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Winning Sales in a Competitive Environment Hello everybody! Here are a few sideline hints and tips which very well may give you a competitive edge. Read On: Take another look at the marketing texts on your bookshelf or in a library or bookstore -- standards such as the Guerrilla Marketing series Review the fundamentals of targeting a buyer segment and marketing strategically to that particular niche. * Determine who your existing customers are, and define the target market you want to reach. * Know what you're truly selling, which is probably not only your product or service per se, but also an intangible such as status, self-enhancement or peace of mind. These have been called the "secret motivators" of sales. Once you determine the intangible benefit of your product or service, you'll have a clearer sense of who else offers that intangible and what advertising approach and image you need in order to compete successfully. Taking into account target market, sales message, image and competitive environment, determine your underlying objectives in running an advertising campaign -- objectives such as expanding the wholesale side of your business or developing a more affluent clientele. Equally important, establish a realistic advertising budget. By rule of thumb, it should amount to three to five percent of your annual revenues, although you'll need to consider adjusting up or down depending on the extent and spending levels of your competition. This budget should cover any community sponsorships you may provide, as well as your advertising in newspapers, magazines, Yellow Pages, newsletters, on radio and television, by direct mail, and any other promotional avenues. I hope you've enjoyed this series of marketing posts so far. See you here tomorrow. Suzie Suzie's Business Blog Posted: Sunday 20th March 2005, 1:16 AM

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