Get your business fit with these training tips!
Train the right way to achieve victory!
Question:
When was the last time you took inventory of the marketplace? Specifically, how your business measures up to it, and who your competition is. Just like a boxer knows who he is getting into the ring with, knowing your opponent’s strengths and weakness will help you train properly, and allow you to strategize to victory!
Some cringe at the thought of a contest. Others use the thrill of a match-up as fuel to get better, stronger, faster – and that’s what I hope to inspire you to do. I want to “challenge” you to a race/match/game/fight…a battle…where you will face your competition head on.
If you are ready to join me, let’s begin.
Our training program consists of three components:
- Compare apples to apples. If growing your business has taken priority, I want you to take a moment to catch your breath and check your pulse. There’s no use running out of gas early in the race. Think about your business like running a marathon. In most competitions, you are matched up against others like you. So if you are a small coffee shop with one location, comparing yourself against Starbucks is like David going head-to-head against Goliath, except without the stone! Before competing against someone who is not in your category, do a simple Google search, and filter out the businesses that most reflect your type, size, and clientele. Once you have compiled a list, check them out, visit them, or even make a purchase. What was their service like? How are they attracting customers? If you are bold enough, talk to a customer as if you are new in town and looking for recommendations. It’s important to stay within your group so you are measuring up with businesses that most resemble yours. If you are an apple, look at other apples and make sure you are the ripest!
- Understand your target audience. Trends are finicky so who you served 10 years ago, may not be the same audience you are serving today. Checking in with your customer base regularly is important to staying relevant. If you had to modify your operations or circumstances have impacted your business, you may have noticed that you picked up a new crowd of customers or perhaps discovered that you lost a certain population. Either way, it’s important that you know who they are. Keep in mind that your target audience isn’t everyone. It’s impossible to think that what you sell/offer/provide appeals to all ages, backgrounds, statuses, etc. Learning who it is that you serve will allow you to zero in on how to market to them. Your marketing dollars are precious, using them wisely will yield results, but that all begins with knowing your audience!
- Adjust. If you have been consistent and faithful to your training, you will undoubtedly see results, but this is not the time to stop! Think of it like this: When an athlete is in training they are getting better, fitter, faster. When they meet milestones, their coach must adjust their regiment so they can continually improve. If you are looking at your competition, and you are confident you know your audience you need to consistently look inward, assess, and adjust as necessary. I know this may feel uncomfortable because you’re doing well and seeing results, but this is not the time to rest. It’s the time to reevaluate and determine if it’s time to explore new ideas so that you can continue to improve. The adjustments need only to be small ones, just a little something to move the needle so you are getting better.
Understanding your competitors, and who you are in the marketplace will help you discover your own strengths and weaknesses. By incorporating these training methods your business will get stronger, fitter, and faster making it a fierce opponent! Knowing you who are up against, who you serve, and ways that you can modify your approach will keep you relevant and challenged, which will ultimately give you an edge!
