Many boomer business owners think they\’re good at what they do, and they\’re right. The problem is that a lot of other boomer entrepreneurs are, too.

Competence and even excellence are only one part of the successful entrepreneurial equation. In a crowded marketplace, how will you differentiate yourself?

The short answer is positioning, which basically amounts to the perception you create among your prospects that you are the ultimate solution to their needs. You need to give as much thought and planning to how you will position yourself as you do to profit margins, as I can promise you that one definitely affects the other. How will potential customers see you in relation to your competitors?

For example, are you a general business consultant, or are you a business consultant who specializes in direct selling techniques to reach the 50+ market? Are you a general wedding planner or do you specialize in high class, low fanfare second-time-around weddings for boomer brides? Are you a general insurance company consultant, but one who is the former CEO of a major insurance carrier, who speaks at conferences across the country on insurance issues, and who is quoted often in relevant media?

Critical to effective positioning is the research I recommended in earlier columns. Delve into demographics and find out who buys what you\’re selling, for how much and under what circumstances.

If you were a prospect, why would you hire you over another competitor? Once you have a few answers to that question, incorporate them into your marketing materials, elevator speech and overall positioning strategy. Try not to focus on everything you\’ve done or can do. Instead, write from the reader\’s perspective and answer your prospects\’ “What\’s in it for me?” question to truly capture their interest…and their business.

Have questions about what you've discovered about yourself here? Contact us at selfmade@thekalitagroup.com to discuss the results, or look into our website at www.thekalitagroup.com for more information about entrepreneurship. While you're there, sign up for our free ezine, Self-Made Minutes™.