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Recently we’ve been working with some businesses that have been struggling with growth. Only it’s not the trouble you think it is — business is actually good. The trouble is whether they’re growing the “right way” for their business.
Many business owners think that they need to chase every revenue opportunity down. And while in start-up mode with little to no cash flow coming in, it’s easy to understand why that makes sense. But very soon that becomes a habit. And at some point, it can be a habit that actually keeps a business from growing in a way that sustains a business in a healthier way. And by healthy, we mean a way that enables acquiring that new revenue at a lower cost.
Let’s face it, why would you keep paying more (in money, time, and effort) to acquire new customers when you can acquire more new customers for less, faster, and easier? So instead of “chasing” revenue opportunities, why not be more strategic? Why not think about how new customers can come chase you?!
How do you do that?
Start with positioning your brand and committing all your resources to it
What the heck is a brand’s position? Why should I even care about a brand?
Your brand’s position is the mental real estate it occupies in your prospects’ and customers’ minds. It’s a reflection of your brand’s promise.
Here’s an example: let’s pretend you own a bicycle shop. There’s a mental map labeled “bicycle shops” that you and people in your community have. And while these shops are physically located all over the area, what really matters most is the mental map.
Just as a shop occupies a physical location (corner of 5th and Main), your brand occupies a location on this mental map. But which “corner” is yours? And how do you know what the corners are?
The corners or “grid coordinates” are determined by the attributes that are most important and relevant to your customers or prospects. These are the criteria by which they make their decision to buy from you, or someone else. The corner your brand owns is determined by the criteria that you meet better than any other brand.
Let’s say that Mike’s Bikes owns the corner of “off-the-road,” “adventure trips,” “endurance,” and “rugged.” Mike’s customers are mountain biking aficionados who love to go on off-the-road adventure trips all over the world and relish getting dirty and worn out.
Then there’s Sue’s Bikes. Sue’s shop owns the corner of “family,” “safety,” “training,” and “fun.” Sue’s customers are couples with young children who like to cycle together for recreation. They care about their kids learning how to ride safely and having fun together.
Dave’s Bikes is at the corner of “racing,” “innovation,” “precision,” and “expertise.” Dave’s customers are competitive bikers looking for the most innovative, precision-made products and expert advice to give them an edge as they go for the gold.
And lastly, there’s your shop. You own the corner of “errands,” “comfort,” “efficiency,” and “reliability.” Your customers are people who commute to Go to the full article.
Source:: Business 2 Community