Sales & Marketing Consultant, Bestselling Author & Business Motivational Speaker

Unless your business deals with a newly invented product, or you’re truly a business revolutionary and you’re operating in a marketplace by yourself, chances are that you have competitors in your industry. Depending on your industry niche, they may be direct competitors, who offer an identical or similar product, or they may be indirect competitors, who offer a different product but offer it to the same group of potential clients as you do.

One of the hallmarks of a great business person is how they respond to competition, how they rise above the challenges presented by it, and how they make their business stronger and more competitive in the long run.

Know your Enemy

When a new competitor enters your marketplace, the first step is research. Look at what they’re doing, and how they’re trying to take your customers. In any case, the key is to explain why your product is better, not what your competitor’s product is worse. Bad-mouthing your competitors makes you sound childish, and puts you on the defensive. Instead, just explain why you have the best solution on the market.

Just as important is knowing what your competitors are doing – what services are they providing, where are they advertising, how are they trying to reach your customers, and where do your own marketing efforts overlap with theirs. By understanding exactly what the competition is doing, you stand a much better chance of outmaneuvering them and putting yourself into the most profitable piece of the market.

Keeping your Customers

The key to preventing your competitor’s making inroads into your customer base is by building and maintaining relationships with all of your customers. Of course, this is something that you should do all the time, but is especially important when a new competitor is courting your customers.

Customer relationships are built on two pillars – loyalty and incentives. Loyalty is getting to know your customer, and getting them to like and respect both your business and your product. Loyalty can be analogized to the way you might feel about your favorite restaurant – you keep going back because you know what you’re going to get, and you like it.

However, when you’re confronted with serious competition, your relationships need to go beyond this. It also needs to make financial sense for your customers to stay with you. Provide your loyal customers with incentives – free products, free upgrades, anything to make them know that you appreciate their continued business.

Rise above the Competition

The last thing you want to do when confronted with competition is fight them directly. This will only make you look bad, and cut into your profit margins. The key to beating the competition is rising above the competition. Focus on your unique selling point – what makes your product better than everything else on the market – and stick to it.

Happy marketing!

Sean

Sean McPheat

Marketing Consultant – Sales Expert - Motivational Speaker

As true as these two rules are for marketing, they are also just two general guidelines for life, and should best be applied every time that you leave the house. However, today we’re going to discuss their applicability to the marketing world, and to your marketing campaigns.

As a general rule, creating interest in your product is among the most surefire ways to drive an increase in traffic, and to ultimately drive an increase in sales. Being interested means showing that you care about your customers, and making every possible effort to engage them and please them.

Be Interesting

While it’s never been easier than it is today to create an interesting product, and to generated natural interest around the product, there’s also never been nearly as much competition as there is now.

YouTube is the perfect example – while the popular video-sharing site has made possible the previously unthinkable idea of creating and distributing a video advertisement with no cost associated except the time that it takes you to product it, it has also driven allowed your competitors access to the exact same set of tools.

The key to creating buzz is indirect advertising. In this age where one can access nearly everything they want, totally free of charge, nobody wants to watch an advert. Instead, create a funny or informative video or article, and just include a link to your site. If you can be interesting enough that people share the article, then you be sure to have some of the excess interest spill over onto your website.

Be Interested

However, it’s not sufficient to just be interesting. You must also be interested in your customers. Thanks to the rise of the internet, its now possible to do this better than you ever could before.

Set up a blog and a Facebook fan page where you can see what your customers are saying, and where you can respond to them directly. Modify your marketing efforts to more accurately target your customers, and change your products if your customers are looking for something different.

The rule of being interested also applies to competitors within your industry. Read their adverts, both online and off, to see what they are doing, who they are targeting, and how they are doing it. Read the blogs of industry leaders, comment on them, and share their insights via your Facebook page.

By showing interest in your industry, you’ll not only learn more valuable information, but you’ll ultimately draw more attention to your own site, and your own products. And as we all know – more attention means more sales.

Happy marketing!

Sean

Sean McPheat

Marketing Consultant – Sales Expert - Motivational Speaker

Despite all the buzz about social media and the revolution that it is going to create in the advertising world, word of mouth is still king. Very few things are valued more highly than a personal recommendation, so when one of your customers starts talking about how great your product is, people are going to listen.

Engage your Customers

Some products generate enough interest to create word of mouth and marketing buzz on their own. For the other 99% of products, you’ll have to do a bit of work to get the buzz started.

The best way to get word of mouth started is by maintaining an open dialogue with your customers. Ask them what they think of your business, what they like, and what you could improve. If your customers like one thing about your business, and your marketing materials are advertising something else, then you need to change your marketing focus.

Get Them Talking

A lot of times, there are word of mouth promotion channels that your customers may not even be thinking about, although they would probably be more than happy to promote your business.

For example, if you own a restaurant, and you know that a customer particularly enjoyed his meal, then ask him to write a review on Yelp! Your customers appreciate the hard work that you put into providing a quality product, and I think you’ll be surprised to find how willing they are to write a glowing review for you.

Throw them a Holiday Surprise

Few things stick in a person’s memory longer than an unsolicited act of kindness. Get your customers talking about you by doing something for them this holiday season. Send some of your best customers a coupon for a discount on their next purchase.

Integrate with Social Media

I know I started this post by taking a cheap potshot at social networking, but sites like Facebook and Twitter are actually just a modern take on word of mouth advertising. Specifically, they give you the ability to see which customers are spreading the good word about your business, and too see exactly what they are saying about you.

Don’t underestimate this impressive opportunity. Social media has given you the ability to know exactly what your customers are talking about. Reward your best customers, and the ones who are saying great things about you. And tailor your marketing materials to get them more in line with the good things that people are saying about you.

There are a million and a half ways that you can try to reach your customers today. But even with all the recent advances in marketing technology, the best way to reach them is still by winning over their friends. Make word of mouth advertising start working for you today!

Happy marketing!

Sean

Sean McPheat

(Image by Stuart Miles)

Marketing Consultant – Sales Expert - Motivational Speaker

I know firsthand that a lot of small business owners are struggling. The economy is heading southward, and politics are seemingly deadlocked yet again. Ye there’s no reason that 2012 shouldn’t be your most productive year ever. The key is simply learning how to effectively tell people how great your business truly is.

All Work, No Play

I personally know a lot of small business owners and freelance contractors out there who are working day and night, producing excellent products and services, but they simply don’t have much to show for it. This is because they are not communicating with clients effectively enough.

There is an ancient Chinese proverb, that “he who rises before the sun 360 days per year cannot fail to make his family rich.” Yet many small business owners are in violation of this proverb, simply because they don’t know how to advertise themselves.

Leverage Social Media

Fortunately, the rise of social media provides small business everywhere with a way to advertise, (almost) totally free of charge. It would be a crime not to take advantage of this opportunity.

Actually putting together a social media campaign goes way beyond the scope of a simple blog post. My purpose here is just to get you started on your way.

If you haven’t already, set up a Twitter account, a Facebook page, get LinkedIn, and create an account on YouTube. Then start engaging. Engage with thought leaders in your industry. Learn from them, and re-share their information.

Then start sharing information of your own. Just remember that the key is looking at things from your customer’s point of view. Only engage them with information that you think will benefit them, and information that you think they will want to re-share.

For instance, don’t just put up a YouTube video that talks about how great your product is. If I wanted to see another dull advertisement, I would turn on the television. Make a video which is humourous, informative, or both. Maybe mention your product briefly, maybe just use it to promote you name. But definitely don’t just upload 5 minutes of satisfied customers talking about your product.

The best thing about social media is that fakers get weeded out fairly quickly. When you are communicating with your customers on a daily basis, it is much more difficult to pretend that you know what you’re talking about.

On the other hand, though, if you’re confident that you provide the best service in your industry, then a social media marketing campaign will make this shine through, and new customers will come flocking to you.

Happy marketing!

Sean

Sean McPheat

Marketing Consultant – Sales Expert - Motivational Speaker