Many people go into business without thinking about the competition they will face with their new business venture. It all starts with high hopes and dreams, but within months it turns into their worst nightmare. They’ve gotten caught up. They’re harboring fears, anxieties and regrets. They’re running out of ideas, money and the time. They need to get their business where they want it to be.
So to paraphrase Hip-Hop great Jay Z, as is the title of this post - You’ve got 99 problems, but the competition ain’t one.
The reason I say the competition isn’t one of the problems is because it really boils down to what you offer and how you offer it. It’s just that simple. You’ll get the customers you needs if you offer them what they want. Another thing, price has nothing to do with it. People will pay for what they want. Customers want to feel as if they received a value for their dollar regardless of how much or with whom that dollar is spent.
Let’s look at fast-food burger joints. You know them well, McDonalds, Burger King, Jack-in-the-Box, Carl’s Jr., Wendy’s, etc…..There are thousands of them, in every city, on every corner, many competitors are right next door or across the street from each other, but all of them thrive because they offer a product unique to their brand. I can’t say they offer good customer service because most don’t, but all offer value for your dollar. They have speed of service, convenience and price on their side. It may be just a burger, but each burger has a different look and taste which gives customers variety and choice which is a “value” to the customer. Actually the abundance of competition is a benefit to customers because it keeps these businesses fighting for your business which is always a win-win for the customer.
Specialty services are different from fast food or other retail businesses. For example, Tanya Zuckerbrot a nutritionist and best-selling author in NYC charges her client $10,000 to help them lose weight, sometimes as little as 20 pounds according to the article I read on Shine from Yahoo. For most of us, that is an outrageous fee when there are so many nutritionist, diet programs and products you can get for so much less, but the service she offers her clients is of “value” to them which is why they pay her the “big bucks” so to speak. She isn’t worried about her competition, she is doing her business to the best of her ability and it is paying off literally and figuratively.
What these two examples have in common? Marketing. Yes, it all comes back to marketing. Fast food and other retailers spend millions each year to keep you interested and coming back for more. Marketing is an essential part of their yearly operating budget. They spend the money on marketing because it works. Advertising coupons, specials and promotional offers/events is the “bread and butter” of marketing for these types of businesses.
As for Tanya Zuckerbrot, she has built a brand in a niche market and it works for her. Between her books, personal appearances, word of mouth from satisfied clients and her own look of health and prosperity she has built a successful business for herself. By the way, she is her brand, so the way she looks is very important it is also a form of marketing.
Just remember, competition is only a problem if you make it one. Offer quality, value, good customer service and reach out to your customers with unique and engaging marketing campaigns and your business will not only grow, but thrive.
She is mad and she is not going to take it anymore! The Mad Lady Marketing Blog is just her way to drive home the importance of marketing in business. With over 15 years of experience in marketing, graphic design and communications, this marketing expert is mad (crazy) about marketing and mad (angry) at small businesses that don't understand or utilize marketing to promote their business.
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