Think about the effect that one new competitor can have on your business. Consider the competitive environment you’re in. Find a nice quiet spot for an hour and THINK about your competition. What are their strengths and their weaknesses? If you don’t know – find out. Maybe you don’t have any new competitors now, but what about tomorrow? Are you prepared? Are you prepared for your sales to go down? Would that bother you?
In order to grow or maybe even just hold on to your market share for dear life, i.e. your “slice of the pie”, you must communicate your strengths to the public. But you can’t do it by thumping your chest and yelling about it. Your message has to be about your ideal prospect. They are people with wallets, not ROBOTS with wallets. They feel, they laugh, they cry, they have money, they don’t have money – you get the picture.
If you’re in “the game” for the long haul, you must always advertise. If you’re considered #1 in your industry, then #2 and #3 are always gunning for your position at the top. Your market share is never safe. (National examples from the past that used to be number one, but took their eye off the ball – Schlitz, Sears, Oldsmobile, etc.)
Let’s pretend you’re #7 in your market. You might be trudging your way up a steep muddy hill, inch by inch, trying to make ends meet. You’re either growing, or your shrinking. And if you’re shrinking, it probably won’t be long until you have to shut your doors. Why? New competition entering the playing field. They’re hungry. And they want YOUR customers.
What will you do? Will you keep doing things like you always have? Or will you make the decision to fight for your business? And if you decide you don’t really have the passion you used to…I’d sell your business while it’s still worth something. Don’t go down with the ship just because you don’t know what else to do.
Have a great day!
I’m a marketing guy and ad writer. This isn’t just about better ads either, it’s also about a strategy to set you apart and help you be remembered (in a good way). I write this marketing blog because I’m on a mission to help you get more from your advertising bucks. I also wrote a a no-nonsense book about how to take a bigger slice of market share with better advertising. It’s called “Take a Bigger Slice”.