Your Competitors aren't Always the Obvious Ones!We've all got competitors, and there's nothing like a bit of healthy competition to make the business world go round! But who are yours, and what can you do about it? Firstly, they're not always that obvious, and tend to fall into two categories: Click on the links above and you'll get a full description of each. Having competition is a positive thing as it shows there is a market for your particular product or service. The trick is to know as much as you can about them so that you know how to position your own product, service or opportunity. If your products have a high price point (in other words, are fairly expensive) and your competitors sell a similar product quite cheaply, then you need to know why yours is so much better, and how much more your customer can benefit from having/taking or using your product. Remember you sell your products, service and opportunity on benefits. Some of your competitors will have similarly priced products or services, so again you need to have enough information about them so you know why yours are different. In the case of your opportunity, your competitors will be other network marketing opportunities, franchises, a part time job, a full time job etc. Therefore you need to understand what all of these options can offer your prospect as well as what your opportunity can offer your prospect...and all in relation to your prospects needs! Knowing your competitors gives you armour and thus protection. Use it wisely! A Couple of Things to Remember: 1. In marketing - Knowledge is Power. The more knowledge you have, the stronger and more successful your marketing will be. 2. Your prospective customer or lead could decide to do absolutely nothing. Although...if you've done your research and positioned your benefits well to them, then at the very least you will have planted a seed in their mind that they might just come back to. And if you've been acting like a consultant throughout your sales process, then you should find them coming back to you when they are ready to commit to their purchase. Exercise 7 - Finding Out Who Your Competitors Are So, thinking caps back on! Start by getting out your trusty notepad and making two lists - one for direct competitors and one for indirect competitors. Brainstorm these, and really think deeply about who these might be in as much detail as possible. If you happen to know the names of your competitors then write them down. Write down the name of shops and other organisations that are competition for your business. (Don't just write "health food shops" or "Phone companies". Be specific.) Carry out a swot analysis of your competition, or at the very least, make a list of their features and benefits. The time spent doing this is very worthwhile, because you now need to compare your product's and opportunity's benefits with what your competition can offer. Compare and contrast these and decide how you can distinguish your product or opportunity with the strongest of your benefits. This may highlight different benefits from your list, or it may bring you some new benefits.
The result of this exercise should be that you now have some very powerful benefits and arguments as to why your target customers and prospects should choose you (and choose to spend their money with you) over any of your competition. It also positions you in the best possible light - that of a consultant with the best interests of your customer or prospect in mind. You will be amazed at how this alone can impact your business for the better. Well done if you've been working through the exercises so far - you've shown real commitment. If you're wondering if we're ever going to get round to the "marketing bit", yes we are. But don't forget that in order to build a house that stays put, you need solid and deep foundations. The higher you want your building, the deeper your foundations need to be. If you want a strong, successful business, then you need to spend time laying the foundations to that business. No professional marketing consultant, agency or department will go anywhere need the "advertising" bit until they've done all this work first. One final section to go though....your marketing budget! See you there.
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