Let’s face it…competition is here to stay. There will always be someone waiting in the wings to woo your customers away from you and into their realm. Yes, you’re always going to have to be on the lookout for new ways to outdo the competition, but there are three ways you can minimize the impact they have on your business.
1. Implement Unconventional Marketing Strategies
Standing out from the crowd is sometimes hard to do with so many businesses mimicking the marketing campaigns of their competitors. We all want to be successful, and when we see others using a method and prospering there’s an urge to jump on the band wagon and enjoy the same success.
Rather than joining the pack, look for ways to advertise that no one else is using. Internet marketing is a good example. Most Internet marketers use …you guessed it the Internet to market their products. Why not get high impact postcards printed and use them to direct people to your Website? Is no one else is doing it at the moment?
2. Discover Hidden Markets
Your competitors are missing out on something! Dig around until you discover what it is, and get a corner on that market niche. Once you’ve discovered your secret gold mine, revise your sales copy, and Website to address the specific market you’ve uncovered. You’ll be able to take advantage of these untapped opportunities.
It’s worth discussing the benefits of uncovering hidden markets & identifying them with family and your closer friends. You will then begin to see how to target these markets and make your products or services appealing. You can then take everything you’ve learned and apply it to your own business.
3. Become the Expert
We all respect the opinions and insight of someone who really knows a subject inside and out. Yes, take the time to research, get to know all of the ins and outs of your product…then emphasise it in your marketing campaign. True knowledge can’t be aped. Consumers will know who the expert is.
You don’t have to put all of your eggs in one basket to zero in on one product, but you can emphasise your expertise in one area. Remember that people often expect to pay more for expert advice! You may want to raise your price a little bit, get testimonials, and find another expert to endorse you.
You don’t have to let the competition get one over on you when you position yourself for success!