Improving Your Competitive Strategy for Small Businesses
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Improving Your Competitive Strategy by Maggie Barr Maggie Barr & Associates www.targetedSMBmarketing.com
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How small businesses can research their competition and find ways to adjust their business model and sales cycle in ways that will better position in the marketplace. How to study what key differentiators customers are looking for when making a vendor choice for a restaurant, real-estate businesses, or any other type of small business.
Transcript of Improving Your Competitive Strategy for Small Businesses
Improving YourCompetitive Strategy
by Maggie BarrMaggie Barr & Associates
www.targetedSMBmarketing.com
What’s the buying process like for customers?
Agenda
What’s different about a “competitive” strategy?Why do I need to be competitive?
How can I make it more compelling?
THREE WORKSHEETS– Example: Mexican
restaurant - Example: real estate agent- Your business
ON TARGET
What’s different about a competitive strategy?
Define a Target audience• what group has common needs?
Target a specific need• what needs will you be fulfilling?
Design a specific offer• what will you be fulfilling the need with?
What’s different about a “competitive” marketing
strategy?
Define a Target audience• what group has common needs?
Target a specific need• what needs will you be fulfilling?
Design a specific offer• what will you be fulfilling the need with?
What’s different about a “competitive” strategy?
Design a specific offer• 4 areas where you can be Better :
What’s different about a “competitive” strategy? (cont.)
ON TARGET
Why do I need to be competitive?
Why do I need to be competitive?
You’re competing for fewer dollars• A recession reduces spending in most all categories
Competitors are always adding new offers
• Is your offer still competitive?
They are observing what YOU are doing!• Do you want them one step ahead of you?
Why do I need to be competitive? (cont.) Exactly how do you compare?
Why do I need to be competitive? (cont.)
Example:Taqueria Los Amigos
Boulder Creek, CA
Why do I need to be competitive? (cont.) Exactly how do you compare?
Why do I need to be competitive? (cont.) Exactly how do you compare?
Why do I need to be competitive? (cont.) Exactly how do you compare?
Why do I need to be competitive? (cont.) Exactly how do you compare?
ON TARGET
What’s the buying process like for my customers?
What’s the buying process like for
my customers? There’re 6 steps in the “should I buy”
decision process All buyers travel through all phases Depending on purchased item or service,
time at each phase will vary Know how you communicate, and
what you communicate, at each phase Know how you compare to your
compet-itors at each phase
Awareness
Interest
Acquaintance
Consideration
Comparison
Vendor Selectio
n
Sale
New Customer Acquisition6 Phase Decision Process
Print ads, online ads, events, word-of-mouth
Asking peers, searching for website, driving by
Visiting website, visiting location
Browsing site or store
Who else has offer?
Who hasbest offer?
ON TARGET
How can I make their buying process more
compelling?
How can I make their experience more compelling?
Awareness: unique ways to advertise Interest: unique ways to get their
attention Acquaintance: unique ways to greet
them Consideration: unique ways to
differentiate
Comparison: unique ways to advertise
Vendor Selection: unique ways to close the sale
ON TARGET
Three Exercises
Three Exercises:
Taqueria Los AmigosBoulder Creek
Moebest-Henderson PropertiesSanta Cruz
Your business, your offer!
Taqueria Los Amigos
Mobest-Henderson Properties
Your Business, Your Offer
ON TARGET
Summary
Competitive strategies take into consideration how your customers –compare- you to others
Your competitors are likely watching YOU … shouldn’t you be watching them?
Summary
They buying process has 6 phases
Find a way to stand out in all phases
If you would like help building your marketing plan, or developing and imple-menting a marketing campaign, please contact us. We offer affordable rates and a fast turnaround.
Maggie Barr & Associateswww.targetedSMBmarketing.commaggie.anne.barr@gmail.com408-454-6488
