Let's say you have a few great products or services, but for some reason, no one's buying. You've done your market research - determined a need, created products or services to fill that need, built a strong subscriber list and provide awesome content - so what's the problem? The problem may lie in better offers and deals from your competition.
Oh No! I Don't Want to Compete
Like it or not, competition fuels sales. It also helps create customer loyalty and helps maintain product and service quality. But if you've been the one and only provider of goods and services for a while and now you have some competition, it's time to rethink your email marketing strategy before it's too late.
Competing with another business owner or marketer doesn't have to be difficult - in fact, it can be fun. Before revising your marketing plan, sign up to receive content and offers from competitors. Learn all the ways they communicate with their subscribers (yes, some of them may be on your list as well) so you can tailor your campaign to meet subscriber demand.
You probably won't have to make big changes to email content (unless you've grown really complacent and are still relying on content created two or three years ago - you know who you are). Making small changes by introducing new topics, an email template redesign or offering free stuff like an updated report or eBook may be all you need to revamp your campaign to remain competitive.
Competition and Niche Marketing
Competition doesn't have to be your worst nightmare. Embrace the fact that other businesses are competing for customers. In many cases, there are enough paying customers for everyone to remain profitable.
If not, reconsider the niche you're marketing to or expand your reach into other niches if the goods and services you provide would help satisfy their needs as well. Besides, you don't want to concentrate all your efforts marketing to niches that are so small that even the slightest competition radically affects your bottom line. Niches like this aren't usually profitable for very long anyway, so why waste your time?
Competition as Motivation
Competition also allows you to grow as a business person. When you know you have to keep up or stay ahead of someone else, you're more willing to try new marketing techniques, such as expanding into other areas such as social media or SMS marketing. Instead of dreading the inevitable end of your business due to increased competition, use it as a way to stay motivated. Offer the very best to subscribers and then let them decide. And always keep this in mind: The competition is just as nervous about you as you are of them.