In the modern age of instant updates, connected social lives, and the world at our finger tips, life is moving at the speed of light – it’s no surprise business is as well. Ever heard of a business being blindsided by a new competitor that seemingly came out of no where? Well that’s what happens when you don’t move with the market.
I recently spoke to a very successful business person who had built his business over the years through good old fashion networking, direct sales, and a practice of under promising and over delivering. Great foundation for a business and I’m not surprised he’s where he is today. Based on my research into his market his position is not threatened right now.
However, I would caution that it is likely not a defensible position on the long term because a business built on relationships dies when people move on to other companies or when a clearly superior offering enters the market.
This particular business owner needs to defend his position in the market by adding strategies and tactics his competitors are using to try and take his business. That combined with his already stellar service, reputation, and business sense will ensure he is successful for many years to come.
If this sounds like your business, here are a few low cost and easy to implement strategies to keep in front of your competitors:
Maintain visibility on search engines can cost as little as a few hundred dollars a month with the right contractor
Leverage your professional network and broadcast your expertise to the whole market by communicating regular with your prospective and current clients via this free social network. Find something online your clients might like? Again, share it with everybody by sharing a link!
Software like HubSpot can automate monotonous sales tasks like initial contact emails and follow-ups, saving you time to do what you do best: sell! Sure it’s not “cheap” but HubSpot has designed its service to be accessible to even the smallest business with tiered package pricing.
These are just a few tactics you can add to a strong relationship-based marketing plan that will help defend your long-term position in the marketplace. With just a little bit more budget allocated to marketing and some additional work each week, you will extend your reach beyond your professional network, leverage the strong relationships you already have, and likely even shorten the sales cycle which can lead to significant revenue increases.
Want to learn more about creating a defensible long-term position for your business? Contact Your Next CMO for a free marketing consultation.