Is your market hot and competitive, or are there few competitors?  competition competitors

Is it growing or slowing?

Answering these and other questions are necessary when selecting your marketing strategies and tactics to get new customers.

One reason is because your tactics are an expense and you want to make sure you spend your time and money wisely.

With the number of choices today it is not easy when making your selections and the one size fits all doesn’t work.

There are a number of factors to examine in order to simply the choice of where money and time is spent.

One of the areas I analyse when helping businesses select the right strategies and tactics to get new customers is the market they compete in.

COMPETITIVE MARKET

If your market has many competitors then automatically doing the same as others only adds to the noise.

Doing the same tactics at the same time is ineffective and complicates your marketing. It can confuse potential customers and can be frustrating for you especially when results are not maximised.

For example, email marketing can be an effective tactic.  However if all companies in a competitive market action email marketing in the same way you would be wise consider this before actioning  this tactic.

SO WHAT DO YOU DO?

In my area, there are many gyms. It is a crowded market and competitive.

One small business wanted to get new customers and was about to follow the usual tactics. You often see over a period of weeks the tactic of open days, special passes etc by most of the gyms to attract customers.

If he had decided to action this tactic, it is likely he would not have gained the numbers of new customers he needed. So he didn’t proceed.

Instead, after reviewing tactics that could attract new customers and ones that competitors were not effectively actioning highlighted an opportunity.

It was simple, his actioned partnerships with all the relevant businesses and retail outlets as one of the tactics.

An old tactic that helped his business get new customers and effectively owns this option against competitors.

KEY POINTS

  • There are a number of factors to consider when selecting marketing strategies and tactics
  • Gain an understanding of your market conditions before selection
  • Review your competitors activities and don’t be tempted to automatically use the same tactics or in the same way
  • Understand what tactics are right to get new customers versus those to retain customers
  • Do not be afraid of actioning different strategies and tactics versus your competitors

Over to you – do you review what tactics you action in light of the market conditions?
photo credit: paul bica via photopin cc

This article originally appeared on M4B Marketing. It is republished with permission.