improving your competitive strategy for small businesses
DESCRIPTION
How small businesses can research their competition and find ways to adjust their business model and sales cycle in ways that will better position in the marketplace. How to study what key differentiators customers are looking for when making a vendor choice for a restaurant, real-estate businesses, or any other type of small business.TRANSCRIPT
![Page 1: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/1.jpg)
Improving YourCompetitive Strategy
by Maggie BarrMaggie Barr & Associates
www.targetedSMBmarketing.com
![Page 2: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/2.jpg)
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
![Page 3: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/3.jpg)
ON TARGET
What’s different about a competitive strategy?
![Page 4: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/4.jpg)
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?
![Page 5: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/5.jpg)
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?
![Page 6: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/6.jpg)
Design a specific offer• 4 areas where you can be Better :
What’s different about a “competitive” strategy? (cont.)
![Page 7: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/7.jpg)
ON TARGET
Why do I need to be competitive?
![Page 8: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/8.jpg)
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?
![Page 9: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/9.jpg)
Why do I need to be competitive? (cont.) Exactly how do you compare?
![Page 10: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/10.jpg)
Why do I need to be competitive? (cont.)
Example:Taqueria Los Amigos
Boulder Creek, CA
![Page 11: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/11.jpg)
Why do I need to be competitive? (cont.) Exactly how do you compare?
![Page 12: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/12.jpg)
Why do I need to be competitive? (cont.) Exactly how do you compare?
![Page 13: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/13.jpg)
Why do I need to be competitive? (cont.) Exactly how do you compare?
![Page 14: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/14.jpg)
Why do I need to be competitive? (cont.) Exactly how do you compare?
![Page 15: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/15.jpg)
ON TARGET
What’s the buying process like for my customers?
![Page 16: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/16.jpg)
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
![Page 17: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/17.jpg)
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?
![Page 18: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/18.jpg)
ON TARGET
How can I make their buying process more
compelling?
![Page 19: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/19.jpg)
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
![Page 20: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/20.jpg)
ON TARGET
Three Exercises
![Page 21: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/21.jpg)
Three Exercises:
Taqueria Los AmigosBoulder Creek
Moebest-Henderson PropertiesSanta Cruz
Your business, your offer!
![Page 22: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/22.jpg)
Taqueria Los Amigos
![Page 23: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/23.jpg)
Mobest-Henderson Properties
![Page 24: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/24.jpg)
Your Business, Your Offer
![Page 25: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/25.jpg)
ON TARGET
Summary
![Page 26: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/26.jpg)
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
![Page 27: Improving Your Competitive Strategy for Small Businesses](https://reader033.vdocument.in/reader033/viewer/2022061105/5400d6628d7f72df628b4574/html5/thumbnails/27.jpg)
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