Six Reasons Why Your Competition is Getting Your Customers

The successful business in your market continues to take advantage of opportunities to seize more of your potential customers and a larger portion of those customers’ wallets. They are watching their profits grow while having more time to enjoy life’s bounty. Meanwhile, your business struggles to maintain cash-flow to keep afloat. Why? There are two basic reasons. First, they are doing many of the right things, in the right way, at the right time. Second, you are not. Every day that they press their advantage and you continue to just do what you have been doing, you lose money and precious momentum. They become stronger and you become weaker. It just gets harder to maintain your business. You may stay afloat. Or you may go under and end up working for them. The good news is that you choose! You can turn things around if you start doing the right things in the right way at the right time for your business. Here are the things your competitors are doing to get customers that could be yours: <ol> <li>They choose the best prospects for their business. Clever entrepreneurs go after the people who will make the best customers over time and cut out the bad customers. For most companies, 20% of their customers cause 80% of the problems. Smart business owners send their bad customers to the competition and win over the good customers from them. This may be the biggest challenge for a small business owner who is struggling. You don’t want to lose that income. But, you are better off without them – replacing them with customers who are more profitable. When your adversary does that, he is able to devote more time and resources to getting a bigger piece of the pie.</li> <li>They understand who their best customers are and what they really want. A top competitor knows that their best customer appreciates value over cost, makes good decisions and has the ability and willingness to pay promptly. They create a very specific target profile that includes demographic and psychographic data. Your rivals do their research and ask lots of questions. Then, they see the world from the customer perspective and respond to that in marketing & sales, product & service and customer satisfaction.</li> <li>They build a powerful image. The most successful enterprises use their target profile to generate an icon that matches their markets’ desires. They use media tools to gain awareness and establish their expertise in the marketplace. Leaders influence people who influence their prospects. You continually construct a robust presence in their community.</li> <li>They communicate effectively through several channels. The real players in your market either know how to leverage their communications or hire someone who does. Are you using contemporary techniques online – digital press releases, bogs, social networking, article marketing, search engine optimization, electronic presentations, audio clips, video marketing, pay-per-click advertising and others advanced methods? The best also test, evaluate and adapt quickly.</li> <li>They invest and reinvest in their business. A good business leader understands the difference between expenses and investments. They minimize expenses and maximize investments. Successful companies continually devote more resources in the right efforts to produce the greatest returns. </li> <li>They leverage their strengths & hire their weaknesses. A wise business person recognizes what they do best and devotes themselves to that function. A plumber installs & fixes pipes. A surgeon operates. They utilize and develop their area of expertise and pay another professional to keep their books, cater their party or market their business.</li> </ol> These are the fundamental principles that your competitor uses to dominate your market. They recognize the value in gaining a competitive advantage in the marketplace. And, they are using their advantage to gain customers – customers that have been, or could be, yours. What are you going to do about? Start fighting for your business today by developing an action plan for progress!   2009-10-26T19:28:43Z

2009-10-30T03:17:13Z

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2009-10-29T22:16:49Z

2009-10-30T03:17:13Z

Have you cornered your market yet? If not, it's because your competitors are winning deals. Here are the things your competitors are doing to get customers that could be yours:

Six Reasons Why Your Competition is Getting Your Customers

2009-10-30T03:17:13Z