and their challenges.This can only be doneby narrowing your focusand targeting a veryspeciﬁc client base.So when should youconsider repositioningyour ﬁrm? In today’sconstantly changing landscape, a typical ﬁrmshould explain its positioning every 3 to 4years – as a rule of thumb. However, here is aset of conditions that more deﬁnitively help youdetermine whether it’s time to reposition:
7 INDICATORS IT’S TIME TO REPOSITION:
#1 – ARE YOU CONTINUALLY LOSING OUT ON NEWBUSINESS BECAUSE OF PRICE?
Consistently low win rates, especially if thelosses are a function of low-bidder winning, isprobably the number one indicator that you’re notpositioned effectively. When you are operatingfrom the position of positioning strength, price isno longer the top consideration. Expertise is.
#2 – ARE YOU SPENDING A LOT OF TIMERESPONDING TO RFPS?
If you ﬁnd yourselves always competing againstthe same cast of characters and jumpingthrough the same hoops to chase the samepieces of business, you know your ﬁrm doesn’thave a meaningfully differentiated positioning.Once you’ve landed upon a truly differentiatingpositioning, you’ll ﬁnd yourself without comparablecompetition and more often going straight fromdialogue to proposal, thus foregoing the old RFPprocess. RFPs are made to put all competitorson the same level, but you will no longer be onanybody else’s level.
#3 – DO YOU HAVE DIFFICULTY EXPLAINING TOOTHERS WHAT YOUR FIRMS DOES AND FOR WHOM?
If you struggle to write a thirty-second elevator speech that accurately and succinctly captures whatyou do for whom, you probably need to reposition.
#4 – HAS YOUR FIRM CHANGED CONSIDERABLYFROM WHAT MOST OF YOUR CURRENT PROSPECTSPERCEIVE IT TO BE?
If you ﬁnd in your discussions with prospectsregarding your offerings and expertise that theyoften say, “I didn’t know you guys did that!”, thenit’s time to reposition – perhaps even re-brand.
#5 – HAS YOUR CLIENT BASE SHIFTEDCONSIDERABLY?
If you discover that your ﬁrm’s client base hasevolved to the point that your portfolio of clientshas unintentionally become grouped into a speciﬁccategory or two, you may have become re-positioned inadvertently – and for good reason. It would then be time to acknowledge the change andactively pursue it.
#6 – DO APPLICANTS HAVE DIFFICULTY EXPLAININGWHY THEY’D WANT TO WORK AT YOUR FIRM?
If your prospective employees don’t have a goodanswer for why they want to work at your ﬁrmother than some non-speciﬁc reference to a goodreputation or culture, then you will also have troubleattracting quality candidates. Newbies should walkinto the door knowing exactly what they’re gettinginto, what they would be doing and for whom.
#7 – ARE YOU FINDING IT INCREASINGLY DIFFICULTTO GET NEW LEADS AND HAVE BECOME OVERLY-RELIANT ON REFERRALS?
Personal referrals are great and invaluable.However, if you’re not getting any inbound inquiriesthat aren’t a product of a personal referral, youknow you have no visibility in any speciﬁc markets.