Posts Tagged ‘competition’

What China Taught Me

Tuesday, November 29th, 2011

Good news:  I’m back on U.S. soil.  Had a blast teaching business owners in China how to stand out and outsmart their competition.  A tip:  professional guides are worth their weight in gold.  Without them, I would have gotten lost in an instant.  And they are great negotiators at those street markets, too.

I also learned:  the business environment in China takes competition to a whole new level.  According to an owner of a 200-employee PR agency:  ”For every potential customer, there are dozens of agencies fighting for that assignment.”  Not five or six like we have here.  Dozens.  Given that 22M people live in Beijing alone, I guess that’s not surprising.

Result:  every customer is a result of a hard-fought battle.  And it’s rarely a fair fight.  Who wins:  the person who takes advantage of every inside edge.  And that’s my point.  In this volatile marketplace, it’s not enough to be the best.  You have to fight for every opportunity by using whatever advantage you have.

Big branding blunder

Thursday, May 14th, 2009

Has this ever happened to you? A buyer will show great initial interest, then ignore your calls after you send the information they requested. Frustrating, isn’t it?

We drilled down on this at length on Tuesday’s Here’s the Deal call on competing in crowded markets. (You can purchase the MP3 file of the call here.) Here’s what takes place: in crowded markets, experts will cast the fishing net out wide, depending on the clever slogan to get initial attention. And it does. The buyer likes the witty play on words enough to ask for more information. (Which leads said expert to think, “YEA!! I’m gonna get this job!”) But when the buyer checks out the website or that speaker one-sheet, they find there’s nothing interesting past the slogan. That’s when wittiness isn’t enough for the next round of consideration and the brand-by-tagline expert is immediately disqualified. The buyer is busy, and really doesn’t know why you didn’t make the initial cut, so they don’t bother to return your calls.

The lesson: where there is money, there is competition. And in the heat of competition, it’s easy to brand ourselves with cleverness, thinking “If I just get my foot in the door, I’ll get the assignment” (or job, or speaking engagement, whatever). Don’t do it. Compete for the final round of consideration, not for the cheap thrill of “Sounds great, do you have any information I can look at?” You’ll spend a lot less time selling and more time closing.