Where do YOU position your business?
In this week’s video, Maximise Success’ CEO Russell Leeds discusses the importance of positioning your business and where you are positioned in the market. He explains how important it is to know where you are positioned before you try to brand and sell your products or services.
When working towards building a brand and business, it is important to consider the 3 types of customers which are most suited to selling your services or products too. Russell distinguishes the 3 KEY customer types and what he thinks the differences are between them all. These are:
1. CHEAP SKATES This type of customer focuses purely on the price of the product/service. They are after the cheapest they can find and don’t necessarily care about the quality. This customer type fits into 25% of the market, and where they still would like acceptable service, it isn’t their main concern.
2. VALUE FOR MONEY This customer type is the largest, taking up 68% of the market. The ‘Value for Money’ customer is happy to spend the money that’s needed in order to receive a product or service that is fair in correlation to what money they have spent.
3. PREMIUM The ‘Premium’ customer single-handedly wants the best ultimate service they can get, regardless of the price. Money for the desired product/service is no object for this customer and they are willing to spend anything to receive the best service. Sometimes, they just like to know what they have is the best.
Later in the video, Russell explains how important it is to think about where you are positioning yourself as a brand and who you are marketing to. He explains how WOULDN’T market to cheap skates, as you are unlikely to achieve a loyal customer out of the purchase and they are likely to complain about the product/service despite paying little for it.
The value for money customer is somebody you should definitely market to, states Russell. If you want to grow a business, you are reaching a large part of the overall market, however be prepared to be surrounded by competition. Russell advises, “Don’t have premium branding if you want to attract the Value for Money customer. If you look too expensive/premium, these shoppers will go elsewhere.”
Russell then gives his opinion on his favourite market type – PREMIUM. He explains how you will achieve the HIGHEST profit margin positioning yourself as premium and how you don’t need to do as much work to get back the most money. Russell emphasises, “People WILL pay for premium. If you are going to brand yourself as premium, EVERYTHING about your brand needs to be premium.”
Aligning your branding and positioning is KEY to having a successful functioning business. You need to plan where you want your business to be to prevent any fall backs. Next week, Russell Leeds, business expert, will be going into MORE DETAIL on positioning your brand... so stay tuned!
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