A.
The name of your business. Does it say what
you do, and position you in such a way that there
can
be no mistake? Can there be any doubt what
kind of business “The Hair Club For Men” is
in? As another example, if you didn’t know
it was a men’s clothing store, what would
you think “The Men’s Warehouse” sold… men?
What about your business? Can you use the
name as an advantage?
B.
Exclusive niche. Are you trying to be all
things to all people? Or do you occupy and
dominate
(or at least have the potential to dominate)
a certain
market? The tighter a group you can cater
to, the more control you’ll have
and the more opportunity you can have to
dominate
and
control it.
C.
Expertise. Do you have some type of specialized
understanding of a particular market segment
so you can become a recognized expert?
If you do,
when people look to you for help and expertise
they can’t get anywhere else, you’ll
have a tremendous advantage.
D.
Guarantee. If you have an unusual guarantee,
you can use that as a competitive advantage.
We’ll
discuss the concept of “risk reversal,” and
guarantees later.
E.
Market positioning. How are you viewed in your
marketplace? How do you stack up against your
competition? What is your market’s perception of you versus
other competing businesses? Domino’s didn’t
go head to head with other pizza shops trying
to make a better pizza. Instead, they went
after quick,
in-home delivery, and nearly completely dominated
a market in a very short time.
F.
Price. How are your prices compared to those
charged by your competitors? Do you have
the lowest prices
for your products, and operate as a “discount” operation?
Or, do you take a higher price-point position and
operate at a more “exclusive” level?
Either position can be an advantage depending
on how you position your business and the products
and services you sell around it.
