Build Your Market Presence in 2006
by John G. Agno
Published on this site: December 26th, 2005 - See
more articles from this month
To survive and prosper, a small company must establish a marketing
presence based upon a sustainable competitive advantage. As
we begin a new year, let's explore this principle (which makes
it easy for people to buy from you) by first defining some
terms:
Marketing presence is the message your business communicates
to its prospect and customer base. To be effective, the message
should be clear and simple - and contain the key attributes
you want associated with your business.
Competitive advantage is the sum of those attributes that
differentiate your business from its competitors. This is
your core competence. You develop, build and enhance it through
a clear understanding of your customers' wants and needs.
You implement it through a strategic plan (a directional compass)
that can help you quickly adapt to changes in their wants
and needs.
Sustainable means to keep in existence, to maintain and affirm
the validity of, to support the spirit, vitality and resolution
of, to encourage, to endure and withstand. Only through your
continuous understanding of what makes your business competitive
can your business survive and prosper. GE's former CEO, Jack
Walsh, once said, "If you don't have a competitive advantage,
don't compete."
Since it takes two - a buyer and a seller - to make a sale,
the reason for establishing a viable marketing presence is
for your business to be on the prospective buyer's "short
list" when the buyer is ready to buy. You want to be
sure that your company is among those being evaluated when
the prospect's need arises.
When you think about your competitive advantage, consider
that in your prospect's mind your company "fits"
into some category. For example, you are either a "low-cost"
or "value-added" supplier. A low-cost supplier is
categorized as one who consistently provides a lower cost
with acceptable quality. A value-added supplier provides a
differentiated product or service that contains substantial
attributes which command a premium price.
Likewise, your are either a "generalist" or a "specialist".
A generalist is categorized as having a broad scope - serving
all types of customers in an industry or geographical area,
offering a broad range of products or services. A specialist
focuses on specific products or services and dedicates all
efforts to that one niche or market segment.
The key element in your thinking should be to make a difference.
You must take the risk to create a recognizable choice from
your rival companies. Your worst error here would be trying
to imitate rival companies or trying to be all things to all people.
As you think strategically about establishing your market
presence, consider this process:
Conceptualize your strategy - this is pure and analytical.
Engineer general agreement to the strategy - here you are
muddling over the practicality of what you want to do and
sharing your ideas with others and getting their input. You
might also seek the help of a business coach during this period.
Prepare a mission statement and business plan - to discover
and clarify what business you are in how you plan to approach
it.
Communicate the statement and plan - both internally and
externally.
Live the plan - if all the steps feel right, start to implement
the plan - but with the full expectation, knowledge and intent
that you will continuously adjust and adapt it to market changes.
John G. Agno, certified executive & business coach
Signature, Inc., PO Box 2086, Ann Arbor, MI 48106 Telephone:
734.426.2000 (US Eastern Time Zone)Email: mailto:[email protected]
The most critical knowledge is self-knowledge. http://www.MentoringandCoaching.com
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