In the business of fashion, trends come and go.. What sets services, products and companies apart from competition? What value do they provide and how is it different from the alternatives?
To answer these crucial questions, one must define how they will “differentiate” their offering and create value for their market. They will need to carve out a spot in the competitive landscape, put their stake in the ground, and win over the mindshare in the marketplace. In others terms, it’s about being known for a certain “something.”
That’s why week 3’s module was entirely focused on Competition and positioning.
The course was designed to get our participants to understand and implement competitive brand positioning as a strategy. As explained by Anthony Smith, this enabled one to start “consciously thinking of service as a differentiating factor”. By establishing and maintaining a competitive advantage, participants can examine their proposition value. From what the brand stands for, who they are are selling to, to creating a business strategy and operating plan.
The class was taught by Threads co-founder, Tania Habimana, who engaged the team with Business Case studies, tools such as SWOT Analysis and Porter’s 5 Force. Content enabling one to identify any organization’s strengths, weaknesses, opportunities and threats. Thus enabling one to formulate a competitive advantage.
“…I’ve never seen any business that doesn’t compete with something. But in order to compete, one must understand what he is competing against. Only then will he know how best to position his brand to leverage his strengths and take full advantage of market opportunities. The course was designed to do just that” Said Tania.
So that’s it for Week 3 of the Business of Fashion Accelerator program in South Africa, Threads – stayed tuned for next week’s module on Financial literacy.