What the Oscars teach us about business competition
Oscar fever peaks today, and right up until the last minute, the producers, the stars, the directors and the studios have been engaged furiously in all sorts of activities to get ahead of the competition tonight. Who’s the big winner gonna be? A bunch of blue-skinned aliens or some defusing experts? Or maybe a washed up C&W singer? I, for one, love it. The Yankee Clan Oscar Ballots have been cast, returned and tabulated, and we’re ready to compete for our own Oscar -that crisp new $20 bill to the person with the most correct predictions.
Competition isn’t a bad thing. It adds excitement to sporting events, the Oscars, the Grammys … and yes, it can help businesses refine and perfect themselves, too. Unfortunately, just as in sports, many businesses fail because they don’t take their competition into consideration.
You have to know your competition; learn everything about them that you can. How, for example, are you similar and what sets you apart? What seems to work for them in marketing and what doesn’t? “What do you offer that they do not?” “What do they offer that you do not?” Once you’ve got that locked down, start thinking about what it is about your business that works.
Once you’ve determined the good Mojo -those positive aspects that set you apart from the competition -you might want to use this info as part of your branding efforts. F’rinstance, what do you tell prospects so that they do business with you and not the other guy?
You start by telling them what it is about your business that makes you the right place to shop.
If you offer free shipping and your competitors don’t, then you should use this as a focal point right up front. If you have a product that your competitor doesn’t, then you should use this too. You may have a customer service team that’s available 24 hours a day, while the other business may only be open during normal business hours. You might offer gluten-free items and your competitor doesn’t. Maybe you offer valet parking. Whatever it is -show and tell what makes you the better place.
The reasons that customers should do business with you need to be clear and concise. Appearing different than the rest is the best thing you can do because it will cause people to remember you in very specific terms -terms that YOU feed them! There should be no confusion of which business you are in a group of businesses that look the same.
Filed Under: Advertising, Good Business Mojo on March 7








