Positioning is one of the most important aspects of building a thriving business.
The more narrow and focused your scope, the stronger your business will be in the long run. In my opinion, it’s better to have a large piece of a smaller pie than to have a very small piece of a big pie.
Let me to explain…
Positioning will not only make your brand more recognizable but it will also increase the chances of your business owning the market. Now with the growth of this pie (market), comes possible growth of your piece (market share).
Being specific about who you are and what audience you’ll serve will be a sacrifice, but it’ll pay dividends over time.
Examples of market segments/niches:
Segments/Niches: imported, domestic, light, draft, premium, German, Japanese, American, etc. (the list goes on…)
The premise behind narrowing your focus is really simple. You can’t be everything to everyone, so focus on being something to someone. Think of that old addage that states something like, “Chase two rabbits and you will catch neither.”
It’s really the same idea when it comes to marketing.
The One Word
Smart marketers focus on a very specific niche or market. In the process, they end up owning a word in minds of their audience.
This shouldn’t be some imaginary word with an assigned meaning, it should be a simple common word of out the dictionary. A word that’s associated with an attribute or quality that is valuable to your target audience.
Domino’s owns “home delivery.” FedEx owns “overnight.” Volvo owns “safety.”
There are other benefits to owning a word though.
Every word has additional words that are associated with it. Your audience will begin to associate these “added benefits” when they think about your business.
For example, BMW owns the word “driving.” BMWs are known as “driving machines” and because of this people naturally associate other benefits with the brand. Good handle, stability, more control are all examples are some of the additional attributes BMW may be given by customers.
Owning these words are particularly valuable because driving is a major part of the car experience.
Sacrifice is a part of the game. Focus your efforts on serving one audience.
If possible, create a new category within the market and win all/most of the market share. Aim to be the big fish in a small pond, and not a guppy in an ocean.
Let’s turn this back to you though…
What word are positioning your business to own?