Positioning strategy and COVID 19 – Part 1: Some Do’s and Don’ts for business owners
In a recent blog post, I shared some ideas for doing business development and marketing differently in the lockdown environment.
However, while tactical flexibility is essential, too many businesses seem to be abandoning or undermining their strategic positioning and branding as a short-term response to the current crisis. If you’ve spent time investing in your position (working out what you want to be famous for and all that that entails in terms of projects and behaviours) then think very hard before you undermine that strategy because it’s what sets you apart from the competition and underpins client loyalty.
From our work in the professional services sector and beyond, here are a few Do’s and Don’ts to help you avoid undermining a core position:
- DON’T slash fee rates or prices as a first step to attract new business: for any business that operates outside the commodity space, this is just going to undermine any perception of quality. You may want to be flexible with your pricing, but don’t trumpet it as your key differentiator.
- DON’T target markets at the opposite end of the spectrum to normal: if you usually do work for SMEs, how credible are you going to be chasing work from large corporates?
- DO maintain your service delivery standards: yes, you’re working from home but if you’d normally wear a tailored suit to meet a client, the grubby T shirt from the bottom of the laundry basket probably isn’t appropriate for a video call. And get a decent microphone for those Zoom calls. High-end service may be taking on new meanings, but it’s still high-end.
- DON’T take on work you wouldn’t normally do, especially if you don’t have the expertise. If you’d normally refer it out, keep doing so – protecting your referral relationships for the future is an important a part of maintaining your positioning.
And finally,
- DO review the practical implications of your positioning in the light of changing market conditions. All positions need to evolve, just don’t rip them up in a panic!
We’ll be returning to this point of how to evolve your position in later posts.
