When it comes to marketing your business, as in boxing–can it go the distance to defeat the competition? (on the aftermath of Mayweather vs. McGregor bout)
Today’s podcast discusses 3 questions you need to answer in planning for your victory:
- Do you have a game strategy to defeat or upend your competitors, or are you winging it month to month? (Mayweather’s–use defensive tactics with jabs to wear out opponent then attack in later rounds)
- If price isn’t a valid differentiator–what will you do differently to stand out from the competition?
- Are you relentless in promoting your business with your value proposition?
It underscores the need to provide regular updated content, monitoring and engagement.
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Marketing Your Company; As In Boxing–Can Your Business Go The Distance To Defeat The Competition? Podcast #29
Host: John D. Verlin
Once again, good afternoon, John Verlin with On Demand Advertising Solutions and another Digital Marketing Update. This is podcast #29.
This is the day after the Mayweather-McGregor fight. I had several anologies come to mind that I was pondering thinking about the fight, the hype and everthing afterwards.
And that is this—and I’m entitling this, As In Boxing, Can Your Business Go The Distance? 3 Questions You Need To Identify To Defeat Your Competition. You need to answer.
And that is this—number one, do you have a strategy? A plan of attack? Mayweather’s was to be very defensive, wore out the opponent which is what happened and did happen in all of his fights.
But, do you have a strategy?
Have you actually sat down—and I say this because a lot of small businesses, when they go to get a loan have somewhat of a strategy.
The banks typically demand a pretty thorough market analysis, competitive analysis…things like that.
A lot of times that can get pushed aside in day to day situations. Do you have a strategy? Are you working it? Implementing it?
Another question is—ok, so what if price doesn’t really matter?
What are you going to do? If you’re competing say on price with your competition, what if the market says that price isn’t that much of a factor?
And the third one—and I’m going to give you some examples of these, how relentless are you in promoting yourself against your competition?
Or do you just give up? Or do you just assume the good times will continue to roll?
Ok, first one, do you have a strategy?
And as I’ve mentioned in other podcasts, a lot of small businesses I talk to and professionals, really don’t have—and I guess it comes down to is measuring the market. What the market is demanding?
Recently, there was a great post by Elon Musk’s ex-wife. She talked about what it takes to succeed (and be a billionaire). She really gave a great answer I think.
She said to find two areas that you’re really passionate about and good at. She mentioned business and engineering of her ex-husband I imagine.
And then in those categories you’re interested in—your expertise is in, find a missing area that people are in demand for. That they want passionately.
And then merge those two categories together to create new industries. And I guess that’s what Elon Musk has done.
Who would have thought or even planned on a new business and develop a new space suit to go to Mars?
Now that takes some vision in my opinion! How do you know there’s a market for that today in 2017? Or you just put some money behind a hobby because you have some interest—or you’re raising some.
So, do you have a strategy for your business? And put it in writing of course.
A lot of businesses, I saw recently an infographic that said that success is this vertical or this angular straight line upward. But it’s really a mish-mash of lines cris-crossed, etc.
And a strategy at least gives you a written plan of attack to to speak. Just like a boxer. They have to have a strategy as to how they’re going to go after this person’s weaknesses. How am I going to manipulate it? Work it, whatever.
Now, the second point I want to make here is that if price isn’t an issue, what are you going to do to be different?
A recent case in point—I bought a smartphone, a pre-paid smartphone because I was tired of paying for a lease that ran out. I just wanted to keep it simple.And I paid $100 for a new ZTE smartphone. One that I actually really like. Very functional just like my iphone.
But there was an LG, a little smaller for $50, half of what I paid for this new one. As I read the reviews which I saw on cnet and pcmag.com—I saw that it has an 8mg camera and 5mg front facing.
The one I have has a 13mg camera back facing and I think 5mg front facing. The review said that the camera shots were ok—but a little fuzzy. And the battery had some issues.
The one I have as a large one and the battery is great. So even though I contemplated spending half, $50 rather than $100—it doesn’t really matter if it’s not giving me what I want.
So, if you can’t really compete on price because you’re not giving the market what it really wants, the value, what good is it? So these things have to be thought out and thought through. Because price isn’t always an issue.
And a lot of businesses think, well, I’ll just offer a dollar off and get more business.
Not if you’re not meeting a need and offering value. Another thing to consider in trying to defeat your competition.
And finally, how relentless are you? Just like a boxer. Going in, weighing the situation. Having a strategy and going at it and not giving up.
They take a beating and get worn out and all that.
Again, it’s sort of a similar thing.They’re being scored on how many solid punches they’re getting. And their score can outscore the competition in the long run if they don’t knock them out, they can win by a better score.
It’s kind of that way with business. You may not defeat the competition, but you may get greater market share. Because of the strategy, how you’re implementing things. How relentless you are in going after business and promoting yourself to get that business.
So, it’s just interesting. And another thing I was watching over the weekend was a special on PBS about the Voayager mission.
And they had these rocket scientists say that once we send that Voyager spacecraft out to Jupitor, Saturn and Neptune—what happens if? Something does not work?
And they talked about these “what if” scenarios they were constantly contemplating.
What if this happens, what are we going to do? Well, they did face an issue—several actually.
And one of them was that in order to get out to Uranus—we have to go really close to Saturn.
But what if the radiation from Saturn burns out the electronics and wipes out the spacecraft, what do we do?
And these were what if scenarios before launch. Well they came up with a real simple fix and that was to buy a whole bunch of aluminum foil and wrap everything in aluminum foil.
And sure enough it worked and they didn’t fry out the systems. And they did go really close to Saturn.
But that’s just an example of running these “what ifs”.
What do I do if my competition does such and such? How am I going to…and the reason all of this is important is that and this just happened yesterday.
Whole Foods which is owned by Amazon is going to be cutting prices. Now you may say, well there’s only 500 of those stores, what difference does it make?
Well 38,000 grocers and Walmarts worry because of Amazon’s platform.
And they can not only put in their stores Amazon Prime lockers to pick up food or pick up items.
Couponing, whatever. But they have this huge internet platform to offer those products at a discount—organic food products on Amazon Pantry.
That’s what is worrying the 38,000 grocers because of Amazon’s huge web platform.
Again, that’s why this—having a strategy, being relentless and determining what to do differently to avoid a price issue to compete and defeat your competition.
I can tell you right now, I’ll bet you those grocers are real nervous because what do you do, your margins are already thin.
Amazon is moving in—what do we do? So, these are things to consider. Some questions to answer. A strategy. If price isn’t an issue, what are you going to do different? How relentless are you and I talk about being relentless in your marketing?
And I’ve mentioned this before but I’m amazed how many busineses don’t actually have a marketing plan.
They shoot from the hip. And the only reason I can think of that is because they already have business. They were an older business when they started. They’ve got a good referral network.
Whatever. But what happens when that changes?
And that can change drastically as we have seen with Amazon buying Whole Foods and who knows what they’ll do next?
Suddenly you have all of these grocers nationwide worrying. Did they contemplate that a year ago? Two years ago? Who would have thought?
So, these are some things to answer to compete and defeat your competition.
The relentlessness comes down to, and I’ve mentioned this over and over—targeting online prospects and customers using social media, email marketing. Test everything. And be relentless.
Why? Because your competition is out there like a lion ready to chew you up. And they will. So, be proactive. That’s the message I wanted to share and answer those three quesitons.
John Verlin, On Demand Advertising Solutions.
Great to have you along today. I have a new email: email@example.com.
Or you can visit the website: www.OnDemandAdvertisingSolutions.com. to learn more about our solutions for your business!
Have a great week and we’ll talk to you next week!
All podcasts are recorded by Verlin Studios / Gardner, Kansas
Copyright, John D. Verlin 2017