We all know it… Your competition probably isn’t going anywhere anytime soon. There is always going to be another business, technology or some new breakthrough waiting to pull your clients (and potential clients) away from you and into their grasp. It’s important to always keep your business ahead of the curve by watching your competition and making sure you stay up to date with new ways to stay ahead.
Here are 3 simple ways you can ensure you aren’t falling behind and that you come out on top of the competition.
1. Start Applying “Out Side Of The Box” Marketing Strategies
I’m sure you know just as well as I do, differentiating yourself from your competitors can be hard to do at times, especially with so many other businesses mimicking and “borrowing” their competitors marketing tactics. Of course we all want to be successful in whatever we do. When we watch our competitors doing well, there can be a nagging urge to follow suit and try whatever it is that may be working for them.
But rather than becoming a follower, look for ways to become a leader in your industry. There are countless ways to advertise that no one else is using in your circles. A lot of companies are turning to the internet to do their marketing and in return are using the same, overdone internet strategies to reach their audience. What about creating a simple video training series about your product or service? It’s a great way to educate, motivate and get in front of new clients. Is anyone trying this in your industry?
2. Look For Untapped Markets
Your competitors most likely are missing out on a segment of the market! (And it can become yours…) Do some research and find a “starving audience” that you serve. (I will talk about this concept in more detail in future posts.) Start digging around and see if you can find a segment of the market you can not only serve, but can dominate. Make this your niche and own it! If you find the right niche, you may be sitting on a real gold mine. You will need to work more on your sales materials, your presentation and marketing approach, but if you succeed and break into a new market it will be well worth it!
So what kinds of markets could you tap into? That will depend completely on your industry and who you want to target. Here are some good areas to start delving into, then start getting more specific and find your ideal target market.:
- Socio-economic
- Age
- Geographic
- Cultural
- Lifestyle
- Language
- Interests
- Careers
- And many others
3. Become THE Expert
Think of a topic… Now think of someone who you trust on that topic. What makes that person trustworthy and knowledgeable? We respect the opinions and insight of someone who really knows a subject inside and out. There is an opportunity for you to become that person. Yeah, it takes time to get the insights and experience, but I am sure there are things in your industry that you probably know better than anyone else… Become the expert in that area and make sure to TELL people. Emphasize it in your marketing campaigns. True knowledge can’t be faked. Consumers will know who the expert is. Just make sure it’s you who they call!
You don’t need to give up running the rest of your business while trying to become the expert in a topic, but there is no reason you can’t start emphasizing your expertise in one area. What are the perks of being an expert? Have you ever paid more money for a product or service that the company specialized in? People who want an expert have no problems paying more when they know they are getting it from the best source. (Just a side note: You may want to raise your price a little bit, get testimonials from past clients who know how knowledgeable you are on that product or service or find another expert to endorse you.)
Conclusion
Climbing to the top of your competition isn’t an easy feat, but it can be done! With a little focused energy, some creative thinking, time and going with your gut, you can begin to take your competition out of the picture one by one. Go get it!
To you and your success,
Ryan Smith -Chief Content Creator