How to out market your competition is not difficult when you understand that few businesses market well.
Have you ever been sent an email that has absolutely nothing to do with your interests, or makes you an offer for something that you’ve already bought?
It’s annoying isn’t it?
Consumers not only want but these days, expect to be treated as individual human beings with unique needs and preferences.
What a nightmare for small business owners with a limited marketing budget right?
Well, before you go reaching for that bottle of scotch, the good news is that with the correct CRM and Automated Marketing platform, you can take advantage of this consumer trend and learn how to out marketed your competition in no time.
So listen up, here’s how to out market your competition:
1. Understand Who Your Customers Really Are
One of the most frustrating things for a business owner is not having all the information or data you need at your fingertips when you need it.
And asking leads or customers for the same information multiple times will hurt your retention rates, cost you referrals, and damage your standing in the marketplace.
Using a powerful CRM and Automated marketing platform like Infusionsoft, you can segment your database in any way you want to.
This means that you can create groups of people in your database according to demographics, psychographics, buying behaviours, product purchases and any other ways that would be useful for your business to know.
For example, it would be good to segment men and women, as their buying behaviours are often different.
You may have some offerings that are purely for women and if a man receives this marketing he will not be impressed. This means you’ll lose favour in his eyes and all the people he shares his disappointment with.
So if you want to know how to out market your competition, the first step is to understand intimately who your prospects and customers are and then segment them into smaller groups that have the same or similar identifiers.
Once done, you can routinely follow up conversations and if you have a sales pipeline, you can easily schedule automated reminders for someone in your business to complete a manual task, such as a follow-up call.
How To Out Market Your Completion Step 1: – Know who your customers really are and segment your database according to common identifiers.
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2. Create Highly Targeted Messages
Now that you have your database segmented correctly, the next step in knowing how to out market your competition is to target your messages to those segments correctly. There’s nothing worse than receiving an email from a company who sends you information about something you have no interest in. Let’s say you downloaded a guide on liver detoxing from a health and wellbeing website. Then the next day you receive an email with The Top Five Tips To Lose Weight Without Exercising. While this may be an interesting subject for some, if you don’t have a weight problem and you downloaded the information on liver detoxing simply because you want more energy, you are going to feel misunderstood by that business. There is no excuse for a poorly targeted message when such great technology is around that allows segmentation of a database, such as Infusionsoft. If someone expresses interest in your information for left-handed people who have green eyes and who love to cook vegetarian meals, your follow up messages ought to be written specifically for left-handed people with green eyes who love to cook vegetarian food, right? It’s so simple, but you can guarantee 99% percent of your competition is not doing this. And this is brilliant for you because you now know how to out market your competition… Segment your database as we looked at in the previous step, and provide highly-target messages and information to those segments. An example of this was a recent Blog post that I wrote. It was titled Marketing Automation Follow Up – The Top 6 Benefits For Small Business The people who subscribe to our Blogs are business owners who are interested in Marketing Automation and so this piece was written with them in mind. The result was that two people who read this information contacted us and one has become a client. This is the power of highly targeted messaging to the right audience. How To Out Market Your Competition Step 2: Create Highly-Targeted Messages for your correctly segmented database.
3. Track Your Campaign Performance
You have segmented your database and you are providing targeted information, what next? Using a campaign map inside your automated marketing platform you are able to keep tabs on the number of people who receive your marketing messages. From there you can also see at a glance what actions people are taking on your messages, what section of the campaign they are in, and who are the most engaged. Once people have responded in a certain manner to your marketing, they can have a “tag” automatically applied by your software, which in turn triggers and automated notification. This could be notifying a sales rep to call someone in your database that been identified as a “hot” prospect.
This level of automation means that you reps will not be wasting time talking with people who have no interest in your offering or who are nowhere near ready to make a buying decision.
Tracking your campaign performances shows you how to out market your competition by giving you the feedback on what is working and not working. This is not based on you guessing what your leads and customers are thinking, but by giving you real data in real time based on real behaviours!
With this information at your fingertips how to out market your competition is no longer a mystery.
All you need do is make adjustments and tweaks based on the data and soon enough your will have your campaigns perfectly optimised.
How To Out Market Your Competition Step 3: Track Your Campaign Performance. Set the correct triggers and tweak and refine your campaigns until they are fully optimised. How to out market your completion is a relatively simple process in theory, but I don’t want to leave you with the impression that just anyone can do it well. First, you will need an excellent CRM and Automated Marketing Software such as Infusionsoft. This will allow you to segment your database to the level that suits your business, as well as provide the responsive automation you need. For example, if you sell specific screwdrivers to women who don’t have children and who love to build flat pack furniture, you will need to be able to easily identify these people in your database. You will then need to compose marketing material that specifically talks to these people as if you know their thoughts, problems and aspirations. Then you will need to be able to review your campaign performance and make changes and tweaks as identified by real data, in real time based on the actions of real people. Now you know how to out market your competition, it’s time to take action!