ArticleJim Hughes

What's Your Favourite Position?

ArticleJim Hughes
What's Your Favourite Position?

Ever since I was a child I have been a slow writist (or is that writerer?). I’m not sure if it’s down to some perfectionist tendencies or just that I struggle to find the right words in the correct order, first time around.  

As a result of this, these newsletters end up taking me ages.

In order to combat this and to take some of my own ‘80/20’ medicine I am going to try a short, sharp one this week. Here goes…

Positioning Your Business

I recently listened to the excellent book ‘Oversubscribed’ by Daniel Priestley. This was the second time I had listened to it and, as with the first time, it made a lasting impression.

The premise of the book is to help you create a market imbalance whereby there is far higher demand for your product or service than supply, ergo you are OVERSUBSCRIBED. 

Here are the ways Daniel Priestley suggests you can position yourself, be different from your competition, have clarity over your offering and become Oversubscribed.

With each list, pick ONE that applies or appeals most to you and your business.  By the end you should have a much better understanding of how and where you can position yourself:

  1. Four Ways to Create Market Imbalance

    1. Innovation: constantly create new and innovative products or services

    2. Relationship: create strong and lasting relationships with your customers

    3. Convenience: Reduce the friction required to buy/use/deal with your product or service

    4. Price: be the cheapest

  2. Four Problems to Solve (what do you help your clients do?)

    1. Save or make money

    2. Save time and eliminate waste

    3. Improve emotional benefits

    4. Ease pain/suffering or negative emotions

  3. Three Types of Entrepreneurs (what level are you interested in getting to?)

    1. Struggle: those always behind the curve, the victims perennially at the mercy of external influences and losing as a result

    2. Lifestyle: business owners who earn enough to earn their time and freedom

    3. High performer: entrepreneurs committed to making an impact in the world, building scalable businesses and generating huge wealth

Did you nail down the three categories that you fit into? Are you trying to fit into more than one category in a segment? It is obvious to your customers which of these applies to you? 

Do your best to define yourself and your business and then do everything you can to communicate this!