Whether you have a business or are thinking of starting one, you need to follow the number one rule: Get familiar with your market.
What are you selling?
Who are you selling to?
What are your competitors selling that can compete with you?
Perhaps you aren’t a threat, but other companies, especially the big corporate ones, don’t care what you take as long as you don’t get in the way. Hypothetically, it would seem to be hard to do something like this. However, with social media on the rise and messages flying out into cyberspace at lightning speed, anything can have one million likes overnight. So something that went unnoticed became the number one bought item on Amazon or Good Morning America with its creator standing there in the flesh.
I know what you’re thinking, it sounds pretty intimidating, and maybe you are second thinking about your business venture but no worries. The critical key here is to have a competitive advantage. This is when you have the edge over your competitors by offering your consumers something more valuable than your competitors do with your new Entrepreneurial marketing.
Lucky for you, you have made it to this article to help give you a quick rundown of some steps to take when moving forward with your business and how to come out on top of your competitive business pool.
3 Steps To Proper Competitive Business Marketing
Find Out Who Are Your Competitors What exactly is your market in? Are you creating or consulting something that has been done already? You should take time to research and look at what’s around you locally and then focus on the bigger global market. Maybe someone already made something like your product? What makes you stand out? Remember, it doesn’t matter if you have the same effect. What matters is how YOU use and promote your product to persuade people that have been exposed to that product and trust you enough to purchase it.
With enough research, you can probably even offer it cheaper or focus on convenience for people. But, again, this is very open-source, and most information on these companies is available online for you to research and create a game plan for your business venture.
Evaluate The Market
You don’t hear many people say they go to Arbys, but people nowadays talk more about them when they changed their ad strategy to cater to people who like fandoms and pop culture by literally playing with their food. Using Twitter as their primary platform, they could post their food as artwork. However, what made them more unique, was using their products to create props from TV shows and movies and writing their captions with famous quotes, making people who saw it nostalgic or fans of Arbys. They even created the faces of self-portraits of people who would tweet at them, making a lucky follower get their fifteen minutes of fame online! This was a good strategy only because no other fast food could pull this off, and they were innovative on their terms, thus creating a new fanbase and a percentage of new customers.
This is a good take of this strategy and should motivate you to keep all doors open and let you know that no idea is too small. People like to be different and to be relatable! So explore your options and go beyond what’s expected.
You are now ready to research the next part of your project. To move forward with your business venture, you need to determine your and your competitors’ strengths and weaknesses. This is a point where you can introduce a strategy called Strategic Group. With this, you can find out what your rivals offer and see if you can do it better. A perfect example is fast food restaurants. We all know big rivals are Mcdonalds and Burger King, but what about Arbys?
Pick and Choose Your Target While I’m sure you are now starting to get the ball rolling on where to begin your business strategy, you need first to figure out a significant factor that will determine the lifeline of your business venture: Research! Not just any research but your competitors and their insights into everything they offer.
Something to first recognize is your competitor’s Customer Value Analysis. This helps you determine what customers want or like and what they don’t want or like about companies and their products. This can go much deeper, considering there’s a lot to look into. Perhaps you can make a chart of how you compete with companies that large and even at a local level. What makes YOU different from the rest? Maybe you have a lot in common but differ in some parts.
This is where you can make time and put in some elbow grease to find the golden nugget that can take you to the top of the chart despite competing against a big company. Remember that it’s not about who you are but more about how you carry yourself. If you are already something consumers can be familiar with, try to make your mantra something relatable to them to stand out. This can work well, especially with pricing and customer value.
Execute and Present There you have it! Quick tips on making your business venture flourish. I know it may seem tedious to do some research, but it’s good to know the hard stuff before heading into the shallow waters of the business world. You may never know what your business may have to offer to someone. Maybe it’s something they have wanted all their lives for a company to provide. Whatever your angle is, remember you don’t always need to be a Fortune 500 to be on top.
Study your market, create your advertisements, and be unique to make it to the top!
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