4 steps to gain a competitive advantage
Working on your marketing plan will help you build strong future growth down the track. Here are some simple, effective strategies to define your offer to your target audience. And the time to start is now.
Four simple steps to gaining a sustainable, competitive advantage:
1. Define your offer and set clear communication objectives
Tempting as it might be, using your marketing communications to offer everything to everybody is not a good strategy. Instead, focus on talking to your chosen niche. Use the language that your customers use and show how your service solves your customers’ specific problems. A good example of a successful, targeted communication is from the ‘Barefoot investor’ Scott Pape - “Are you ready to take control of your money?” Pape knows that his audience want to influence their money growth.
2. Identify your target market
The marketing phrase “the riches are in the niches” is well known because it’s true. A niche is a targeted service or product that appeals to a specific market.
Who’s your niche? Work out whom you add the most value to. Talk to previous customers and listen to how their lives changed. Look at your client testimonials. Use this information to create a detailed profile of your customer. Include their ages, interests, where they live, hobbies, what cars they drive and what key concerns they have.
3. Choose the right communication channels
Now that you have a clear profile of your customer niche, it’s important to focus your communications through targeted channels. These could be via:
- Facebook or Instagram - Look at setting up a business page for your customers to see who they are working with. Look into Facebook advertising as a more cost-effective way than Google Ads of attracting leads.
- LinkedIn - Set up a business page for customers to review.
- Blogs - Relevant and well-written blogs on your website can rank higher on Google, making it easier for people to find you.
- Google Maps - this is an underrated resource that can assist in driving traffic to your website.
- Google Ads Keyword Planner - This tool can enable you to select less competitive markets in which to advertise in.
Communicating through the right channels will help to boost engagement, increase your brand loyalty and allow you to carve out a natural monopoly.
4. Measure effectiveness
- Ensure your website reflects your key messages and appeals to your audience. Tailored blog posts, stories, and testimonials will validate your offer.
- Review and refresh your social media pages to make sure they are consistent and show some of your personality behind the business.
- If you use paid marketing, measure how effective it is. Compare the cost per acquisition on different platforms or for different niches if you have more than one.
By refining your marketing strategy now, you’ll be in good shape to maximise opportunities as they arise.
This information was from our Business Growth Webinar ‘Marketing: Marketing your business for success’ with Patrick O’Doherty, Managing Director at Yarra Webb. All our members can watch the webinar HERE.