacy.:Figure out your point of difference. Your unique attributes are what set you apart from your competitors and attract clients to your offering. ...
Decide which customers you serve the best. ...
Find your place in the competitive landscape.New product development provides an opportunity to change the competitive landscape. New products can help company gain new customers, retain existing customers and increase profitability. In short, new products is the only source of competitive advantage - if executed correctly.A small business can increase the odds of making a sale to target customers by increasing the opportunities for the customer to see the product. ... Having your products more widely available is a powerful way to build your brand awareness -- a key component of competitive advantage.