There is a new status quo emerging in the business world and it can all be summed up with one word: “Familiar”.
Competitive rivalry tends to force business owners to slavishly copy what has worked in the past, casting their services ever wider with the hope of catching new clients in the process.
From a market perspective, the familiar is invisible – a category which is typically is dominated by incumbents who compete on price, essentially then re-enforcing the feeling of familiarity in the eyes of consumer and this is especially true in markets where there is intense competition.
How Customers Choose
Customers are always hiring a business, product or service to solve a problem for them, but the challenge for them is to articulate their problem and understand the costs of switching from one business, product or service to another.
It’s about risk. Often, it can be less risky for a customer to maintain the status-quo than to change it and that can be said for choosing a new type of yoghurt, switching banks and especially choosing between your own business and one of your competitors.
From a customer’s perspective, there are always quantifiable and unquantifiable switching costs. Quantifiable switching costs are things like price and taste but then there are the unquantifiable switching costs like your child crying because he/she doesn’t have his usual yoghurt in his lunch box.
This same dichotomy can be applied to literally every single type of product and service that business offers.
Why Positioning Matters
For business owners who do not have a compelling positioning and message in the market, your business will not grow. In today’s cluttered brand and communications landscape, there are three things that determine whether your brand will have any notoriety in the market: Distinctiveness, credibility and salience.
If your brand is not doing anything unique it will lack distinctiveness. If it lacks credibility your prospects will not believe you and if it lacks future salience it will lose relevance and without relevance you do not have a business.
Positioning your business is about helping your market make sense of what you do but most importantly, it’s about positioning your business in the mind of your target customer in such a way that your business becomes distinctive and ridiculously attractive.
7 Signs You Have a Positioning Problem
1Your prospects cannot tell you what you do
There is a simple litmus test for this. Phone three prospects and ask them what they think you do as a business? If you fail to get three of the same answers you have a positioning problem.
2You are losing business to your competitors
Let’s say you have two competitors trying to sell similar things to the same market. If there is any parity whatsoever in terms of the competitor’s value propositions and their price, then the prospect will invariably revert to the competitor with a more unique positioning in the market.
In my experience, many business owners lose out to a competitor who simply tells a better story in the marketplace and the competitor with a more compelling story that talks to a differentiated positioning will always win out. So, if you are losing business to your competitors and are feeling the pinch, then you probably have a positioning problem.
3Your brand is underperforming against objectives
When your positioning is not suited to the market you are serving it will typically have a negative impact on the brand and sales power of your business.
Brand power refers to the notoriety or salience of your brand in the market that you operate in. There is a difference between awareness and notoriety – your market may know who you are but is your brand noteworthy? Sales power refers to the ability of your business to make a sale. If your business is underperforming against its brand and sales objectives, then you probably have a positioning problem.
If your business does not occupy a unique position in the mindset of your prospects it will significantly hinder your ability to make a sale, and ultimately grow your business.
4Your positioning doesn’t reflect what you do
In today’s rapidly changing business world, the needs of your customers are constantly changing. To address these changing needs, business owners must change what they do to continue to serve the changing needs of their customers. Enter the pivot.
In most cases, this means a shift in strategy, but what you have then is a situation where your positioning no longer reflects what you do as a business, so if you haven’t addressed your positioning in the market in the last two years, then you probably have a positioning problem.
5You are competing on price
The importance of positioning is directly proportionate to the degree of competition in the market. As a market matures, more competitors enter the market which puts pressure on incumbents to maintain their market share. This manifest into things like declining volume sales and an ever-increasing margin squeeze.
To counteract this effect, the knee-jerk response is to react by competing on price and when that happens, it almost always ends in failure. But why compete on price when you can compete on value? A reworked positioning of your business in the marketplace is the conduit to the re-enforcement of value that you represent in the market and can change the perception of the market about your business.
Perception goes a long way to ensuring that you can continue to charge a premium for your products and services and remain ahead of a price hungry competitor. So, if you are competing on price and not value, then you probably have a positioning problem.
6Your communications do not support your positioning
There is nothing worse than a confused customer. If your messages from a sales and marketing perspective are not congruent across all channels it confuses the hell out of them because they are not on message; all your communications need to support the story that supports your positioning.
If your communications are fragmented, then you probably have a positioning problem.
7Your employees are not inspired by what you do
A business is simply a group a people working towards a common goal. Your positioning must act as a north star towards achieving that goal and should be easily understood, relatable and transferrable. If your employees are not inspired by what you do, then you probably have a positioning problem.
How Digital Kungfu Can Help
As a business owner, when you are working in your business you often cannot read the label from inside the bottle.
An objective view of your businesses needs to be painted using a combination of research, specialisation and differentiation methods to develop a highly effective positioning for your business that will make it distinctive and ridiculously attractive in the eyes of your prospects.
Digital Kungfu specialises in the helping business owners achieve just that. Our strategies combine research, strategy and implementation to deliver a market positioning that you can hang your hat with certainty.
Become Your Best In Business
How can you streamline the actions you take in your business?
A few of the primary keys to becoming successful in business include having a clear intent or purpose, a truly inspiring vision, a grand message to share, a genuine social calling and a targeted niche to serve. From these initial basics arise the primary strategic objectives you would love to accomplish or achieve and a plan for their implementation. But before these objectives can be met, the mastery of the mind is to be initiated.
True business leaders are those who are congruent and integrated and who can organise and lead their inner parts purposefully. Once leaders govern themselves, they can govern others.
Time Is Life
When you loaf about, your mind starts thinking about all kinds of doubts, insecurities, fears, other people’s beliefs and worries about what’s happening and what isn’t happening. Such dead time can zap your energy and confidence levels and distract your mind from your purpose. Any time or space that’s not filled with high priorities often automatically becomes filled with low priorities.
Have you noticed that when you’re busy, you often accomplish and create much more? The more intensely you’re focused and active and the longer you maintain such a focus, the faster your accomplishments (time x intensity = results). Time spent on doubt, fear, or low-priority actions slows down your accomplishment process.
When you take your mind off your focus, all you see are obstacles. When your mind is focused on your dreams, you don’t have time for the many self-doubts that block them.
Raise Your Standard
Anything you do consumes time. To maximise the value of your time, prioritise your interactions. People who seem less busy and want to consume your time may think you’re being rude when you say no to their invitations, but busy people understand immediately that you’re just choosing to prioritise and wisely manage your time.
People who don’t value their own time want to take up yours with small talk, and if you keep associating with people who talk small, you could end up with a small life. You’ll find out what kind of people they are by putting a fee on your time and raising that fee regularly. If people really value your skills and time, they’ll pay for it.
“A man’s growth is seen in the successive choirs of his friends.” – Ralph Waldo Emerson
Efficiency and Effectiveness
Often when you perform a service for less than you feel you deserve, you lower your worth and enthusiasm and slow down your business. Even though you may be working like a ‘dog’, it’s neither efficient nor effective.
Any aspect of your work that pays less than you truly feel you deserve can become the weak link of your business. In addition to undermining your motivation, inefficiency and ineffectiveness can also reduce profit margins. When you or your employees perform effective actions in an inefficient way, ineffective actions in an efficient way or ineffective actions in an inefficient way, your business becomes undermined. Your worth can be determined by how efficient and effective you are at performing high-priority actions. Business masters are those who love what they do, do what they love, and work efficiently and effectively. They delegate everything else to those who desire to do the same.
How can you streamline the actions you take in your business? Ask yourself, “What can I delegate?” You’ll be far more productive, energised, and inspired at the end of the day when you can stick to actions you deem to be high-priority. Unless you value your time, neither will the world.
For more information on Dr Demartini’s teachings, visit www.drdemartini.com
How To Be A Leader
Lead by example and you’ll win the respect and loyalty of your staff.
Being a successful entrepreneur is not about locking yourself away in your workshop and bringing a great innovation to life. Certainly, you need a must-have product that will have customers beating a path to your door. But you also need the business skills to ensure you can scale up production – and the leadership skills to motivate the staff you have employed to help you make this happen.
It is rare to find these three key skills balanced equally in an entrepreneur. Most have more of one quality than another – but there is one of these qualities that we tend to fool ourselves about.
Most of us know whether we have creative skills that can produce great innovations or whether we need to improve our business skills. Almost all of us assume we can be leaders if circumstances mean we have to step up to the plate. However, almost all of us are wrong about that.
Leadership skills are something that you develop and hone as your career progresses. You might think that being head girl at school, rugby captain or president of your Toastmasters’ branch means that you have got leadership nailed.
You would be right that you have some leadership experience. But you are wrong because so much about leadership depends on context. Just as what works on the rugby field and what works in the debating chamber are not the same, so what works in business is different.
In part, it can depend on the size and sector of your business. That in turn is partly because your understanding of the context – your business savvy as opposed to your business skills – is as important as your credibility as a leader.
But there are some common traits in leaders that work in all business contexts. Once you have these nailed, you will find that you can reuse them in different businesses as you expand your entrepreneurial interests.
Here are three starter principles to put into practice today:
1. Be first
Get to work first and leave last. As an entrepreneur, one of the prime qualities you need is energy. You need to put mental and physical energy into knowing the detail of what is going on in your business. Listen to the insights of your staff as to how your systems are taking strain or could be streamlined. If you are serious about growing your business, you cannot expect to achieve this as a sleeping partner who drops by the business premises at best once a week.
2. Be a team player
Make it clear that you are not giving yourself privileges just because you are the boss. If your business involves any kind of production line, whether actual or virtual, you should be able to pitch in and help out if there is a rush of demand or an unusual number of staff hit by the virus that is going round. This is also an opportunity to check personally on the effectiveness of the systems you have set up and make tweaks where you see bottlenecks or downtime occurring.
3. Be last
As well as leaving work last, you should also pay yourself last. Consider this part of your investment in your business – and also an investment that will pay dividends in consolidating staff loyalty.
Peak Performance – How To Become A Strong And Legendary Business Leader
The starting point is to consistently and constantly build and mould an unshakeable character and add a clear strategy for your personal life and your business.
‘Leadership is a potent combination of Character and strategy’
– General Norman Schwarzkopf
Leadership has long fallen into the category of the enigmatic. It is no longer the case considering the ‘deep dive’ neuroscientists, psychologists and industrial psychologists have taken into understanding the brain and human behaviour in general.
For those that have a deep and driving desire to understand themselves better volumes of highly beneficial research are available to you. How willing you are to seek for and apply the infinite amount of knowledge out there is dependent upon your priorities, your ‘grit’ and your level of desire to personally transform and be impactful in this world.
Most of all a strong belief in your own abilities to become a legendary business leader is a basic requirement for the alchemy from follower to leader to take place.
The human nature guru Robert Greene describes a strong character as follows:
“Strong character has a tensile quality like a good piece of metal – it can give and bend but still retains its overall shape and never breaks”
Character is who you really are, not what you want others to think of you. Who you truly are is especially revealed under the most challenging circumstances. How your investors, co-founders, employees and clients view you is highly dependent upon your actions during times of business crisis, failure or when you as an entrepreneur are faced with turbulent personal circumstances.
The ability to authentically and empathetically (towards yourself and others) take a stand for your beliefs, admit (to yourself most of all) to your mistakes, rectify them (the highest and truest form of an apology) within times of strife and difficulty leads to a strong and un-breakable character.
Through this writing you are strongly urged to reflect on the fact that a strong character will not fall from the sky and simply be bestowed upon you, instead a strong character, akin to steel, is moulded and shaped by fire meaning that your character is mostly shaped by challenging times.
As the late master poet Leonard Cohen said –
‘There is a crack in everything that is where the light seeps in’
Nothing is perfect and when you truly learn from failures and mistakes your wounds can become blessings, your tests can become testimonies and you can lead others to achieve the same.
Those that have a slight and very determined smile on their face and maintain belief and even dramatically increase their levels of performance the moment they recognise that they have arrived within a highly challenging space are the ones that have trained for that exact moment.
The Navy Seals say:
“You do not rise to the challenge you fall to your level of training”
All external information gathered within each moment enters the brain and is processed through the Amygdala first – that part of the brain that provides housing for the ‘fight or flight’ response. Information is first filtered through your very own doubts, fears and insecurities.
If you have not worked on your own fears diligently and instilled habitual mechanisms of effective action triggered by fear your re-actions of lack of action (procrastination) will not be optimal at all. ‘Grit’ is born at the intersection of passion and perseverance and can be trained. Bravery can be trained. Leadership can be trained. Character although influenced by genetics can be trained.
All tools to succeed at the aforementioned subjects are within us all, in a lot of cases lying dormant and anxiously awaiting your increased levels of awareness which will empower you to use the tools required effectively.
As a practical example I coach my ‘Peak Performance’ clients to train for Grit in the following way – Choose a day of the week when you are especially tired and not in the greatest of moods force yourself to the gym and train the toughest muscle group for you (usually legs) and where you normally do three sets of squats do seven and make those sets harder than before in every way.
Or again choose a day of the week again where you are very tired and instead of taking a plunge onto the couch to watch ‘Game of Thrones’ or whatever it is, go and hike, a long tough hike that will really test you.
It does sound harsh but you will thank yourself when the tough times occur and they will, that you have willingly trained yourself for grit.
On to the subject of Strategy which forms a potent combination with character and results in Leadership.
Dictionary.com defines strategy as:
A plan, method, or series of manoeuvres or stratagems for obtaining a specific goal or result.
For a strategy to be effective a basic requirement of many requirements is that a clear and highly specific end vision and/or goal, and/or result must be defined. Visions, goals or desired results are often vaguely defined because the often subconscious fear of clearly defining our failures by setting clear and measurable goals plagues us.
The mind struggles with finding solutions, answers and strategies when vague goals are set. It is also very hard to retain focus on anything that is very vague. As the importance of an effective plan to achieve your well defined Vision and goals cannot be overstated I strongly recommend getting expert help to facilitate a future session.
Once the desired end result, goals and vision is crystal clear we can ‘reverse engineer’ an effective plan that can actualise our dreams. We need to create a metric system that constantly, consistently and visibly measures our progress and success of our plan. The metrics will notify us of challenges and will signal a need for adjustments within our strategy.
The very good news emanating from this article is that anyone can be a legendary leader should they not only sincerely wish to be a leader but also take effective action on becoming one. The starting point is to consistently and constantly build and mould an unshakeable character and add a clear strategy for your personal life and your business.