A Handful of Strategies for Dominating Your Competition
In today’s competitive business landscape, just surviving isn’t good enough. With so many distractions, how do you break through the noise in order to reach your goals? As a business strategist, I help other owners stand apart from from their competiton, but truth is, it’s no longer about competing ... it's about dominating. In order to make more money for your business and family, you must consistently focus on growing revenue, and here are five strategies that will help you accomplish those twin pursuits.
What got you here won’t get you there. If you want to truly dominate your space and be the go-to business in your industry, stop thinking and operating like everyone else. I ask my clients all the time: “Do you want your business to be the Ferrari or the Camry?” This isn't a trick question, and there's not a wrong answer. The Ferrari has a marketplace, and so does the Camry. The Ferrari has a higher dollar value, yet has a smaller buyer pool. Camry has a lower dollar value, but a much larger buyer pool.
So, do you want to be the business that does a ton of volume with a lower price point, or do you want to have fewer clients who are paying you more money? Again, there isn’t a wrong or right answer. You have to decide what type of business you want to be.
2. Get in position.
You meet someone at a networking event. After conversing with them for a few minutes, you exchange business cards. Once that person goes back to their office, they do three things: Check out your website, visit your LinkedIn page, and possibly even view your Facebook profile. Essentially, you have less than five minutes to grab this person’s attention.
When you have the time, do a personal audit. Does your website look and sound like your competition, with all types of platitudes and jargon mentioning how great your company is? Does your LinkedIn page have testimonials, photos or videos that will capture their attention with how your products and services have helped clients? Does your Facebook page promote negativity, or are you posting testimonials of recent client wins? Remember, it's five minutes to leave someone with that lasting first impression.
3. Master your message.
At a typical networking function, you'll have an opportunity for your “elevator speech,” i.e. a 30-to-60-second quick pitch about your business. Most are very boring. They don’t wake people up! Focus on three things for yours: who exactly your target audience is, how you can help them and what your offer is.
I once worked with a business owner who was frustrated at having to attend so many networking events. She would stand up, give her elevator speech, and nobody wanted her business card. Maybe you can relate. After helping her refine her pitch with a world-class offer, she attended two networking events in one day and walked away with six people asking for he card, three of which became new clients.
Related: 8 Ways to Ensure Market Domination
4. Get folks' attention.
Back in the day, if you wanted to market your services, you could advertise in print or on radio, billboards or TV, all expensive platforms for the average small-business owner. The companies with all the money had a distinct advantage. But things are much different in 2019. The playing field has been leveled. YouTube, Facebook, LinkedIn and Instagram have allowed everyone to ostensibly own their own TV and radio networks, capable of reaching tens of thousands of people with the click of a smart-phone button.
Not sure where to begin? Start by making a conscious effort to upload one video a week to YouTube. These can be simple, two-minute clips detailing how you help your customers. Send them to your clients with a note that reads, “I created this recent video and thought of you. Take a look and let me know your thoughts." By giving value away for free, without selling, you will stay front and center in their minds. When your prospects are ready to buy, who do you think they’ll buy from: the person whose been providing them great content, or the competitor that’s calling them every other day soliciting them for their business? Remember, when it comes to social media, it’s not about getting it perfect; it’s about getting it done and out the door. Your target audience is out there and ready to hear from you.
5. Gain altitude.
When I first began coaching and speaking, my mentor asked me, “Scott, there’s a lot of coaches in the world, how will you stand apart from your competition?” I thought about it for a second, and then answered, “I’m good at what I do.” Without hesitation, he responded with something I will never forget: “Yeah, that’s nice, but it’s not going to be good enough.” He then turned around and walked away. I was furious. I thought, “This is my mentor. What kind of advice is this?” But as I reflected on what he said, it started to make sense. I had to position myself differently, and so I started a podcast that now can claim a half-million downloads. I’ve written two books. I speak locally and nationally. And, of course, I’m a contributing writer for Entrepreneur.com.
I say all this not to impress you, but rather to impress upon you the importance of gaining altitude over your competition. There’s several things that you can start doing today: Write a book. Get interviewed as a guest on a radio/podcast show. Start doing Facebook Live streams. Create a YouTube channel. With the proliferation of social media, everyone is always watching. They might not be commenting on or liking all your posts, but they're always keeping track.