Happy New Year! I hope you had a wonderful Christmas, a restful break, and can still remember both of them.
In the December Beacon, I wrote about identifying your ideal Target Market Customer, and their greatest need. This month we’ll look at Competitive Advantage – a strategic position that is favourable compared to your competitors. Your competitive advantage answers the question, “Why should your target market buy from you instead of someone else?” If you want your business to grow, you need a competitive advantage.
I like to use a model called Value Disciplines described in the book The Discipline of Market Leaders by Treacy and Wiersema. I recommend you read this book. The basic idea is to build market leadership (competitive advantage) in one of the three value disciplines. They are:
Focus! Place the vast majority of your investment (time, money, energy, learning) into your chosen value discipline. If you are at the minimum level required for survival in your industry for the other two disciplines, leave them be!
This competitive advantage should drive all your marketing and branding messages – including your positioning statement and brand promise. Everything should be consistent so that your overall message to your target market is unmistakable.
Next month we will draw all of the vision and strategy stuff together into some strategic objectives.
Let's Talk Business
by Chris Bunce
Chris has 28 years’ experience as a management consultant and business coach. During this time he has worked with clients in many industries and of all shapes and sizes, including some in Australia, Asia and the US. Nowadays he is passionate about improving the lives of Aucklanders by helping business owners to master the very few management practices that actually make a difference to their success. Chris lives in Blockhouse Bay with his wife, Cathie, having lived in or around the area for most of his life.