Do You Know Where Your Business Sits?

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So, within your marketplace what is your product or service offering, who is your target market, what turnover do you need to generate to get you the profit and lifestyle you want, and what are the time scales for you building this?

You have to completely understand the marketplace you’re in, so consider what your key features are and how you compare to your competitors in terms of market share, quality and price. What are the main differences between you and your competitors? This will all give you a feel of how best to understand your position within the marketplace. As an example, I’ve included a graph of car manufacturers (this above is in no way is gospal but gives you an idea) …

On this matrix, you have cost versus quality, and the line running up the middle is the value-for-money line. Bentley is high cost but high value and Kia, who are still on the value for money line, are low cost and low value.

Now if you are just below the line (so you’re actually offering higher value than you’re charging) that’s a great place to be, because you’re delivering slightly more than your customers are paying for (only *slightly* mind and make sure they understand that) clearly you don’t want to be where Rover is, that’s a recipe for disaster. Plotting yours and your competitors on the chart will give you a really good idea of your position, and you can make the matrices whatever you want – it doesn’t just have to be cost versus quality, you can do cost versus number of services, or time versus quality, for example.

What I have found when I’ve done this, is that the vast majority of businesses are charging too little for the service or product they are providing. Quite often this gives people a new perspective on what they do do and what can be charged. if you’re delivering better service than your competitors and charging a lot less, whose fault is it?

Anyway have a great week

By Alan Adams

Access the FREE workshop on Getting DEPTH™ in your business, click here WWW.GET-DEPTH.COM for more details and start developing a business that delivers you the lifestyle you want, with none of the stress.

About 

As an award-winning business coach and bestselling author, Alan S Adams has helped hundreds of businesses across the UK to move from simply surviving to positively thriving. The publication of his second book Passion To Profit: 7 Steps To Building A Kick-Ass Agency and his third book, The Beautiful Business: Secrets to Sculpting Your Ultimate Clinic, sees him focus very specifically on creative agencies and aesthetic clinic sector, sharing advice and guidance with the potential to revolutionise turnover, client retention and overall growth. Alan was also recognised by Enterprise Nation as one of the UK’s Top 50 Advisors and APCTC Coach of The Year Finalist.

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