How Can You Overcome Your Competition

Are you in a business of having competitors? Competition has reached a new height with the invention of internet. When supply is more than demand, how can you overcome it? How do you ensure your customers continue to buy from you? You will find out a simple and practical way to outdo your competitors.

The product or service you offer must be unique, better or even outstanding in some way if you are selling it in sufficient quantities to be successful. It cannot be a "me too" product. It has to have special strengths or qualities that make it different from any of the other products or services that compete with it or that can be used as a substitute for it.

You should be able to summarize what makes your product or service unique and better in twenty-five words or less. Ford says, "Quality is Job One." BMW calls its cars "The Ultimate Driving Machine." IBM sends out message on "Quality and Customer Service."

The very best marketing, advertising, and selling campaigns are built around a unique selling proposition that can be communicated in a meaningful way to the prospective customer. What is yours?

The determination of your competitive advantage for your product or service is perhaps the most important single marketing and selling decision your company makes. Weakness in this area is the biggest single reason for market failure for any product or service.

In any kind of business, you must create a meaningful competitive advantage that gives the prospective customer a good reason to buy that product rather than buying something else.

Jack Welch, CEO of General Electric, has said that his philosophy is to be either number one or number two in every product area in which General Electric competes. If General Electric cannot achieve the first or second position within a reasonable amount of time period, it will withdraw from the market and focus its resources in another area where it can dominate. He says, "If you don't have competitive advantage, don't compete."

The success of Internet companies such as Amazon, Google, ebay, and others is due to large numbers of customers perceiving these sites to be superior in design and features to other sites that offer similar services and products.

Start defining your competitive advantage in one sentence. In what way is your product or service superior to that of your competitors? Write your answer in such simple term that a child can understand it and repeat it back to you.

Joe Lee is an out of the box entrepreneur. He explained what is real marketing in his website. Learn more about marketing. How do you create effective marketing campaign? http://www.millionaire-idea.com/marketing-plan.html

Article Source: http://www.content.onlypunjab.com

Joe Lee is an out of the box entrepreneur. He explained what is real marketing in his website. Learn more about marketing. How do you create effective marketing campaign? www.millionaire-idea.com/marketing-plan.html

Please Rate this Article

5 out of 54 out of 53 out of 52 out of 51 out of 5 

Not yet Rated