August 2, 2018
Marketing – Helping your competition beat you
Recently this past July 16th, online retailer Amazon had a “Prime” day. They offered up various deals for their “Prime” members to participate in. The privilege of being a “Prime” member comes at a cost of membership. The membership touts free 2 day shipping on Prime products plus other member benefits etc. For those avid Amazon shoppers, the cost of admission to be a “Prime” member can be cost effective when you add up the price of shipping the goods to your home or office.
This same benefit to “Prime” members also has become the marketing attack point for various other retailers who compete with Amazon. For example, you may have seen the ads for Walmart and how their 2 day shipping is also free and there are no membership costs. Other retails have followed suit to talk about their free this or that with out having membership fees. On that magical day in July for Amazon Prime Members, many other retailers took that opportunity to chime in on their free – no cost services without having to pay membership fees.
Now many of you are not in competition with Amazon or Walmart but you do have direct competitors who are always looking to take business away from you. In fact, many of JKL Associates clients must grow their revenue stream, not with accounts that are new to the marketplace but are currently receiving services from some other source. Most of the marketplace is saturated with various product or service providers. Most mature businesses already have a supplier list and generally are loyal until some event takes place which causes them to seek a new supplier.
It is these moments that your marketing efforts must be in place to potentially capture a new client to your business. These moments are not necessarily easy to identify or predict. Therefore your marketing efforts need to keep your products and services top of mind with your potential customers. In the case of the Amazon “Prime” day, this was a well-publicized event and competing retailers took full advantage of trying to separate themselves from membership fees.
This week, take a look at your Top Of Mind awareness program (i.e. marketing) and what it is or is not doing for your business. Are your efforts attracting your target consumer? Does your “Brand” resonate with the clients which would be best serviced by your products or services? What paths are you taking to put your best light in front of your customers – social media, direct mail, trinkets, and gadgets? Do your proposals and quotes reflect the commitment your business will make to your prospect?
The key here is not to help your competition beat you but to raise the bar so your competition has to rethink their approach in the marketplace. While they are rethinking you can be poised to take advantage of this gap in time. This only works if you are Top of Mind with your prospective customer.
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