8 Ways to Respond to Your Competitors

Marketing is about attracting, engaging and retaining customers but without a thorough understanding of your competitors, their products, service, pricing, customers etc. your shooting in the dark.

  1. Keep tabs on new developments such as upgrades, expansion or new businesses, through the media or by connecting with suppliers who are likely to know a lot about your competition.The more you know about what is happening in your business space the more effectively you can react.  Your loyal Brand Advocates are likely to have market intelligence for you or, at the very least will do some snooping on your behalf.
  2. Understand the competition and how it compares to your business.  It is easier than ever to find out about what they do, how they do it and who their customers are than ever with social media, search and review sites.
  3. Be clear about your strengths and weaknesses and revise them often.  The pro tip here is “Shout about your Strengths” and “Fix your Weaknesses”.
  4. More energy put into service levels and less focus on your old and tired and can be a winning shift.
  5. Build your reputation. Nothing beats positive word of mouth, attract it and use it.  Get customers to share positive experiences via images or video clips.  Record and upload your own customer testimonials.
  6. Manage channels and price according to volume. Lowering rates and prices is not the answer.  Business volume goes up, demand goes up, people will pay more.  Same on the downward curve – but try to add value rather than reduce the price.
  7. Value added offers are effective but only if you understand your customer and what that customer wants.  Adding to point #6.  your customer must perceive your offer as value.  For example, free delivery for online orders is relevant, to customers in your ‘shop’, not so much.
  8. Understand what do you do better and, what they excel at; then repackage their winning ideas to fit your product and customers.  I love the term “Rip off and Duplicate” – you don’t have to reinvent the wheel, just perfect it!

Have I left anything off this list?  I’d love to hear.

About my Coaching:

After many years as a corporate marketing professional I created and own RedMatchtick.com; a platform from which I offer coaching to help small businesses owners and managers do better modern marketing.   The big reason is that I set up my own businesses in 2010 and quickly found that digital marketing has made the art of attracting, finding and retaining customers so incredibly accessible to small and big business, alike!

But, as with most solutions, Small Businesses need a System to define:

  1. The problems solved by your products or services,
  2. Who your best customers are,
  3. Where they are,
  4. How to build relationships with them, because the funny old thing is … that people buy from businesses they trust!
  5. Strategies that seamlessly integrate your entire customer journey to avoid the “’I Say – I Do Gap” and improve conversion rates.
  6. Customer Service that retains customers because it’s x8 cheaper in every way to keep a customer than convert a new one.

Contact me if you want me to SHOW YOU HOW to do any or all of the above!

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