4 Steps to Eliminate Your Competition with Marketing Strategy
I love competition as long as I win. I don’t like competition when it makes me compete on price. That’s not good for either of us. When you are competing on price you’ve been commoditized. Yuck!
With a great marketing strategy, you can differentiate yourself from the competition and never compete on price again. A great marketing strategy requires 4 things that, when done well, will allow you to stand head and shoulders above the competition. Your marketing strategy is an important part of your strategic plan.
A Clear Marketing Strategy Starts with an Avatar and a List
When I started my first company my ideal client was very clear. It was all the people who attended company picnics when I was a kid. It just so happens that my father was in the same industry I started my first company in. You could say the business is in the blood. His friends started other companies and ended up dominating the industry. They were my target market and that’s where I started. However, as the company grew my target market had to shift. We tried all manner of marketing strategies to get new leads and wasted a ton of time talking to people outside of our ideal psychographic, demographic and geographic profile. It wasn’t until we created “The List” that we were able to focus on who our real clients were. Once we created “The List” we obsessed over the names every single day. Here’s what you need to include when creating your own list.
- Geographic – We were looking in the 8 industry hotbeds in the United States.
- Psychographic – The idea client was appreciative, open and honest, needed help, interested in teamwork, and was a fast decision maker.
- Demographic – Age 30-55, college educated, Pharmaceutical, Biotech, and Medical Devices, 500+ Employees, Manager and above, member of ISPE, PDA
This creates a great way to search LinkedIn and other databases that you can use to create your list of idea clients. Start creating your list today. You won’t regret it.
What’s the Message?
Once you’ve created “The List” you need to determine what is the message that they find most valuable AND is unique only to you. This can take some time, but in the end it will be worth it. If you can’t find 3-4 things that when taken together eliminates your competition you will compete only on price. That doesn’t sound like any fun. Think about what you do, what can you do that no one else can? Some may do 1 or 2, but not a single competitor can do all 3 or 4. Once you are clear on what makes you unique you need to make sure all your sales and marketing efforts are communicating these unique selling points. Don’t forget your employees in your marketing messaging. Having a few uniques that differentiate you isn’t good enough, you have to let your employees in on the secret. It will help them be crystal clear on how they should be delivering the product/service. It will help them make better decisions and you will ultimately sell more.
What’s the Process?
Next, you need to let customers know what the process is when they are working with you. I have The EOS Process™ that lets my clients know what to expect and when to expect it. You want to create a graphical representation of what your customer experience will be. This goes beyond touch-points and should indicate an on-going relationship with you. Keep your avatar in mind from “The List”. What is an experience they will appreciate? Is it easy to work with you?
What’s the Guarantee?
A great marketing strategy has a guarantee that proactively reduces the risk of clients working with you will help you sell more and create a better relationship with your clients. For example, my guarantee for a session day is “if you don’t get value, you don’t pay me.” It’s simple and powerful. It also keeps me on my toes ensuring that all expectations are met every session. I always use Costco as my example for this. The company’s return policy is so powerful and so simple I purposely buy there because I know I can return just about anything without hassle. If you make a great guarantee, you won’t regret it. You’ll end up providing better service than you do now and you’ll differentiate yourself putting your money where your mouth is.
4-Steps to a Great Marketing Strategy
- Create “The List”
- Decide on your 3-4 uniques
- Create your proven process
- Communicate a guarantee and stand by it
It’s my passion to help people live the life they want to live. If you are interested in EOS, The Entrepreneurial Operating System® and would like to learn more, click the button below. This free 90-minute workshop will teach you all the tools necessary to achieve a higher level of freedom in your life and business.
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