Many business owners regard competitors with resentment, fear, envy and disdain. It’s like every time we look at them, we’re reminded of how they’re taking money out of our pockets.
As you know, one of my main values here at Enlightened Marketing is abundance – the belief that there is plenty for everyone. Especially when we each do exactly what we’re supposed to be doing: delivering value from the center of our gifts.
Another term for the center of your gifts is your “brand.” Effective brand messages tell the world who your products and services are for, and why you’re the best choice for them.
Repeat: why you’re the best CHOICE.
That means the person considering your brand is doing so relative to the other options available. Some people call those options competitors, and I do too sometimes.
But most of the time, I like to call them Alternatives.
Regarding those other options as competitors evokes scarcity mentality in me. It makes me feel they’re out to get me … that there can only be one winner … that there’s not enough for us all and I better get my share!
However, when I call my competitors Alternatives, I feel expanded again. I feel like people who resonate with me will call me for my services, and those who don’t won’t. And I’m cool either way.
The interesting thing about brand choices is that it’s rarely about good and bad; instead, it’s about For Me and Not For Me.
It’s not that I don’t like brand Nike. After all, they have about the most amazing slogan and logo of all time. I just live on Planet Reebok. Reebok is For Me; Nike is Not For Me.
In branding we call this Preference. We want our target market to prefer us to the alternatives. To achieve that, they must believe we’re a better choice.
Here’s how I help my clients understand the Alternatives to their business and how to build preference with their intended audiences:
1. Evaluate to Differentiate.
The entire point of branding is to identify how you’re unique. That’s why you must study the alternatives’ value and yours enough to understand the differences. Phrase these differences as meaningful outcomes for your clients.
“We provide women business owners with information that empowers them to make wise investment decisions.” Differentiated outcomes here promise copious information, solutions tailored to the needs of businesswomen and independence in decision-making.
2. Think expansively about alternatives.
I heard organizing expert Barbara Hemphill on a call once say her “main competition is apathy and resignation.” I always ask my clients to position their brands against the alternatives of “doing nothing” and “doing it myself.”
Think about it this way: if you don’t get the business, what happens instead? That’s your real competition.
3. Respect the Differences.
It’s rarely effective to elevate your brand by cutting down the alternatives. Instead, try to understand who might choose NOT to work with you and why.
“For whom would doing nothing be a perfectly good option?” I ask my clients. Well, people who aren’t really bothered by their current situation. When they need a change, they’ll take action.
“For whom might doing it themselves be a perfectly good option?” Probably someone who doesn’t have the budget to hire help. Also, someone who prioritizes personal accomplishment over expert advice.
Rather than denigrating the poor quality of a low-priced alternative, well-known hair care products advertised, “it’s expensive because I’m worth it.”
How can you highlight your advantages without trashing the competition?
4. Support your claims.
When anyone can claim any differentiator, it’s always more effective to provide some evidence. Testimonials, case studies and market research all provide evidence that what you’re saying is true. Removing just a little risk from your prospect who’s deciding whether to choose your brand always helps to turn preference into purchase.
In this way, we can perform a “Competitive Assessment” without negativity. We ensure the clients who’d call you For Me will beat a path to your door, and the rest can enjoy other alternatives.
It’s win-win-win all around.
photo by on1stsite
{ 2 comments… read them below or add one }
Samantha,
Samantha, great systematic approach to transforming your competition into resources.
Also thanks for being a wonderful guest on our “Heart of Success” Blogtalk radio show today.
Blessings,
Phillip
Always a joy to hear from you Dr. Phil. Loved being with you and Dr. Jane today – your joy is contagious.