But I'm Just Starting My Business...

Every business must begin somewhere and the majority of start-ups do have competition.  It is important to ensure that from the moment you open the doors to your business, you are "on pace" with other companies in the industry--whether you have been in business 20 years or 20 days!

Why?

At the core, consumers are looking for a quality, reasonably priced product or service from a company they can trust.

The length of time you've been in business may be a factor in the decision making process, but it isn't the only factor.  I recently met with an owner of a multi-million dollar company who serviced a niche audience for over 40 years.  His marketing pieces looked like they were developed in the '80s and his words to me were, "Why spend money when I'm doing just fine?"  He was happy with where he was. What he missed was that the niche market he served was now being serviced by a new provider who was aggressively marketing the same service.  Although new to the industry, this well branded company had all the bells and whistles, their brand looked trustworthy and their marketing pieces were impressive (at the same trade show, I might add.)  The owner who had been doing it for 40 years seemed to disappear in a sea of opportunity. And...the hardest part about it...all it would have taken for him to continue to "own the market" was a refresh of his brand identity and a solid marketing campaign.  His seniority in the industry coupled with his exceptional knowledge made him the better, more trustworthy choice; however, he lost the potential new customers merely because of his brand's appearance.

For those start-ups out there, that's good news!  You do have quite a bit on your side if you master the power of a good marketing plan and impressively built marketing tools (website, brochure, etc.)  After all, image is everything.  Although businesses may tout how long they've been in their industry, they may not be showcasing their service in a professional and trust worthy manner.

Some questions to consider:

• Does the website or other collateral material seem to exude knowledge, reliability and integrity.
• Have I asked others for their TRUTHFUL opinion of what they "feel" when they visit my site or look at my marketing pieces?  
• Would you buy your product or service based solely on what you see online?    

When it comes right down to it, that's what's important.  Let the fact that you can't compete with your competitors years in the business go and put your efforts into showcasing yourself as a strong and trustworthy competitor in the market.

Emily Yost, of E Yost consulting, has been assisting businesses for over 20 years build strong and successful brands.  For more information visit www.EYostconsulting.com.