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One of the most useful things in business is to know where to play and how to win. It would be great if you could stake your claim and then settle in for a lifetime of success. Unfortunately, someone, somewhere is trying to steal your business. So, what to do?
I typically ask four questions when I meet a new company:
Figuring out the answers to these 4 questions is a lot harder than asking them. It takes a lot of research to get the basic facts, and then you need to keep iterating the answers until you arrive at a market that you can serve, that is big enough to be profitable, and where you can compete successfully. This diagram is good way of showing how the overlap of these factors creates a ‘sweet spot’ typically called a Market Position.
A Market Position is an excellent way of focusing valuable (and expensive) corporate resources on the business opportunity that will give you the highest return. Once you have your Market Position, you can use it to ensure:
We talk about the need to be best in the world in today’s global reality. Without a highly focused (and evolving) position statement, this is almost impossible to do.
PS – We love developing position statements for our clients. They really are a thing of beauty when done right and become the foundation of your go to market strategy. Email me to discuss. Or use our Hot Seat Consulting.