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Business Buzz: Target your customer, not your competitor

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PHUKET: We see it all the time in marketing, company X trying to prove they are better than company Y, engaging in tit-for-tat marketing and social media battles trying to out-compete the competition.

Now, while there is the theory that any publicity is still beneficial, I would argue it is far better to engage your potential customers directly and build trust and rapport, rather than worrying about what your competitors are doing.

The economic theory is simple. Competition is healthy and leads to better use of resources and better value for consumers. So the reality is competition is going to be around forever.

So instead of focusing on what your competitor does, you should focus on what you do and how you can provide the best service, product or experience to your customer.

Work out what your strengths are, or your Unique Selling Propositions (USP) and what it is that your target market really wants. At the end of the day, it is the players in that market who make the decisions on who they buy from, so it is much better to align your focus with their needs.

If you can then match those needs with your USP, then you are going to be a much more appealing proposition to your end-users.

So don’t lose sight of what your goal is or what you are really in business for. Remember: the people who make the most money are solving peoples’ problems better than everyone else.

Simon Wetherell is a social media expert and lawyer. He trains businesses and individuals on how to profit from the social media industry. For more information: Visit PhuketOnlineMarketingSchool.com or call 095-085 3355.

— Simon Wetherell

 

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