Is your industry incredibly competitive?
What industry isn’t competitive, right?
Sometimes, though, it can feel like more competition is coming into the game and it can feel like you’re just struggling to get new customers. And when potential customers come to you they ask why they should choose you over the competition.
It’s important to know how to answer that question. I think the first little tip for this post is to figure out how your product or service is different. We’ll go over that a little bit along with some marketing things you can do to stand out in your industry.
Let’s get into it.
1. Content Marketing
Content marketing generates more leads and costs less than traditional marketing efforts. But the weird thing is that not a high number of businesses, about 57% or so, are putting high value in content marketing.
This is an opportunity for businesses that aren’t doing content marketing or aren’t putting much effort into it because chances are your competition may not be doing so either. One or two competitors might be, but you can jump past the others if you get in the game.
Content marketing is simple – identify questions your target customer is asking and answer those questions. If you’re a B2C, answer the questions your customer has about their life. If you’re a B2B, answer the questions your customer has about their work.
Pick a channel that you favor. You can do video, podcasting, blogging, etc. Pick 1-3 and go full in on those and commit to a long-term strategy.
2. Fewer Products
Fewer products?
That’s right. Some businesses get in a situation where they are bloated. They sell too many products. The offering gets diluted. The people in the business are spread out too far and it reflects in the product and the customer can see that.
If you try to be everything to everyone you’re going to struggle.
A good way to stand out and get back on track is to focus on what you want to be the best at and go full on with that and cut out the rest.
It’s springtime so this is kind of like spring cleaning for your company.
3. Specialized Service
Sometimes it can be good to add something to what you’re offering. If you already are cut back to one product you can add a lot by adding just a little. And by that I mean adding some extra type of service that sets your business ahead of the others in the field.
A great example of this was Midwest Express Airlines in the 1990s. The company sold travel on airplanes. That’s pretty much a commodity nowadays and was back then as well. But what the airline did was bake chocolate chip cookies on all the flights. They didn’t just hand out the cookies. They baked them. The aroma filled the plane and passengers loved it.
Now, when prices are the same and you have the choice between an airline that offers cookies and one that doesn’t, which airline would you choose?
4. More Branding
This one is about making more effort to get your target customers to know that you exist. The cookies are an example of branding. It involves adding your logo in locations where your customers are going to notice it. It involves more PR efforts to make your brand more visible on channels where your customers are watching, listening and reading.
5. New Advertising Channels
There’s a local car dealership here where I live that does a really good job with radio advertising. They have these little 5-10 second ads that play all the time on the local radio stations. If you’re in your car listening to the radio you could hear these little ads a handful of times on a 20-minute commute.
You have the basic advertising channels that everyone knows about and those can work, but look for little ways to make your advertising unique and different from the rest. Maybe it’s a little jingle. Maybe it’s a memorable series of billboards. Your imagination is the only limit.
6. Partnerships
If you can’t beat ’em, join ’em.
Okay, maybe there is a way you can team with competitor to create something better than all the rest. It does happen. Two middling businesses come together to take over.
But you can also partner with complementary businesses. You have the same target customer. You have different products and services. You work together to create a super product that makes you more attractive to the same customer.
7. Fewer Target Customers
Finally, look at the customer you’re targeting…
If you look at that statement and think, “Customer? We have multiple target customers…” then this tip is for you. It’s time to cut back on the number of people you’re targeting. You’re diluting your efforts if you’re focusing broadly.
Identify the most profitable customer or the one that can be the most profitable and cut out all the rest. You’ll be amazed at how your efforts can improve when all your focus is on one thing or one person.
And you’ll still get some business from outside that target market so don’t worry about that either.
Conclusion
It’s definitely frustrating when you’re in a competitive industry. But it doesn’t help to sit back and whine about it or to wait for something to happen. We can only change what we control in this world and the good news for you is that you can change if you’re in this situation. Assess what’s going on with you and use some of the applicable tips above to change your situation for the better.
