Strengthen you market position
It's classic marketing speak "strengthen your market position through differentiation" but what does it mean
and how do you do it?
First you need to understand what is important to the customers that are important to you. These are the customers that recognise and value the services you offer. They should also be the companies with potential
for growth - or in today's recessionary times - less likely to contract or go out of business.
So, having selected these customers - and by customers I mean all those that work with you - project managers, quantity surveyors, architects, engineers, contractors and clients, what is it they look for in an organisation like yours? There should be about half a dozen key factors, find these out and then ask how good you are at delivering what they want.
A customer perception study would be useful here. By asking these kinds of questions you will find out the issues that matter. You will probably know about most of them, but there might be a few surprises especially when it comes to what they think of you!Let's hope its all good feedback, but perhaps perceptions of your company are not as good as you would wish. What you now know is the market's perception of you. This is your current market position.
Don't get too worried about any disappointing ratings at this stage. What is important is that you do well in the things that are really important to your customers. The more important they are to your customer the better you should be. There will probably be some things you want to improve, prioritise these and start working on making improvements. When there has been real change tell your customers about it.
There will be other areas where your customers' perceptions may be incorrect. Here it's a case of telling them more about what you do any why you are good at it. Strengthening your market position is an ongoing process. You have to find as many excuses as possible to tell your customers what you are good at and why. Research has shown that people need to see your promotional message seven times before they remember it. So you need to be saying these things on your web site, in press releases and in any other material you issue. Slowly people will start to associate you with these positive characteristics and your business will benefit as a result.
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Chris Ashworth, founder of Competitive Advantage Consultancy, provides market research and training services to the construction industry. He is a member of the organising committee for the Chartered Institute of Marketing Construction Industry Group (CIMCIG)
First Published: 14th August 2009
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