Unless you are a completely brand new startup in an untested area creating a product or service that’s never been seen before you will likely in an industry where there are competitors and some of these competitors are likely bigger than you.
Despite competitors being bigger than you and having a bigger marketing budget you can still compete. Yes you will need to be more strategic and yes you may need to better control how you spend your money but it is possible to use your marketing budget wisely while growing your revenue and client base.
Below I discuss three key areas where, with the right optimisation, you will be able to compete with those businesses that are larger than you and hopefully gain your own advantage. Done well you will grow more quickly and potentially become the big competitor . When you get larger than your competitors just remember to keep doing what has worked for you and don’t become a stale or “fail whale” – now that you have got there don’t rest on your laurels.
The first thing you need to do is create a plan – you need to have a strategic marketing and sales process. You need to work out who your target audience is, what your goals are with these Target audiences, what tactics will help you achieve these goals and the timeline within which you want to achieve them. Basically you need to have a Marketing and Sales process from getting a totally new prospect “through the door,” getting them interested in buying your product, making them purchase your product and then potentially up selling them, cross selling to the them or encouraging them to give referrals to your business so you can get more customers.
Two of the tactics that you might consider are using social media advertising on Facebook and collecting your target customers email addresses through the use of a lead magnet. Facebook advertising allows you to laser target your prospects based on location, demographic data and even “likes and interests.” Collecting someone’s email address allows you to re market to them – so even if they don’t make a purchase on the first time they become aware of your product or service. If you have a process to follow up with these prospects you are in a better position to sell to them in the future. The follow-up his key. As a smaller more agile business it’s much easier for you to follow up with prospective customers than it is for bigger businesses.
Many businesses forget the power of printed materials including brochure deliveries into letter boxes. A Recent survey by Australia Post and the Australian Direct Marketing Association showed that consumers still hold printed materials in high regard. By sending a well-designed brochure or sales material chances are that your target audience will find that an appealing and trustworthy marketing tactic. Also, delivering brochures into someone’s letterbox is another way to get your name in front of them to supplement the ad they may have seen on Facebook or the email newsletter that you may have previously sent them.
To compete with the “big boys” in a cost effective manner you need to be laser focused and you need to make sure that you’re always following up with the prospect. That way you get through the door and convert more prospects into valuable customers.
Contact Intertype on (03) 9830 6619 if you would like to explore other options to get “one up” on your competitors