Think about the effect 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’re busy, they have money, they have a stretched budget – 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.
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 shrinking. And if you’re shrinking, it probably won’t be long until you have to shut your doors. Why? Because of new competition entering the playing field. They’re hungry. And they want YOUR customers.
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. Of course, I’d rather see you get your FIRE back and take action today!
Competitors who are “hungry”…also innovate. They’re always thinking up new ways to “do it better”. Whether it’s introducing new products and services, or continually improving their customer service. In order to stay in business and grow, you must be comfortable with change. Your industry is always changing. Don’t be stubborn. If you have the PASSION to help people with the products and services you sell, and love to create happy customers, then I know you can do it.
Have a great day!
Duane Christensen
Non-Fat Advertising blog
