Understanding and remembering what your business does (what it produces and how it delivers it), the problem that it solves for people and the way it differs from the alternatives in the market will give you an instant leg-up on the competition and will help you stay on track with your True North when you're not sure where to go or what to do.
If you've never thought about this
Being clear about who you are and what you do for your target audience is one of the most powerful things you can do in your business. Once you understand the position that you will fill, remaining relevant to your audience is crucial. This idea is worth visiting at least once per year to make sure that: A) your positioning is still relevant to your market B) you're behaving in accordance with your positioning. In the book "Crossing the Chasm", Geoff Moore outlines a simple template for defining what he calls your 'value positioning'. TEMPLATE: For <Target Customer> who <Statement of the need or opportunity> our <product/service name> is <product category> that <statement of benefit> SAMPLE: FOR small business owners WHO are sick of struggling to get control of their business and make money OUR "Business Blitz" program IS a coaching and support framework THAT gives them the skills, motivation and tools they need to to take charge of their business, now and forever.
How to use this question if you already think about it.
You've done the hard work, now it's all about positioning.
Entrepreneur.com defines positioning as:
"How you differentiate your product or service from that of your competitors and then determine which market niche to fill. Positioning helps establish your product's or service's identity within the eyes of the purchaser."
Since you know the problem that your business solves and where you fit in the market:
- When was the last time you updated your positioning?
- Does your business present itself in accordance with this positioning and do your team understand and live it?
- How do your differentiate yourself from your competitors and when did you last check their offer?
Does this sound like something that could benefit your business? To talk more about it - grab a time here!
Until then, Onward & upward, Jake