Your rival is doing well and you want a piece of the profits. You copy what they are doing, its a natural occurrence and usually everyone does it or even considers it. It could be a marketing campaign that mimics theirs or a product that you cut down the price on, its all somehow linked with the actions of the other. But you need to become the rival that everyone tries to copy, this involves changing and being ultimately different from the rest of your market.
Consider Costco which is an American international wholesale company that reported earnings of $88 billion in 2011.
Never heard of them? That’s because they don’t spend a dollar on advertising. This already goes against the grain of many of its competitors and the majority of business lesson’s.
- The company relies on the experience that it offers to its customers and employees to then advertise for them, it works wonders.
- The culture within the company means the employees are respected and customers have a wonderful experience.
- The employees receive various benefits and a wage that easily beats the competitors offerings.
- In return the company gets hard working and loyal individuals which has resulted in reports that the company has the lowest level of theft among employee’s in its market.
- For the customer they get to play the guessing game on a weekly basis as Costco focuses on stocking exotic and different items to ensure customers always have a surprise every time they visit.
The fact they don’t advertise anything results in more customer visits and even more spending simply because the customer fears they won’t be able to purchase the item next week. If you personally visit the store consider how many times you have gone over your budget or sidetracked from your shopping list.
Change employee incentives
Making changes to incentives can result in employees becoming more productive.
Causing a little competition within the team can bring a lot of positive results. A simple press up challenge could bring out a new drive or determination within your team.
Its also about changing frequently, press up competitions will get boring for many after a while so keep changing and keep everyone guessing.
The same can be said for your customer whatever market you are in throwing in an offer or product which doesn’t appear anywhere else other than in store can soon start a new wave of customers.
Word of mouth and the guessing game can bring a lot of curiosity and even more profits. Find a product within a niche that very few other’s stock, the excitement itself will cause people to search your business for more offerings.
How do you differentiate your business from your competitors?