Do you know about - Strategic Positioning - Sustainable Competitive Advantage
Flight Medical! Again, for I know. Ready to share new things that are useful. You and your friends.As managers strive to keep up with the changing marketplace, they can become too heavily focused on creating more operational efficiency and lose sight of building effective strategies. Striking a balance between these two components can help your company achieve higher performance in the long-term. To get started, it's important to focus heavily on strategic positioning by establishing a competitive edge and creating a sustainable advantage. This will help your company prosper and grow for years to come.
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According to the Harvard Business Review, there are three basic approaches when creating a positioning strategy:
Offering a handful of products or services, but serving the needs of many customers. For example, a tire store offers very specific services, but has a large client base. Offering many products and services, but serving a small customer base. For example, an investment firm may serve wealthy clients; offering them a variety of investments instead of a select few. Offer a variety of products and services to many customers in a specific market. For example, your company may elect to offer services to customers in cities that have a population of 100,000 or less.
Defining this information in your positioning strategy will help you serve your market much better.
Establishing a Competitive Edge
Competing in the current marketplace isn't getting any easier. Having a competitive edge will help your company sustain momentum. When looking for a way to differentiate your products and services, make sure your strategy can be preserved. The Harvard Business Review recommends delivering a high level of value to customers and charging a premium price. Or, you can create "similar value" at a bargain price. Choosing one of these strategies will help your company develop a competitive edge.
Getting Creative
When developing strategies, there are benefits to being creative by taking a completely new approach. For example, Southwest Airlines took the competition by storm when they started offering low cost flying options in the United States. The airline avoided working out of large airports and focused on flying short flights that targeted families and business travelers.
This strategy quickly attracted a unique niche of customers, those who would have otherwise traveled by car, or were looking for bargain airfares. By avoiding large airports, the airline can get planes in an out of terminals quicker, allowing planes to operate more hours than competitors - and make more money. But these price sensitive customers do give up some items for the lower fares, including meal service and seat assignments.
Building Operational Effectiveness
In addition to creating new approaches to business, it's important to look for opportunities to make operations more effective. For example, lowering the amount of defective products, or bringing new products to market more efficiently than the competition can drive up profits. These strategies can eliminate some of the "waste" in your organization.
Creating a Sustainable Advantage
Even if your strategy is creative and effective, it won't provide long-term results if it's not sustainable. The Harvard Business Review explains that even if you base your strategy on a market leader's success, there are still opportunities for failure. For example, if an airline chooses to piggyback on Southwest Airlines' strategy, they won't experience the same success if they're still offering full-service items like meal service (which increases costs and drives down productivity).
On the flip side, if your company has a unique advantage, it's important to protect it from companies that want to mimic your success. For example, if your company creates soaps with a brand image that is medical in nature and targets dermatologists and the medical community instead of mass marketing to the general public, it will make it harder for competitors to "piggyback" on your success.
The Role of Strategic Fit
When designing your company's strategy, it's important that all of the essential components fit. The Harvard Business Review points out that Southwest Airlines pays their gate and ground crews very well to ramp up productivity and get planes into the air as quickly as possible. The company's activities are put together so they strategically fit and focus on core competencies. For example, no meal service is offered, but ticket prices are very low. With this give and take process, the airline strikes a balance and creates a strategic fit that works.
Strategy Pitfalls
As revenue grows, companies often look for ways to serve new customers. For example, Southwest Airlines might be tempted to tap into higher paying customers. By doing so they need to offer more services which can hinder productivity. Be careful when growing your company to avoid blurring the lines of your unique brand. Some companies even create new brands to serve higher end customers to avoid this pitfall.
Developing strategies that are resilient enough to create a unique place in the market isn't easy, but working towards improving your company's productivity while staying true to your core competencies and branding efforts can yield excellent results. If the strategy must be tweaked, make sure the changes are balanced and don't alter successful components of the company's structure. Making these adjustments will set your company up for long-term success.
Resource:
Michael E. Porter. "What is Strategy?" Harvard Business Review, November/December 1996.
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