The key to competing effectively

Posted August 11th, 2008 by Dr James Pratt

We've been talking about the characteristics that successful people have in common and the first one we've identified is being innovative as demonstrated by the story that I gave you in the last Success Marketing Strategy Blog about the Dominos Pizza franchise.

Now, lets talk about the second characteristic that you find in successful people. In fact, it's one of my favorites.

The second characteristic we find in successful people is they have great marketing savvy. They are great students of marketing. They are really involved in marketing.

One of the reasons why that's so important is that in some respects the opportunities for the individual to start and build a business today are limited by the fact that there is more competition from big business.

Franchising is a marvelous example of that. Franchising was originally invented as a mechanism for the individual with a small amount of money to get into business and get some kind of a system to do business with. And yet today most franchisors sell most franchises to big business people, to groups of business for big amounts of money. What might once have been a $10,000 franchise today you got to have a $1,000,000 net worth and $500,000 in cash to get a hamburger stand?

So, you see that the whole thing has changed. Big business has invaded small business and so even as a small business person in almost anything your in, your going to find yourself competing head-to-head with some big, well financed organisations that can afford the best and the brightest in every aspect of what they do.

And the only way to compete effectively in that environment is to be a better marketer. To be smarter about how you advertise, promote market and communicate your message.

So how do you compete?

You compete through marketing or the smart things that you do, which you will find quite informative in your next Successful Marketing Strategy Blog.


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