Updated: Feb 22
What are the three core elements that comprise your business’s position?
To define and review your business’s position, you need to understand the components that make up a position.
Think of POSITION as the DNA or the cornerstone of your business. It leads your marketing strategy, so you need to really to fully understand the core elements. Of all the 9Boxes, POSITION is the most important. Get this right and it will help you to plot a smooth course towards strategic marketing success.
The three core components can be defined as follows:
Your ‘CULTURAL ANCHOR’, namely your values, purpose and vision. These don’t need to be the size or complexity of War and Peace, but you do need to define and refer to them as your touchstone
Have a strong grasp of your MARKET-SERVICE-PRODUCE-PRICE choices. These translate to the markets you are servicing, the service levels you deliver, the products you sell and the prices your charge.
Your OPERATING MARKET, we affectionately refer to this as ‘the pond you’re fishing in” and it’s how your business makes its money. We are looking for information like customer profiles, size of market, and a strong grasp of your key competitors.
We recommend that you review your ‘POSITION’ component thoroughly every two years. If you haven’t reviewed and defined your position recently, your complacency could cost you dearly.
What’s best practice?
1. You’ve developed a market strategy.
2. Your business plan is current and relevant.
3. You know your current market position.
4. You’ve documented your vision and values.
5. Market, service, product and price strategies are all documented.