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Improving Your Competitive Strategy for Small Businesses
 

Improving Your Competitive Strategy for Small Businesses

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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 ...

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.

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    Improving Your Competitive Strategy for Small Businesses Improving Your Competitive Strategy for Small Businesses Presentation Transcript

    • Improving YourCompetitive Strategy
      by Maggie Barr
      Maggie Barr & Associates
      www.targetedSMBmarketing.com
    • Agenda
      What’s different about a “competitive” strategy?
      Why do I need to be competitive?
      What’s the buying process like for customers?
      How can I make it more compelling?
      THREE WORKSHEETS
      – Example: Mexican restaurant
      - Example: real estate agent
      - Your business
    • What’s different about a competitive strategy?
    • 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?
      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? (cont.)
      Design a specific offer
      • 4 areas where you can be Better :
    • 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?
    • What’s the buying process like for my customers?
    • What’s the buying process like formy 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
    • 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 has
      best offer?
    • 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
    • Three Exercises
    • Three Exercises:
      Taqueria Los Amigos‎
      Boulder Creek
      Moebest-Henderson Properties
      Santa Cruz
      Your business, your offer!
    • Taqueria Los Amigos
    • Mobest-Henderson Properties
    • Your Business, Your Offer
    • Summary
    • 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?
      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.
      MaggieBarr & Associates
      www.targetedSMBmarketing.com
      maggie.anne.barr@gmail.com
      408-454-6488