In the Know: Liz Warom
As a new brand, how do I position myself competitively in the marketplace?
In our case, we chose to build a company in an industry that we knew really well, having already created several brands and businesses for other people.
However, I have often seen people move into a sector they know nothing about, which means they struggle to compete with those who have greater knowledge and experience. Stick to what you know, just do it better than everyone else.
"Be ready to implement new ideas into your plan – without losing the reason for wanting to set up the business in the first place"
It’s a big world out there and often when you’ve spent evenings and weekends working on an idea, you can become a bit insular and forget there are probably lots of other people already doing what you want to do. Be brave enough to check out the competition and determine what will make your business idea unique.
Why would people buy it, what points of differences do you have? What makes you stand out? Continually gather facts and be ready to implement new ideas into your overall plan – without losing the central reason for wanting to set up the business in the first place.
I don’t tend to focus that much on the competition and I don’t draw inspiration from looking at what others are doing. Instead, I am completely focused on our own agenda. Of course one has to be observant, brand savvy and in the know, however, and I constantly gather clips from magazines and make mood boards.
To launch your business and make it successful, you will need customers and lots of them, so you must have a preposition that is concise and easy for clients to understand. There are rarely genuine gaps in the market for anything, but that shouldn’t put you off pursuing your idea.
"Stick to what you know, just do it better than everyone else"
Liz Warom is the co-owner, co-founder and managing director of British skincare brand Temple Spa, which she runs with her husband Mark. Her career includes previous posts as managing director of Virgin Vie, the cosmetics arm of Virgin, and general manager of colourings at The Body Shop