How to Survive (and Thrive) in a Wal-Mart Dominated World.
With Wal-Mart, Costco and several national chains now getting into traditional small business services, the need to create a strong competitive niche is greater than ever.
And I am not just talking about a new business that wants to decide how they should be positioned to effectively compete. EVERY business must continuously modify their positioning to remain competitive in this turbo-rapidly changing business environment.
In coaching clients in over 200 industries around the world, here are the six situations I find companies in on a regular basis & which defines you best?
Leverage Off Current Compelling Advantages — these are successful businesses that are going slower than desired and/or facing pricing pressures and have an opportunity to greatly increase their business, and potentially own their industry, with the proper repositioning based on what benefits they already provide to clients.
Maxed Out — these are businesses that are primarily one-person shows that must step back and determine how they take their business to the next level. If the success of the business relies just on their talents, they are going to have a tough road to pave.
Need to Reinvent the Business — these are businesses that either are in an industry where profits have eroded or worse, their product or service has become obsolete. Did I hear “China”? or yes, Wal-Mart?
No Established Industry Need — these are businesses that are struggling to sell to an industry that doesn’t perceive the need for, and therefore the value, of the product or service. One could say “ethanol (corn fuel) was there before the rise in oil and the big push to become “green”.
Commodity Business — these are businesses that are in commodity type industries where everybody appears the same and price becomes the main competing method. Unfortunately, there is always some “ignorant” competitor that sells at non-sustainable margins & until they go under (often taking good companies with them).
Communicating Your Message — these are companies with strong products or services that are unique but the message needs to be repackaged so the target audience perceives the value.
Each of these requires that the business first reevaluate their positioning in the market and then build a systematic marketing/sales process to communicate this message effectively, and a supporting business structure to ensure that they can deliver on the new promise.
Know where your business is perceived to be in the market. If you are struggling with selling your product or service, finding your Compelling Competitive Advantage” is the first place to start.
It’s ALL about implementation! So focus on your Compelling Competitive Advantages and prosper.
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