Become A Super Promoter - Lesson 2

Competitive Intelligence

Before you expand your business, you better know what you’re up against.  You’ll need to thoroughly investigate your competitors to understand their services, and how they are being received by your prospects.

Approach competitive businesses as though you were a client.  Visit their business sites if possible.  Request your competitors’ marketing materials.  Make frequent searches to see if they are appearing in the news.  Study their Web sites.  Do everything you can to understand your competitors and how they are received.

Consider both direct competitors and indirect competitors.  Determine how many competitors you have and their size.  If your intended market niche lies in a specific geographic location, start your search with the phone book.  There are a few good online telephone search directors; such as, Switchboard.com, that allow you to search by industry category and zip code.

Trade shows are great places to get information, not only about the market, but also about your competition.  At a trade show you can get copies of your competitors’ literature. With a little detective work, you can come away from a trade show with a gold mine of market research.

Target Wisely  

Identify points of entry, such as associations, related businesses, and the people who contribute to the world of your niche market.  Your list should include:

· Organizations they belong to
· Places they network
· Conferences or workshops they attend
· Competitors and other businesses already serving them
· Magazines or publications they read
· Web sites they frequent
· People they use as guides or mentors

Read every magazine that targets your niche, and contact editors at these publications.  Subscribe to news clipping services, or do periodical Web searches on key words related to your niche.  Visit trade associations representing your niche audience, and learn everything you can from their Web sites and newsletters, or call and ask to speak with a representative.

Talk to members of your niche and tell them about your business.  Talk to businesses that already serve your niche.  They can often help you understand not just where your niche is today, but also where it’s been and where it may be going.

Develop a questionnaire about your prospective services and distribute it to several prospective clients.  You’ll find that most people are willing to help.  Their answers will help you fine-tune your offerings, and tailor your services and marketing messages.

Staying Current in your Niche

The marketplace is always changing, and if you don’t want to be left behind, you need to stay plugged in, to be aware of current conditions, and to anticipate trends.

Approach market research with an open mind and a willingness to change direction if necessary.  It can show you that a seemingly great niche is not predisposed to buy your services, or is already served by a number of competitors.  The hardest thing about market research isn’t finding or understanding the data, it’s that market research can burst bubbles.

You are the Leading Expert

Branding your business around your expertise means using your knowledge to communicate competence and industry leadership in a manner that is relevant and appealing to your target market.  Achieving an expert’s reputation transforms you from just another law practice, vying for your clients’ limited funds, to a trusted advisor with intimate knowledge of their conditions.  In a world where service characteristics are easily copied, or are perceived to be minimal, your expertise communicates your individuality – something that nobody can duplicate.

Not so long ago, expertise was equated with the number of years you were in business, or the college diploma that hung on your wall.  That has changed as people have come to be more interested in results.  If you can deliver, people will be interested in you no matter how brief your business experience or how bare your walls are of diplomas.

Experts are sought after.  They get more business with less effort, and command higher fees.  Journalists come to them for information.  They are asked to speak at conferences.  They out-position their competitors because they know more and are recognized as knowing more.

Never Stop Learning

To become an expert, you need a deliberate strategy to help you understand everything you can about your market niche.  You don’t need to know everything, which is impossible, but you need to be considerably better informed than most.  Staying in this position is a process that never ends.

Your future is directly related to how much you develop yourself.  You may have the fancier brochure or an impressive client list, but if you don’t continue to invest in your own development, you won’t remain competitive.  Look for the gaps in your knowledge, and for ways to fill them. 

Experts know their fields are always changing.  They constantly update their knowledge and look for ways to stay knowledgeable.

Establish and Articulate a Viewpoint

It’s not enough just to be an expert.  You need to use your knowledge to deliberately distinguish yourself from your competitors.  This means determining where your expertise fits in your positioning and branding strategy.  Assess what others are doing, saying, and writing about your industry.  Your goal is not just to be fully informed, but also to develop a perspective that makes connections between your industry and the larger world.

Jump into the ongoing discussions taking place in your industry.  These discussions often can be found in trade publications, industry Web sites, newsletters, Internet chat rooms, and at trade association meetings and events.  Your goal is to plug yourself into every possible outlet that influences your niche.

Experts know that they must actively seek out new evidence that impacts their theories and assumptions.  Keep on the lookout for statistics, case studies, and research that either substantiates or refutes your thinking. You don’t need an ultimate truth, but you do need to articulate your position clearly and have the relevant facts close at hand.