Marketing is an important piece of the puzzle when it comes to creating a strong brand. Marketing helps our brand get in front of people, it helps us make sales and increase our revenue. If people don’t know us, they won’t buy from us. Unfortunately, we often realize this when things get tough. This means, when sales are slow, and you’re not sure where your next client is coming from.
So, what happens when you’re out of ideas on how to market your business and create more clients? Do you start paying attention to your competitors’ strategies? What is everyone else doing to get more business? How are they doing it? And all these questions leave you overwhelmed.
There are two paths I’ve seen clients take when it comes to paying attention to its competitors. I’ve met small business owners that are not aware of who their competitors are. Scary.
And I’ve also worked with clients that stay informed and study their competitors. They work on strategies that will better assure their company’s success.
But the question is “What can YOU do?”…
The truth about your competitors marketing
Marketing experts tell us to learn, study and be vigilant of our competitors. Who are they? What do they offer? Having this knowledge can provide you with a larger view of the world. But thinking you have to match every strategy they use to stay competitive can leave you anxious. Remember businesses will only show their audience their strengths, not their weaknesses. What if you don’t have the whole picture? Is their marketing strategy working?
Change your mindset – Competitors should inform us about our industry, but not serve as a guide
We know who our competitors are, listen and observe what they’re doing from the outside.
We may feel their marketing is very effective, but have no actual proof. If you base your next action steps on what you see, you will end up feeling lost and unable to catch up with them. Are you implementing an effective marketing strategy or experimenting FOMO (Fear Of Missing Out)?
Although competitors give us an acute idea of what’s out there. We will never have the whole picture of what’s happening inside their business.
Copying someone else’s marketing strategy is like trying to put on clothes that won’t fit you. You may be able to pull it off, but believe me, you won’t feel comfortable.
Take action – Think and plan strategically
Having brand strategy in place can serve as an instruction manual. When we purchase a chair that we have to put together ourselves, the instruction manual helps us understand where every piece goes. It helps us do it faster, more efficiently and most of all, do it correctly, so nothing breaks and our chair can support us for longer.
Brand strategy means a clear understanding of your brands attributes, values, voice, purpose, ideal client and key messaging.
Yes, we live in a competitive environment. Businesses strive to innovate, and competition plays an important role in this. But we should use the information wisely and strategically.
When sales are slow and referrals dry up, working on your own brand strategy before launching new marketing efforts can help you regain focus, connect the dots to move forward.
Remember, competitors should inform you, not guide you. Your business is as unique as you are.
Imagine you’re playing a classic game of “Jenga” and you try to do the exact same moves as your opponent. It just doesn’t work that way, if you want to win.
If you started your own business without a clear brand strategy, it’s never too late to put in place. Schedule a Brand Therapy session and let’s explore what your business can do now for success.