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How to out-market your competition

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strategyThere is always a better strategy than the one you have; you just haven’t thought of it yet.- Sir Brian Pitman, former CEO of Lloyds TSB, Harvard Business Review, April 2003

It is undisputable that there has been a shift in consumers’ buying habits as a result of the slow economy. Take the media industry, for example. A few years ago I used to buy daily a copy of the Herald, the Financial Gazette on Thursdays , the Zimbabwe Independent on Fridays, as well as all the weekend offerings that were available.

Visiting the old folks at home, one would make sure they packed a bunch of old newspapers to give them, a way of creating room in the newspaper cupboard.

Now look at today, how many physical newspapers have you bought this week? Like me, most people are now reading newspapers online- on their computers or via their smart phones.

Seeing the shifting trend, the nimble-footed strategists at Zimpapers have quickly moved to launch a digital platform, called Zimpapers News Hub, where you can access their whole family of newspapers on one site, for only $10 a month. This is different from the old online version, as it actually shows you the complete print edition, including all the advertisements and classifieds. For someone who needs to buy the paper daily, it is a big saving.

For Zimpapers, it is a new stream of income that is replacing the diminishing sales of physical newspapers. Smart thinking there!

The current environment requires such kind of smart thinking if one is going to out-market the competition and survive the economic crisis.

Thinking is the most important investment you can make. Creative thinking, that is. Business owners and their teams need to sit down regularly and brainstorm on ideas for out-marketing their competition. If you have not been doing it, start now. Involve everyone; every member of your team should be marketing your products.
What impressive marketing techniques have you noticed being implemented by local businesses recently? Please share by emailing me, chichonip@gmail.com.

 

Phil Chichoni

BusinessLink Community

 INSIDE THE NOVEMBER ISSUE OF BUSINESSLINK MAGAZINE

 

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