In 2020, most business conversations took place online. However, cutting through the clutter is challenging when everyone is fighting for attention. To stand out in the online space, you need a carefully positioned business. Here is why.
There's no two ways about it: a well-positioned business stands out and attracts best-fit clients much more easily than a poorly positioned one. A well-positioned business commands higher fees and therefore doesn’t compete on price. This makes for a very resilient firm.
Firstly, let's clarify what positioning is first. Brand positioning is the strategic process by which you define your business offering and image to occupy a distinctive place in the mind of your clients.
Getting your positioning right today will bring exponential returns because it will clearly show potential clients how you can help them better than your competitors. You'll make it much easier for prospects to understand why they should choose you. Also, once they become clients, they'll be less inclined to listen to your competitors' attempts to woo them with cheaper fees.
However, the process of defining the most profitable positioning for your firm isn’t easy and can be confusing for many business leaders. The process of positioning your firm requires in-depth strategic work. It demands taking an outside perspective from the day-to-day running of the business. Besides, many firms are unable to identify their remarkable difference, which is not be confused with their core expertise.
As a result, many business leaders struggle, and sometimes even give up, to undertake the process of defining an effective positioning for their firm. They end up just brushing it under the rug and pretending it doesn’t exist. And when there's not a clear positioning, many businesses try to compensate for this weakness by following the latest digital trends. These seem like viable shortcuts to stand out, but truth is that millions are wasted each year on costly digital tools and fruitless marketing campaign.
A well-positioned business commands higher fees and competes less on price. This makes for a very resilient firm.
The most costly marketing mistake professional services firms make
In the absence of a clear market positioning, many professional services firms assume that creating a lot of digital buzz on social media and gaining a large following will automatically win them more clients. This mistaken belief ends up costing them significant time and resources, often at a time when they are the most scarce.
Simply posting a lot of content online without a clearly articulated remarkable difference just adds to the noise and sends a confusing message, instead of helping you stand out.
Many firms spend months building a large social media following, which gives them the impression of making progress. However, it’s easy to get blinded by data and get distracted by vanity metrics. You can have 1000 likes and not a single sale resulting from it. Sounds familiar?
Why should potential clients engage further if they don’t clearly understand how your business answers their needs and wants? You have to articulate your value through positioning.
Why positioning your professional services firm well is key in 2021
In 2020, many mid-size firms were in reactive mode. They had to quickly adjust to unforeseen events happening at an alarming rate. There was no time to think ahead.
The world has changed, and so has the way to engage with clients. Whereas in 2019 many professional services firms were relying on face-to-face meetings with potential clients to win business, today most business conversations and deals take place online.
But in 2021, the winners will be the ones who proactively and smoothly embrace this new online reality. Don’t let last year’s thinking hold you back. Your best thinking from last year might be what’s preventing you from achieving your goals today. Embrace change.
To successfully engage online with audiences which are often socially-distanced, you first need to stand out by clearly articulating your remarkable difference. The key is to think strategically before jumping into any kind of tactical marketing campaign, such as doing a series of youtube videos or writing blog articles.
In 2021, the winners will be those who proactively and smoothly embrace the new online realities.
Although spending time and resources on your positioning seems a big investment in the short-term, once you get your positioning right, everything else will fall into place.
You will win new clients more easily while having to spend less on marketing for years to come.
Well-positioned firms also charge more and enjoy higher margins. Don’t leave the power of positioning to your competitors.
At Acacia, we have decades of expertise in helping ambitious firms define and articulate their remarkable difference. We enable our clients to position themselves in a way that competitors will find hard to imitate. If you have ambitious plans for 2021, how about having a chat?