2 Critical Elements Columbia South Carolina Businesses Must Know To Stay Competitive
Released on: June 9, 2008, 1:14 pm
Press Release Author: John Tanner
Industry: Small Business
Press Release Summary: There are 2 critical pieces of information businesses must know about their customers and competitors to effectively gain market share. Armed with this information they can make educated decisions about how to position themselves in the market place, relative to their competitors. Without this information many businesses are \"flying blind\" and are at risk of losing current and future business to their competitors.
Press Release Body: FOR IMMEDIATE RELEASE
2 Critical Elements Columbia South Carolina Businesses Must Know To Stay Competitive
Small and mid-sized businesses struggle to compete for market share as the marketing landscape, technologies and techniques are evolving at an incredible pace. It's nearly impossible for businesses with limited in-house resources to stay on top of current trends. Add to that the effects of high fuel prices and a staggering economy and you understand why it's imperative for businesses to market themselves cost-effectively.
In order for Columbia South Carolina businesses to effectively market themselves, reducing unnecessary cost and achieving the highest return on investment they must:
1. Know what their customers are doing to find them 2. Know what their competitors are doing to attract those customers first
The "McKinsey Quarterly survey of business executives, 2008" surveyed a cross section of industries to determine how customers would be using the internet to research, purchase and use products and services over the next 3 years.
The following results reveal the percentage of customers that used the internet to conduct the activities listed below (as opposed to using traditional, offline media and purchasing methods). Ex. 63% of customers researched products and services online prior to making a purchasing decision - even if their purchase was made offline.
Become aware of new products: 55% Search for information: 63% Compare prices: 41% Purchase: 32% Use product/service: 44%
This could be alarming news for companies who aren't yet online or who have been ineffective in marketing their businesses online as it suggests that over 50% of their potential customers are going to competitors with more effective internet marketing strategies.
So what about those competitors?
The 2nd critical thing businesses need to know is what their competitors are doing to grab their share of the market.
Businesses aren't fighting an invisible enemy. It's generally easy to know who you're competing against. As long as you're positioned well relative to your competitors you should be ok.
The same study also surveyed participants to identify which marketing vehicles were more effective in reaching customers and driving revenue.
The following results reveal the percentage of participants that found the internet marketing strategies listed below were more effective than traditional, non-internet marketing techniques.
Ex. 60% of participants indicated that paid keyword search marketing was more effective in driving business than traditional, non-internet strategies.
The study also reveals that the overwhelming majority of participants intend to increase their marketing investments in these internet marketing channels over the next 3 years.
Conclusion?
A. The majority of your customers are using the internet to make buying decisions and transactions concerning your product or service.
B. Your competitors are aggressively positioning themselves to gain this internet market share.
Businesses who have been "on the fence" about getting online or who feel their internet strategies are not effectively positioning them in relation to their competitors need to take action now.
For a FREE internet marketing primer send an email to info@marketdominationintensive.com
Or visit our website at: www.marketdominationintensive.com/columbia to learn more about our June workshop in Columbia, SC designed to give businesses the nuts and bolts of internet marketing so they can effectively position themselves against their competitors using internet marketing strategies.
Market Domination Intensive workshops are conducted by Spillover Strategies, a full service marketing firm helping businesses get more leads and sales by designing and executing internet and non-internet based marketing and business development strategies.
John Tanner http://www.spilloverstrategies.com http://www.marketdominationintensive.com T: (888) 275-7875 614 Lake Lennox Dr. Simpsonville, SC 29681
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Web Site: http://www.spilloverstrategies.com
Contact Details: John Tanner http://www.spilloverstrategies.com http://www.marketdominationintensive.com T: (888) 275-7875 614 Lake Lennox Dr. Simpsonville, SC 29681
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