Using YOUR COMPETITORS’ Advertising Budget Against Them (This one is a doozy!)
We’ve got some good news and some bad news. We’ll start with the bad news first.
We are going to upset LOTS of apple carts with the ideas that we are about to share. Lots of people are going to hate us (i.e., your competitors and the companies who sell them advertising).
The good news is that YOU can be the beneficiary. You’ve purchased this book. You’ve read more than 99% of the population ever would, and we’ve saved the best for last, strategically speaking.
WARNING: This strategy will take guts. You might even get calls or letters from your competitors’ lawyers. Talk to your own lawyer before you implement the ideas and strategies we’re about to share if you have any concerns at all.
It’s not for sissies, and if you just want to “get along” with your competitors and “be friends,” then this isn’t for you. If you want to outsmart, outmaneuver, and dominate (so they have to write a HUGE check to buy you out), then you’re going to LOVE this. So here it goes.
Ask yourself this: What is one of the main purposes of investing in traditional advertising? What do the people trying to sell you advertising like to offer you as one of their main selling points? It’s name recognition, right?
Isn’t that one of the main reasons you’re told to buy television, radio, and newspaper ads? You are told that when people recognize a need or a want for what you have to offer, you want them to remember your company name, right?
In the old days, if you advertised “successfully,” your prospects would remember your name and go to the Yellow Pages to look up your phone number or get the address so they knew where you were located, right?
Now they get on a mobile phone, tablet, or computer and use search engines to get the information they want about you, your company, and your products or services.
What if I told you that it might not be such a great idea to try and outspend your biggest competition using traditional advertising? What if I told you that the more your competitors spent on traditional advertising, the BETTER it could be for you? That’s right. You might actually WANT your competitors to spend their profits on advertising in efforts to get more people to remember their name. Want to know how to increase your PROFIT when your COMPETITORS increase THEIR traditional advertising budgets?
Let’s pretend that you own a small independent company. Because you work from home and keep overhead low, you have the advantage of offering the same quality or better-quality products or services at a much lower price. The disadvantage you THINK you have is that all of your big-name competitors have HUGE radio, TV, and newspaper budgets and have earned really good name recognition in your market.
In this example, we’ll call your biggest competitor BRAND X and assume they advertise like crazy and have great name recognition, and lots of your ideal prospects are typing THEIR names and products into search engines when they recognize a need.
Make no mistake, YMC will have a website, and it is likely to come up in search engine results, but what about all the OTHER listings on the same results page? What if they were YOURS? That is why the “jug fishing” approach to online marketing we talked about earlier is a MUST.
This is why it is SO important to make sure you create all kinds of content, in all kinds of different formats (videos, blogs, articles, podcasts, status site/social media posts, etc.), and put them out to as many places as possible.
What if there were multiple videos comparing advantages and disadvantages of BRAND X’s product A, B, or C to YOUR company’s product A, B, or C? What if there were alternative websites listed that YOU OWNED and managed and you called them something like BRANDXREVIEWS.COM? What about Facebook or other social media posts or podcasts TIED TO YOUR company accounts that mentioned BRAND X and contained discussions around product advantages and disadvantages and LINKS TO ALTERNATIVE products (i.e., yours)?