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Video title header for "Why Market Position Matters"

What do you do? How you answer that questions explains what you want to be known for and describes your brand or market position. As your firm, services or industry changes, so should your market position. Dawn Wagenaar, Principal at Ingenuity, explains how you can describe what you do in a clear way for all of your future networking opportunities.

If you prefer to read this content, the video transcript is below.

What do you do?  That’s a good question. I’m sure you’ve had people ask you that at networking events or private parties, and sometimes it’s not easy to answer.

If I say that I own a marketing agency, people find that interesting, but it doesn’t really tell them what I do. I have to clarify how my agency is different from all my competitors.

Questions about what you do are really about your market position. What do you want to be known for? Can you describe your brand or market position in a few words?

I might say, “I own a marketing agency. We deliver strategies to help professional service firms and associations grow their firms and organizations.” That sounds like an elevator speech, but it comes from a clear and focused market position.

Usually people also want to know where we’re located and what services we offer. Your market position answers these questions and clarifies where you fit in to your industry.  

Why is a market position important? It’s because your business will change over time. You attract new kinds of clients. You attract new talent. You may add services, offices or target markets.

Your market position defines and focuses your communication to potential partners and clients and employees. It can even be used to describe your firm to the media and to trade associations.

When you pay attention and refocus your market position as your firm changes, then everyone is clear on why your firm exists.

From there, you can research and create differentiating key messages, target client personas and your growth strategy.

My advice is to focus on the big picture of your market position. Make sure it’s still accurate. That way, you will have a clear, competitive statement for all those future networking opportunities.

If you need guidance on your market position or branding, call me at Ingenuity!