In many smaller businesses, there is sometimes confusion or apprehension about how to compete with larger organizations. There is no doubt that today's marketplace is evolving as it grows. When you start adding in newer concepts like "relational marketing" "data mining" "behavioral marketing" and other competitive strategies, it is easy to see why some small business owners might start feeling a bit overwhelmed.
Kevin Combs is very familiar with the situation. As owner of NeighborWave, he has provided advertising help for a diverse roster of small businesses. "Many small business owners simply don't understand the various nuances of marketing," says Combs. He feels that many get lost in the semantics and terminology of concepts that are really not as complex as they might appear. "While many business owners might struggle with the concepts that drive detailed marketing efforts, they will certainly understand the ideas of advertising and promotion," he states.
Combs believes that remaining competitive might be as easy as simplifying the way you think about your approach:
- Advertise.
Although there may be many aspects to this general concept, Combs states there is no reason to avoid or fear this necessary part of doing business. "In many industries, this is exactly why your competition beats you," he says. "Just advertise what you offer...and yes, it really can be just that simple."
- Budget Both Time and Money.
Combs has seen that the most successful businesses are the ones willing to allocate enough time and money to do better than the competition. “Where they will often beat you is within the information marketplace,” he says. “How they beat you, is by always budgeting enough time and money to create and use advertising that aggressively competes within that marketplace. It's time and money, not just one or the other.”
- Keep Learning. Combs feels that a successful business owner is one who will continually try to better understand and refine their efforts. “Advertising is simply another management task,” he says. “When your advertising doesn't work, that means you must get better at creating and using advertising. You don't need to be a genius, you just need to be able to do better than your competitors. Don't know what information marketplace means? Get better. You probably didn't tie your shoes right on the first try either...but you kept at it, and you got better.”
As Combs points out, keeping it simple is a good way to overcome reluctance to engage with new challenges. If you hear about a new or unknown business concept, just remember that at its core, most of these complex ideas have a very simple strategy: to reach more customers more efficiently.
THIS IS NOT INVESTMENT, TAX OR LEGAL ADVICE. Consult with a financial advisor, accountant or attorney before making important decisions in these areas.
