improving your competitive strategy for small businesses

Improving YourCompetitive Strategy

by Maggie BarrMaggie Barr & Associates

www.targetedSMBmarketing.com

What’s the buying process like for customers?

Agenda

What’s different about a “competitive” strategy?Why do I need to be competitive?

How can I make it more compelling?

THREE WORKSHEETS– Example: Mexican

restaurant - Example: real estate agent- Your business

ON TARGET

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” 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?

Design a specific offer• 4 areas where you can be Better :

What’s different about a “competitive” strategy? (cont.)

ON TARGET

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?

ON TARGET

What’s the buying process like for my customers?

What’s the buying process like for

my 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

Awareness

Interest

Acquaintance

Consideration

Comparison

Vendor Selectio

n

Sale

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 hasbest offer?

ON TARGET

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

ON TARGET

Three Exercises

Three Exercises:

Taqueria Los AmigosBoulder Creek

Moebest-Henderson PropertiesSanta Cruz

Your business, your offer!

Taqueria Los Amigos

Mobest-Henderson Properties

Your Business, Your Offer

ON TARGET

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?

Summary

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.

Maggie Barr & Associateswww.targetedSMBmarketing.commaggie.anne.barr@gmail.com408-454-6488