Lee Munch’s Mondays’ Money Message for July 27th, 2015: How well do you position your products within your industry?

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When I talk with small business owners, I often ask them this very question. Many times I get a blank stare – they have no idea what I mean. When that happens, it means they clearly do not think about it. Probably, like most, they are so busy just doing the:”busyiness” of the business, they are not thinking about much else. Right now, are you asking yourself – “what does she mean by “position my products”?

By product, I am talking about your actual product or service. It can include (but not limited to), manufactured products, courses, programs, services. Simply put, it is what your company sells By positioning, I mean- how do you stand out from your competitors? Really understanding this is key for your success, and more importantly, it takes away “price shoppers”. It allows you to become your own “Apple” brand.  How often do Apple products go on sale? How many discounts have you ever received (yes, I am assuming you have at least 1 Apple product)? When have you been able to negotiate a better price at the Apple store? You too can have a business that operates in the same manner.

Let’s assume what every your product or service is, it is very good, and it’s needed. Here are my 3 top tips to get you at least thinking how you can turn your company in to your very own “Applesque” business:

  1. Talk to your customers!! Warning: make no assumptions!
    How easy is that? Ask them why they like you and why they like your product or service.  Why did they choose you? Find out what problem it REALLY solves. You may think people buy your “stuff” because of 1.2.3 things. However, you will most likely find out that “yeah, they like 1-2-3, but what they love is 4,5,6!” it would be good to know that right? For instance, my clients come to me to help them make more money and work less hours. Sounds simple right? But what they really hire me for is feeling in control and moving forward vs. feeling overwhelmed and all over the place. I provide them with structure which gives them piece of mind.
  2. Give your clients what they want, and provide them with what they really need.
    Now that you know have the above information, use it! This allows you to really hone your product or services message and you will start attracting more ideal clients.  This is what separates you from the “pack”. My clients really want freedom – which they get. What they need is structure and control- which is what I provide.
  3. Hone your target markets
    Now that you know WHY your clients like you, WHAT they want (and of course more importantly what they NEED) – use their words in all you do. Your tag line, your marketing, etc. This really makes your efforts so much simpler. It should also improve your conversion rate as well.  I did this recently with one of my clients, and in the process, we reduced the number of leads she was generating by 25%.  That’s ok! WE were able to double her conversion rate. That resulted in 75% MORE PROFIT!

What is one thing you can do RIGHT now to start understanding how to better position your company? What could be the impact on YOUR bottom line by doing so? There is also another great thing that happens when you do the above- you only get customers that your really want to help!

Lee Munch is a Master Business Coach and trainer. It is her mission to positively and profitably impact 13,800 small businesses by December 31st, 2017. To expedite her progress, she offers several complimentary strategy sessions every week. The sole purpose of which is to help you with your biggest challenge. To sign up for your 15-minute Laser Session: CLICK HERE

 

Authored by: Lee Munch

Lee is a business transformation specialist. 10 years ago, Lee Munch said bye-bye to the corporate world and left her global senior management position at Citigroup for the uncharted territory of business owner. Although she enjoyed what she did, and successfully grew the bottom line of the product she oversaw every year– something was missing. That something was purpose. Lee wanted to do something that really mattered. Leaving Citi, although quite scary, gave Lee the opportunity do something more- to be able to make a real difference in real people’s lives. Along came ActionCoach, a global business coaching franchise. Not a day since has Lee ever thought of doing anything else. Except for something bigger! May of 2013, Lee opted out of the franchise to go out on her own.  Monarch 13 was born, and so was Lee’s proprietary, results-based system: the 5 stages of business metamorphosis, and her tag line- “from chaos to control so you can have the freedom you deserve”.  As a results, Lee has had the privilege of Sharing the stage with T. Harv Eker CEO of Peak Potentials and author of “the secrets of the millionaire mind, a guest appearance on “Oprah and friends”, working with Gail Blanke, monthly contributor to Real Simple magazine, and bing noted as “One to Watch” by the Long Island Business News. Lee’s client’s results have been staggering. Focusing on helping small business owners get out of their own way, they stop running their businesses reactively, and start taking control. A couple success stories include: an architect firm  which with Lee’s guidance, strategic execution, and close monitoring of the company’s profit drivers, increased their profit margin more than 200% in less than a year - including the owner now taking a steady paycheck, and paying for Lee’s retainer. Plus – he was now able to get home in time for family dinner.  Another example is a struggling florist looking at losing everything. By combining two stores down to one, and implementing effective marketing strategies, and overall structure into the shop, it is now flourishing. It is Lee’s passion to help the small business owner grow their business in a consistent, strategic manner. Why that market?  Lee says “I choose that segment because generally, the owner is so busy doing the business of the business, they can’t even think of anything else – they’re tired, overwhelmed and may not know what to do to change it. They feel squeezed on all sides. They need the most help, and most often are the most overlooked.” Lee’s mission is to positively impact 13,800 or more area small businesses by December 31st, 2017, and everyday works toward its fulfillment.

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