How to Outsmart the Competition

Do you suffer from competition anxiety? Do you worry about what your competition is doing and if you should do it too? Analyzing the competition is frequently recommended as the key to successful growth of revenue, buyers and the bottom line.

What if that is a major mistake?

I believe that too many companies spend way too much time, money and energy focusing on their competition. This is a waste of precious resources that could be leveraged instead on true growth. Does it really help your company to know the competitors’ products and services, price points, marketing and sales practices and value proposition?

The answer is a resounding “NO!” When you learn all this, you then invest trying to be different from them. And guess what, your buyers and prospective buyers are not persuaded to favor you by your positioning your company against others similar to yours.

Only One Position Matters

The only position that matters is the one in the minds of the buyers. To achieve being top of mind with your buyers, make it clear to your buyers, again and again, and in many different ways, how you are the only choice. Not the best choice, but the only choice.

I was learning about a start up company for the first time and the CEO/Founder told me how his product compares to other similar apps. He described his app in contrast to the other apps. Nothing really stood out about why his app would be the only choice. Needless to say, I recommended stopping this practice.

Not the right choice, the only choice

I have urged my clients—owners and executives in diverse industries including auto services, CPA firms, architects, specialty consultants, designers, and lawyers among others—to apply Singular Focus® to their current buyers in order to gain and maintain their top of mind position. Here are 3 proven tactics that work no matter your industry or clientele:

1) Think inside the box. Your box includes your current buyers, your current offerings and your current employees. Go deep to understand each asset. Analyze your buyers and your offerings using the GO Curve. Which buyers can you move up to the next higher point on the curve? How can you expand offerings to provide more buying opportunities to buyers wherever they are on the Go Curve?

2) Create and implement a powerful Cultivate and Nurture (C&N) Plan for your Regulars and Enthusiastic Fans. The C&N activities are a mix of ‘top of mind’ and ‘create demand’ efforts. Top of mind keeps your company in the forefront of your buyer’s thinking and create demand C&N prompts your buyers to make another purchase.

3) Innovate and improve continuously. The best way to know what innovations and improvements will motivate buyers to buy again is to ask them! Assign a couple of your most customer-centric employees to call buyers and find out what else they wish you offered. Most of the time buyers will suggest an improvement or innovation to an existing product or service they already know and like. How easy it is for you to make the improvement or innovation and invite the buyer to make a purchase! And if some buyers want these things, you can be pretty confident that others will want them too.

The Outside Perspective

One of my auto services clients adopted the practice of outbooking as a way to increase appointments during bad weather. This is never done in auto services companies. The next maintenance appointment was booked at the time the client was paying for the current service. Close to 80% of the out-booked appointments were kept, bringing revenue up from 60% of high season revenue to 85%.

I was sharing this story with an expert in an entirely different industry (Mergers and Acquisitions) and he immediately made a note of how he could use outbooking. Not another M&A company would have recommended this. This is the benefit from my outside perspective.

There are so many benefits to acquiring an outside perspective compared to absorbing your industry’s standards or best practices. Why not give your company the benefit of my outside perspective? Your buyers have lots of spending power that you could be tapping into. Let’s schedule a complimentary Listening Call. Don’t delay, your next month’s P&L could benefit! 703-801-0345.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.