Brand Marketing: Check Out the Competition!
10/13/2008
by Michele DeKinder-Smith, Contributing Writer

When it comes to the competition, how does your business measure up? Do you know what makes your business different and unique? Do you know what your strengths and weaknesses are, relative to that of your competitors?

And - most importantly - do you know how your clients perceive your business, in relation to the competition?

If not, you may be operating under a major liability, for a number of reasons. Number one, if you don't know what your unique strengths are you're not giving your market any compelling reason to choose you over the competition. Number two, if you don't know what your competitors' weaknesses are you may not be able to take advantage of an important available and/or underserved niche within your market. And three, if you're not aware of your own weaknesses you may be driving customers away from your door.

Brand marketing is all about creating a unique, memorable identity for your business that emphasizes not just your strengths, but the strengths that make you different and unique within your market. You may think you already know what your strengths are, but in order to really get a handle on where you want to position your business you're going to need to find out how the major brands within your market are positioned, and how to position your brand in relation to them.

So how exactly do you check out the competition, directly - short of posing as an actual customer?

Websites are a great place to start, since almost every business has one these days. Your search-engine criteria might be simply the type of product and/or services you offer (i.e., "office supplies", or "web design") constrained by region, area or type of market you serve ("Greater St. Louis area", "Arizona", "nationwide", "online.")

Once you've found the websites of a few of your most important competitors, look closely at them. What impression do you get about this business? For example, do the images, copy and headlines convey a no-nonsense "we'll save you money" approach? Or is the emphasis more on the company 's experience and expertise? Write down a list of impressions you get about this business, based on its website. Also, pay close attention to whether your competitors are clearly targeting only one sector of the market, creating a niche you might be able to fill.

Now, take a look at your own website. Try to look at it from an outside point of view, the same way you did with your competitors. How does this business (yours) measure up? Is it distinct in terms of look and feel? Do the images, copy and headlines convey an emphasis unique and different from that of your competitors? Is it oriented towards a niche in the market you might be seeking to fill?

It sounds simple, I know, but you'd be amazed how many small business owners never take the time to visit the websites of their competitors. Or, if they do, it is simply to compare prices, services and payment options - without really looking at where their business stands in terms of brand identity within the market as a whole. This type of "website window-shopping" can be a gold-mine of invaluable information in terms of positioning your business for success.

If you're interested in taking the concept further, you might consider a Do-It-Yourself version of the kind of brand comparison surveys major corporations pay market research firms to conduct. In order to be cost-effective for most small businesses, this would mean working with marketing students from a local college or institute to create a brief survey rating your brand against that of your competitors in a few key areas - price, convenience and customer service, to name just a few - add that to overall perceptions concerning strengths and weaknesses. However this survey gets distributed and completed, what 's most important is that your respondents don't know it 's you conducting the research. Otherwise, results could wind up skewed.

Once you have specific information concerning your own strengths, weaknesses and unique attributes - as well as those of your competitors - you'll have the information you need to create a unique brand identity that positions your business for success.

Do You Have A Fear of Networking?
Fear is a necessary part of life. Can you imagine what would have happened if our ancestors weren't afraid of fire? Or cliffs? We might not be here!

Our fears do protect us; however, they can also hurt us by keep us stuck. What's interesting about your networking fears is that they're not just about networking. They're the same fears that are part of your life - always. How do you overcome fears? Don't bother trying. Instead-identify them, accept them, and create solutions that will turn the fears into an exciting adventure. As Susan Jeffers says, "Feel the fear and do it anyway."

Targeted Marketing Campaign Generates New Leads
If anything becomes the worst victim during a recession, it is the marketing budget. Understandably, when the economy is not in shape, most businesses have to downsize their ad budget in a desperate move to reduce cost. However, if business analysts and marketing strategists are to be believed, chopping off the marketing budget is not always the best action to ensure that your business remain competitive during a bad economy. So what is the best way out? The key to making your business profitable is to utilize your promotional resources in the right directions. In other words, you should focus on the key channels that expose your business to your target audience and potential buyers. Targeted marketing campaign often acts an effective tool in such a scenario.

Time for A Marketing Tune-up
If you have been in business any length of time, I can assure you that habits, not conscious thought, are guiding your marketing actions. Many business people are great optimists, or they probably wouldn't have gotten into the game to begin with. They keep doing everything they've ever done in the hope that one day it will produce results. STOP! It's time to get the brain back in the game!

Holding on Price in a Down Economy
Discounting on price is not a sales strategy. It's an impulsive move made by desperate salespeople. In a tough economy, customers think and expect everything is going to be discounted. Because of this, salespeople feel it necessary to oblige the customer to close the deal. Unfortunately, however, this leads to a downward spiral, much like an addiction to an illegal drug. Once a discount is offered to one customer, it becomes easier and easier to offer it to another one. Before they know it, the discount is being offered to everyone. Like a drug, the "fix" is in the additional sales the salesperson is able to gain. However, just like with the addictive drug, there is a "withdrawal." Sales come at a reduced or a very reduced margin. To make matters worse, the discount ends up altering the attitude of the customer who now believes the real value of the product or service they bought is the reduced price and not the full one.