If you're not winning in business yet, let's quickly look at possible reasons… so we can change that.
When you started your business you looked at the few companies you wanted to replicate.
You made sure you got the exact same product from China.
Researched the competitors and made social media accounts on the same sites they were using.
The manufacturer copied your competitors' product design, why change things that work, right?
And now you keep a close eye on the competitors' social media posts and make sure to recreate them as soon as possible.
When they have a sale, you beat them with an even better sale. You don't have to make a profit right now, you're trying to grow a customer list, right?
When someone asks you what makes you better than your competitor, you gasp… “We give you two products for the same price they give you one, duh.”
Are you seeing the pattern?
The only race you're running with your competition is the race to the bottom of the price. Although, you've noticed that something weird is happening. They still sell their product at a higher price than you no matter how many coupons you send out.
The biggest problem with all the copying is that you never get to learn and understand why are successful companies making the moves they make. Without knowing this, you can start 10 businesses and each one will fail.
But wait, we're not done. Then you get this amazing idea to just hire a few marketing people. 6 months later, you're not really seeing much of a result, except you're now in debt paying their salaries.
You can never win in business by copying others and selling the exact same stuff for a lower price. And hiring a marketing team will only speed up the demise of your company.
How can you fix this?
- Go back to the drawing board and really take a look at the market you're in.
- Find a way to make your product unique when compared with the competitors (example: Subaru focuses on 4 wheel drive cars vs most manufacturers making all sorts of vehicles).
- Don't copy your competitors' design and brand, find inspiration outside of your industry completely.
- Start with only one marketing channel so you can dominate it before moving on.
These simple changes will allow you to use your resources better and build a foundation for growth.