Marketing is a challenge for any business owner, particularly during the formative years of a business. New companies often struggle with the prospect of developing marketing strategies to compete with larger, more established companies. If you are not gaining market share as quickly as you would like, it might be because your competitors are outmarketing you.
Here are three reasons your competitors might have superior marketing power:
1) Marketing capital
Older, more established companies typically have large marketing budgets. This gives them the ability to spend more on marketing development, ad placement, and testing. It also means that failed marketing campaigns have a lower financial impact on these businesses than on newer, smaller companies. This does not necessarily mean that you need to spend more on marketing to keep up with established competitors. You can make up for a lack of marketing capital by strategically implementing marketing techniques. You can split-test ads on a smaller scale before launching full marketing campaigns. Also, consider bartering for ad space instead of paying full price. Bartering can help you gain visibility while staying within your advertising budget.
2) Availability of market research teams
Large companies typically have in-house market research teams that help them target customers and identify effective marketing techniques. This allows these companies to market efficiently and minimize wasted advertising dollars. You can increase the efficiency of your marketing efforts by hiring a small in-house market research team. If you do not have the space or budget for this, consider outsourcing this function. Outside market research firms can provide the same services for a fraction of the cost. You will not have to pay for costly office space or technical support. Also, hiring an outside firm saves on payroll and benefit expenses.
3) Use of customer relationship management software
This software helps salespeople spend more time selling and less time taking care of administrative tasks. Customer relationship management software helps businesses automate tasks such as call tracking and routing, sales report generation, and website visitor analysis. This allows your sales force to focus on qualified potential customers instead of spending time contacting people who do not intend to buy from you. You can use the services of companies such as AIMcrm to integrate customer relationship management software. This software can increase the efficiency of your sales efforts, which can help you generate more sales and increase profitability.
Although larger companies might have marketing advantages, you can use these tips to level the playing field and gain market share in a competitive business environment.
Jayla Barnsen is a freelance blogger from Eugene, Oregon. She loves to blog about business tech, culture, and food. Co-authored by Michael Myles.