Measuring your position in the marketplace.
You’ve probably been told that to have a sustainable business, it must reach critical mass: the size needed to compete over the long haul in the marketplace.
As a small business owner and operator, achieving critical mass can be intimidating. How do you even determine the size your business needs to reach to achieve this ambiguous destination?
An alternative approach is to focus on position instead of size. For example, strive to be significant in your marketplace, or the preferred option.
Whenever your customer or prospect needs your product or service, they should think of your company first. Of course, you have to convert that opportunity into a purchase. The more times you successfully fulfill the order, the more likely your customers and prospects will see you as their preferred option.
Whether you’re a B2B or B2C supplier, you should have a defined list of customers and prospects, so you can measure your position in the marketplace.
How do you evaluate your position in the marketplace?
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