Monday’s Money Message for July 27th, 2015: How well do you position your products within your industry?

When I talk with small business owners, I often ask them this very question. Many times I get a blank stare – they have no idea what I mean. When that happens, it means they clearly do not think about it. Probably, like most, they are so busy just doing the:”busyiness” of the business, they are not thinking about much else. Right now, are you asking yourself – “what does she mean by “position my products”?

By product, I am talking about your actual product or service. It can include (but not limited to), manufactured products, courses, programs, services. Simply put, it is what your company sells By positioning, I mean- how do you stand out from your competitors? Really understanding this is key for your success, and more importantly, it takes away “price shoppers”. It allows you to become your own “Apple” brand.  How often do Apple products go on sale? How many discounts have you ever received (yes, I am assuming you have at least 1 Apple product)? When have you been able to negotiate a better price at the Apple store? You too can have a business that operates in the same manner.

Let’s assume what every your product or service is, it is very good, and it’s needed. Here are my 3 top tips to get you at least thinking how you can turn your company in to your very own “Applesque” business:

  1. Talk to your customers!! Warning: make no assumptions!
    How easy is that? Ask them why they like you and why they like your product or service.  Why did they choose you? Find out what problem it REALLY solves. You may think people buy your “stuff” because of 1.2.3 things. However, you will most likely find out that “yeah, they like 1-2-3, but what they love is 4,5,6!” it would be good to know that right? For instance, my clients come to me to help them make more money and work less hours. Sounds simple right? But what they really hire me for is feeling in control and moving forward vs. feeling overwhelmed and all over the place. I provide them with structure which gives them piece of mind.
  2. Give your clients what they want, and provide them with what they really need.
    Now that you know have the above information, use it! This allows you to really hone your product or services message and you will start attracting more ideal clients.  This is what separates you from the “pack”. My clients really want freedom – which they get. What they need is structure and control- which is what I provide.
  3. Hone your target markets
    Now that you know WHY your clients like you, WHAT they want (and of course more importantly what they NEED) – use their words in all you do. Your tag line, your marketing, etc. This really makes your efforts so much simpler. It should also improve your conversion rate as well.  I did this recently with one of my clients, and in the process, we reduced the number of leads she was generating by 25%.  That’s ok! WE were able to double her conversion rate. That resulted in 75% MORE PROFIT!

What is one thing you can do RIGHT now to start understanding how to better position your company? What could be the impact on YOUR bottom line by doing so? There is also another great thing that happens when you do the above- you only get customers that your really want to help!

Lee Munch is a Master Business Coach and trainer. It is her mission to positively and profitably impact 13,800 small businesses by December 31st, 2017. To expedite her progress, she offers several complimentary strategy sessions every week. The sole purpose of which is to help you with your biggest challenge. To sign up for your 15-minute Laser Session: CLICK HERE

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