Your Marketing Magnet

If you’re in business with both feet and plan to stay that way, you must know what you are up against and how to play the competition game – because direct (businesses that offer the same kind of service or products you do to the same target profile), indirect (businesses you’re either splitting or losing sales to) and phantom competition (customers who choose to do nothing, find another alternative or do-it-themselves) is what drives the free enterprise system. So it’s up to you to use competition to your benefit and implement marketing strategies that will not only make you stand out, but also help you to attract and keep customers loyal to you and your products or services.

If your sales figures are strong and your business is growing, you are on the right track. But if your business is slowly sliding downhill, you have some work to do. Either way, you can take control of your business success by defining your market share (your slice of the market pie), share of customer (the percentage of all the possible sales you capture and which a customer can make at your business) and share of opportunity (consider who is not buying products or services like the ones you’re selling – and what it might take to get those people to see your product or service as a viable solution to their needs).

Whether through the use of incentives, product upgrades, innovations, quality, prices, selection or business efficiency, much can be done to take business away from your competitors and increase your slice of the marketing pie:

1.  Know your direct competition – If prospects decide not to buy from you, find out why they’re choosing your competitors business over yours.

2.  Analyze how you can beef up the value that the market equates with your business and products or services – so that your buyers opt for you.

Emphasize VALUE (based on superior quality service, prestige, uniqueness of offering, reputation, location and customer convenience) over PRICE - so your cusotmers see you as being worth your price tag.  Or be prepared to offset a lower profit margin with a higher volume of sales and for some other business to beat your price and take away your only competitive edge!

Also ask yourself these questions regularly:

Whom does your business really compete with? – When your prospects consider buying your product or service, what other business do they think of at the same time? Be realistic about your answer.  Just because a retailer sells jewellery in Toronto, doesn’t mean they’re competing with Tiffany’s. So list the businesses that you actually go up against and who swipe your customers’ away.  When you overhear your customers talking about them or toting their bags, investigate further and conduct some customer research.

How does your business rate against the businesses that your prospects also consider when they consider your offerings? Do a S.W.O.T. (Strengths, Weaknesses, Opportunities and Threats) analysis. List how your strengths and weaknesses compare to those of your competitors. What could you do differently to draw their customers to you?

Where does your business rank amongst your competitors? Evaluate your revenues in comparison to those of your competitors and get a feel for how your rank based on size.  Estimate your market share compared to that of your competitors along with your top of mind ranking. When prospects name three to five businesses in your field, does yours constantly pop-up?  If so, you can be sure that you’re in the top-tier. Regardless, keep listening to find out more about who you are up against. You’ll also learn what they’re doing differently and how you can achieve the prominence you seek.

To your success,

Feel free to leave me a comment.

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Founding Publicist, Prime Time PR and former editor PRtalk (Canada’s only online PR magazine), Janette Burke is a marketing/PR coach, consultant, columnist, trainer, speaker, TV Personality and creator of “The Magnetic Marketing/PR Process TM” (TMMPP) – her customized, cost-effective, step-by-step, guaranteed to get-results-now marketing/PR coaching and training program.  To discuss how she can help take your business to the next level, call:  (905)882-6893; E-mail: janette@yourmarketingmagnet.com or visit: www.yourmarketingmagnet.com.