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Home / Staying One Up: New Ways of Doing Business

Staying One Up: New Ways of Doing Business

It is useless to worry about whether the economy is getting better or worse. Instead, focus on out-marketing your competition. Here are several effective ways to do just that.

Posted: October 29, 2011

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The metalworking markets are more competitive than ever before. Seems everyone is trying to figure out new ways of doing business that will put them one up on their competitors. Everyone is looking for the next disruptive technology that will change everything.

Disruptive technology aside, there are ways to compete differently. High customer perception almost always manifests itself as sales, so instead of spending lots of money pursuing a new business model, companies can get one up by being perceived as doing business in new and positive ways. How? By out-marketing the competition. I composed “Twenty-Two Ways to Out Market the Competition” to make companies of all kinds think about, and perhaps reconsider, certain areas of their marketing strategy. The following excerpt from that paper may include some ideas that may not relate to your business, but read on – and maybe reconsider – the good ones that do:

Out marketing competitors is easy if you do it right. It takes a combination of work and savvy, but the results can be positive. Frankly, the competition often makes it unusually easy. They talk about what they are going to do, but never get around to doing much. They are successful at missing marketing opportunities. But not everyone. For example, a 44-store drycleaning chain responded to requests for submissions for family business of the year and the other for community service. Detailed proposals were prepared and submitted and the company took top honors in each one, which brought widespread recognition and additional business opportunities. While the possibilities are limitless, here are some marketing ideas that can help you out-market the competition.

1) Put your marketing under the microscope. Review everything. That means all of your various marketing activities, whether it’s advertising, letters, memos, eBulletins, newsletters, press releases, etc. Ask yourself, “Is this about our company or is it about our customers?” The focus should be squarely on “them” rather than “us.” If it isn’t, change it!

2)  Get a grip on the customer. This means thinking like a customer. Seems obvious, doesn’t it? If you’re selling something, why wouldn’t you try to get inside the customer’s head? After looking at some recent GM ads, you might wonder what they’re thinking. Chevy ads still focus on interior space, mileage and Onstar, while Buick highlights a smooth ride. Is all of that on target? If the “Cash for Clunkers” program was any indication, it isn’t. Consumers want value for their dollar. (By the way, GM isn’t alone) There’s just too much stuff that keeps us from seeing the world though the customer’s eyes.

3)  Watch out for no-appeal perks. Just giving things to customers, including most so-called value-added “stuff,” can backfire. It may send the message that you don’t really understand what they want. If it doesn’t have value for the customer, don’t do it.

4)  Get the emotions going. Facts can be helpful, but they don’t translate into action. Reebok gets the message with its recent cable ads for its women’s EasyTone shoes with its compelling message, “Better legs and a better butt with every step.” That ad has both men and women talking, a sure sign that it hit an emotional target. Skechers’ Shape-ups for men aim at the same “hot spot” with the “get in shape without setting foot in a gym.”

5)  Be ubiquitous. “Daimler AG’s two-year effort to win over U.S. drivers with a thrifty, plastic-clad minicar is running out of steam . . . ,” notes BusinessWeek. After a hot start, ForTwo smart car sales stalled out. Was it the car or an inadequate marketing budget? This was a new concept and it needed to be seen and promoted in every metropolitan area. It’s an example of how underpowered marketing gets you nowhere.

6)  Power up your social media skills. Look for sites that seem to fit your objectives and focus on one or two to start. Join the groups that are right for you on the sites and expand your connections. Then stay with it and make yourself part of the community by posting helpful information regularly.

7)  Seek presentation opportunities. Organizations look for presenters who can offer timely information and who won’t serve up an infomercial. If you’re an interesting speaker capable of delivering an applause-worthy presentation, there are opportunities and you have an immediate edge because it’s a great way for prospects to get acquainted with you.

8] Piggyback on hot news. A law firm specializing in divorces responded immediately to the Tiger Woods story with a “local angle,” just what the press was looking for. The story was picked up by more than 40 media outlets across the country. This is always a small window, but you need to act quickly.

9)  Develop a prospect database. An inadequate prospect database thwarts the marketing efforts of most companies. It is impossible to communicate with prospective customers and actively cultivate them unless you have complete and accurate contact information.

10)  Communicate consistently in a variety ways. No business can depend on one or even two ways to communicate with prospects and customers today. The goal is to bounce as many balls as possible: phone, email, texting, print and electronic newsletters, blogs and seminars. Not all at the same time, but in more than one way.

11)  Sponsor a community relations program. Go beyond just giving money. Identify a community need and make it yours by integrating it into your marketing plan so that it becomes an extension of your brand. The goal is to align your company and its resources with your community relations program.

12)  Stick with facts. Much of what passes for marketing is mere opinion shrouded in “puff and fluff.” Third-party surveys and solid research can help build credibility by dispelling doubt.

13)  Give your website a redo. Old websites never die, they just stay that way. Ill-conceived, poorly designed and company-focused, they need to be filled with excitement and customer appeal.

14)  Share your knowledge. Every business possesses expertise, but few share what they know with customers. Yet it’s your knowledge that helps set you apart from the competition. Sharing what you know has the power to pull customers.

15)  Build your brand. What does it stand for? How is it perceived by customers? What do they think about when they think about you? What value does your company bring to your customers? And how do you know? Guessing isn’t good enough. Give attention to what makes your company unique.

16)  Create a marketing calendar. Marketing plans are important, but the place to start is with a marketing calendar: what’s going to happen each month, week and so forth. Use it as a road map to stay on track.

17)  Follow up on sales leads. Lead accountability is essential, since studies show that follow up fails with 30 percent to 80 percent of leads from inquiries, requests for information, telephone calls and so forth. They’re ignored, thrown away, dismissed as unimportant or fall through the cracks.

18)  Avoid trite words and phrases. When everyone uses certain words, stay away from them. Watch out for these: value (prove it), “We have great people” (who says so?), “We care” (words are not reality), “Your business is important to us” (Is that why you give out 25-cent trinkets?), “We provide solutions” (what’s that mean?). Such words are “high level abstractions” that don’t mean anything to customers. Be descriptive and tell stories. That’s what grabs customers.

19)  Market bylined articles. Well-written, thoughtful and informative articles (not self-serving) that meet an editor’s requirements are in demand for both print and online venues. They are a great way to demonstrate your ability to communicate successfully. (Editor’s note: I especially like this one.)

20)  Avoid subterfuge. The email message is clear, “Ask for our free white paper on . . .” Then when you “click here” to get it, up pops a form, which instantly devalues the white paper. In fact, it is no longer “free” becuase the “price” is providing contact information. This sends the message to prospects that you’re not an upfront business. If it’s free, let the visitor get it now.

If you’ve thought of other marketing activities to add to the list, that’s good. Continually expanding our marketing horizons is what it’s all about. It’s the best way to out-market the competition. – John Graham

By now you’ve realized from this list that some of the larger, well-known machine tool OEMs and contract manufacturers already engage in most, if not all, of these approaches. So maybe it’s time to follow their lead. A good way to start rethinking your marketing strategy is by asking yourself this question: Why does my company deserve more business?

John R. Graham is the president of Graham Communications, 40 Oval Road, Quincy, MA 02170, 617-328-0069, jgraham@grahamcomm.com, grahamcomm.com.

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