Improving Your Competitive Strategy for Small Businesses
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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