Many entrepreneurs are in love with their product or service. And that’s fine as you need this mind set to make it through the inevitable ups and downs in order to see your ‘child’ to market.
The consequence however is as well, that entrepreneurs often fail to clearly position their company against the competition, being rather internally focussed. That is problematic for three reasons:
1. Customers always compare you to the competition, and if you don’t position clearly, you’ll be leaving it up to them to figure out why they should prefer you, for which they have -or take- no time. Consequently, you risk being seen as non-differentiating, despite the facts.
2. Investors are generally only interested if you bring something to the table that the market does not. Competition is good provided that you have a strategy for crushing them. Don’t have any competitors? Then is there really a viable market?
3. Positioning requires clarity as to where you fit in the bigger scheme of things, and makes tough decisions easier as you’ll know more clearly what market void you are trying to occupy. Without positioning you lack that clarity.
So position your product, your company and your people. Make it crystal clear for everybody how you are different within your industry and what makes you good value.
Too many entrepreneurs unfortunately don’t and that unnecessarily costs them dearly.
