Increase Your Odds of Success by Following the Big Guys
Are you looking for a simple strategy that can help you grow your business?
Well, here it is.
Follow the big guys.
That’s right, follow the lead of the big guys and model what they’re doing into your business.
You may be thinking that no one would do that. Something that simple couldn’t possibly work. The idea that doing what the big guys do is nothing more than a myth.
But think about it.
Have you ever noticed that every place there’s a McDonald’s, there’s always a Burger King?
Why is that?
It’s because Burger King understood the same principle.
They knew that McDonald’s did an extremely thorough analysis and market research to ensure that they chose the best possible locations to place their franchises.
So Burger King reasoned, “Okay, we could do the same thing, spend all this time, energy and resources doing this market research, or we can just follow their lead.”
The only research that Burger King had to do was to ensure that the location could support two franchises. That way they could use the time, energy, and money they would have spent on market research and location analysis on something else.
All they had to do was follow McDonald’s lead.
It’s kind of like walking through snow. You can trudge through the snowdrifts, digging your own path. Or you can walk in someone else’s footsteps along the path they’ve already cut.
You end up in the same place without having expended so much effort.
And you too can harness the power of this strategy by following what the biggest players are doing by copying some of their strategies, especially when it comes to marketing.
Look at how they’re spending their marketing dollars. You know they are doing intense research and cost-benefit analysis to ensure they’re receiving the highest rate of return on their marketing dollars.
Which leads us to the obvious question.
Where are the big guys spending their marketing dollars?
The answer is they’re spending on search.
And why is that?
It’s because they’ve collected the data, done the research, crunched the numbers. And they have determined that search is where they get the best return on investment.
What brought them to this conclusion?
The fact that the data consistently shows that about 79% of consumers are conducting business online. And to capture the attention of these consumers, the marketing needs to move online as well.
This means a shift away from traditional marketing and advertising, like radio, television, newspapers, and billboards, and toward digital advertising.
Don’t believe me? Even politicians are getting into digital advertising. Because they know online is where all the people are.
You as a business owner can confidently implement the same strategy and follow what the big guys are doing because you know that they’ve done their analysis already.
What about word of mouth? Even you believe you have strong word of mouth referrals, think again. Even that form of advertising, which is so crucial for any business, is moving online.
But it’s adapted to the digital medium. Instead of verbal comments, word of mouth is now in the form of testimonials, reviews, and comments on business or product pages.
Don’t underestimate the power of personal stories. If you could include a few written or video testimonials about how your product or service helped someone, it could be a powerful piece of marketing.
Political candidates do it all the time. So do big brands. They all do it because it works.
Not only because people are drawn to stories. They are memorable. They make people feel good. They are a way to make a lasting impact on potential customers. They are a way to add a personal touch to your marketing over the digital medium that can feel distant and sterile.
And because by contributing to your site in this way, customers start to feel like they are part of a community. Not only does that reinforce your brand awareness, but it helps to broaden your brand’s exposure. And deepen customer loyalty.
Just another example of word of mouth moving online.
And nearly all marketing is moving online.
So if you as a business owner want to use this simple strategy and follow the lead of the big guys and take more of your marketing online, you just need to watch how the big players are marketing their products and services.
If they are making sure reviews of their product or service are prominently positioned on their websites, you might want to do that, too.
Or you might want to think hard about optimizing your website for search. After all, if your website doesn’t appear on the first page of search results, how many people will find you? That’s like expecting people to wander off the main shopping street down a dark alley in the hopes of finding what they’re looking for.
Or you might want to link your site to review sites. Or add a chatbot. Or be active on social media, providing your customers with another way to interact with you if they have questions or complaints.
Or add more content to your site. Offering all kinds of useful and free information to consumers is a great way to keep your brand on the top of their minds and to build a favorable impression of your company. All you need to do is figure out the kind of information your customers would find useful and provide it to them. If you can tie in how your products or services can solve problems they might have, all the better.
Many studies have shown that people are more likely to buy from a company that has offered them something for free. And guess what, all the big brands know this. And use this in their marketing.
And you positively want to review your monthly or bi-weekly analytics reports and figure out what’s working. What isn’t? And try to find at least three things to change or tweak to get the most out of each and every marketing dollar you are spending.
You can be sure the market leaders are using all of these strategies as they follow the consumers online. They’ve done the research, blazed the trail. All you need to do is implement the same strategies on a smaller scale.
And watch your business grow.
April 5, 2021