Hi this is Allan Ross on how to Market Your Business
Today I would like to talk about Competitive Marketing
Something crucial to remember when creating a marketing plan is anticipating your competitor’s strategy. You could be doing everything right: providing the best goods with the best services and prices, and yet your competitor could be outshining your business. It’s because they are doing one other major thing right, which is properly advertising.
Being the best at what you do is key in gaining and maintaining a reliable reputation, but it means nothing if no one knows about it. You may be thinking, “but I do advertise,” and yet it is important to realize that getting results requires much more than putting any ad in the paper. Having knowledge of what advertising techniques similar businesses are using will help you be a step ahead of them, and possibly allow you to use their marketing to benefit your own.
The first step to take would be objectively analyzing your own business and all it entails: the goods, service, prices and whatever else you are offering to consumers, and compare yourself to the competitors. Before you start advertising ‘the best’ of something, make sure you can back it up, and be prepared to explain why what you’re offering is the better choice.
Next, understand who your target audience is, and make sure you are gearing your advertising towards how consumers can benefit. Assume your customer is thinking, “what’s in it for me?”, and use that mentality to your advantage. Different cultures, genders and ages all respond to things in different ways, so it is also important to speak to your key demographics. You should also be noting what your competitors did during peak and low sale periods, and then use their triumphs and failures as guides. Another extremely important tactic is staying afloat during hard economic times. It not only gives you credibility, but also builds brand assurance, and you’ll gain more exposure while your competitors sink.
In addition, taking advantage of new and changing advertising methods will benefit your business. You don’t have to fear social media, applications, and owning an up to date website, because they are extremely useful marketing tools. They not only expose your business, but also allow you to gain trust with consumers regardless of the product, service, or generation. If your product is a cutting edge gadget, then an advanced Facebook page will speak to your technology savvy customer. If you are an established company with more of a traditional product or service, then a user friendly website can be creatively designed to help portray your business as distinguished while maintaining its values.
Every business will have a competitor at some point. Whether you are the number 1 in your field and you are looking to maintain your current status, or you are lost in the mix and want recognition in the industry, competitive marketing and advertising can make all the difference between just owning a business, and doing steady business.