How to BEAT your Competitors in Business? | Rajiv Talreja

if I told you to make this line smaller what would you do most people would like to scratch that line out or find some kind of an eraser to make that line smaller but here's the actual way to make this line smaller you actually put a bigger line next to it now why am I sharing this with you this is how you got to treat your competitor in the market if your competitor is taking away your customers lowering the price giving more credit period you can't sit and fight and get frustrated with that competitor you just got to grow your business bigger now in this video I'm gonna break down for you what are those seven strategies that you need to use to grow your business bigger so you're not affected by your competitor I call this the seven R's of killing your competition hi my name is Rajiv talreja and I'm the founder of Asia's largest business coaching and consulting company called Quantum need which helps small and medium business owners create strategies and systems to scale their business through my journey of working with thousands of entrepreneurs one of the things that I've realized is any business owner who's blaming the competitor for the circumstances of their own business is in fact absolving themselves of any responsibility in and any possibility of growing beyond the challenges that the competitor is throwing at them so through this video I want to break down for you seven Focus areas that you can focus on to make your competitor Irrelevant in your life and in your business so the first Focus area to make your competitor a relevant relics on reach there's a rule of business that I learned very early in my life most found beats the best what do I mean by most found beats the best if your product or service has great distribution and is available easily is accessible easily by your Target customers then your competitor becomes irrelevant at the end of the day you need to set the distribution networks the franchising channels or multiple points of sales either offline or online to make sure that your product or service is most found and that volume that you will get because of being most found will make your competitor irrelevant so ask yourself can you sell digitally can you establish distributor and dealer networks can you franchise your business so that your product or service has the maximum reach in the market and eliminates the competitor's reach and make sure that you are winning that race of distribution which brings me to the second Focus area the second Focus area is to focus focus on recall value of your business now what do I mean by recall value the second rule that I learned in business very early in my journey was that apart from most found beating the best even the best known beats the best what does that mean you may have the best product you may have the best quality service but if there is a competitor who's better known than you are they will attract more business so the strategy is to increase your recall by becoming the best known in your industry now how can you become the best known in your industry in becoming most found it's about your sales distribution and your sales reach but in becoming the best known it's about marketing yourself consistently and creating a brand positioning in the mind of your prospect customers where they look at you as the most preferred option of product or service when they think of your product or service so I want you to ask yourself how can you Market yourself consistently how can you add value to customers grab attention establish relationship and establish credibility in a manner where even if your competitor is offering the product or service at a lesser price people feel that hey you know what there's something wrong with that lesser price I want to go to the most popular brand in this segment because they are reliable and they come to you which brings me to the third Focus area that you need to focus on to eliminate your competitor the third Focus area is to focus on the right leaves the word right leads means when you Target customers or prospects who have the money and the need that's when you are focusing on the right leads one of my friends who's in the business of selling Yachts to Millionaires and billionaires in Dubai share this beautiful thought with me once he said Rajiv it takes the same skills and knowledge to sell boats to fishermen and Yachts to Millionaires and billionaires but you will make your customers problem your problem so choose the right customer and he continued to say that when you sell both to fishermen fishermen don't have money and they'll ask you for a lesser price when you reduce the price then fishermen still don't have the cash flow to pay you the boat money up front so they will ask you for an installment option then when you go to collect the Emi fishermen may not have consistency of cash flow so they may default on their payments or delay on the payments and you will make their problem your problem whereas if you're selling yards to Millionaires and billionaires even their problem will become your problem and he once gave me an example saying a customer of his who bought a yacht from him are 250 000 US Dollars called him back and said Hey listen yesterday I did a yacht party I had some of my friends over and they asked me how much is the yard for and I said 400 000 US Dollars and by the end of the party they loved the yard so much that they asked me for your phone number I have given them your phone number they will reach out to you but make sure you quote 400 000 US Dollars only good problem to have right so that's why you need to ask yourself in the right are you selling to people who have the money and the need because if you're not then you're making yourself vulnerable to Target low-hanging customers who all your competitors are anyways targeting I am asking you to go one level above and identify people who have the money who have the need who will appreciate the value of the value your product or service provides to them that itself becomes an Eliminator of competition which brings me to the fourth Focus area that you need to focus on is to focus on your customers results what do I mean by focusing on your customers results very few businesses have the maturity and understanding that their customer is not buying their product or service that customer is actually buying an experience or an end result that they would like to get by using that product or service so in your languaging in your positioning in your Marketing in your selling in your storytelling please only focus on the customers results it's not about that technical sophistication of your product or service or The Innovation or Supremacy or features of your products or Services it's about measuring and mapping and messaging to the world how your customer is actually getting an end result for example if I am a business coach it's not about how many businesses I have coached it's about how much revenue growth profit growth personal income growth jobs creation and product Innovation my customers have experienced through my coaching at the end of the day when I focus on my customers results which is the growth in the metrics of the entrepreneur's business I am able to make all the competitors irrelevant who are busy talking about the certificates they have who are busy talking about the programs and courses they have because at the end of the day the customer does not care about you or anybody's product or service they care about the end result having said that let me tell you an interesting statistic out of the 361 businesses that my team coached one to one During the period of 2021 and 2022 we did a survey of the impact of that coaching on their business and the results were startling these were micro small and medium Enterprise entrepreneurs whom we coached for a period of one year and 361 of those businesses showed a revenue growth of 5126 crores in their revenue post coaching that is the result that we measure when we work with entrepreneurs now if you would be open to exploring how we can support your business and help you take your business to the next level then I do a three-day signature training called the business based program which I do once in two months as an online live Workshop where I handled the participants in creating holistic goals for their business in designing business growth strategies for their industry in breaking down how they can activate Marketing sales operations accounts management and human resources for their business and in helping them design their hiring process their firing process their salary appraisal systems and their people development systems now if you understand this is core management of any business and most business owners are only good at managing their product or Services they're not good at overall Management in terms of goal setting strategy creation functional activation and people management process creation so if you would like to learn these management skills then I have an invitation for you there's a link given Below in the description where you can register for my three-day signature business based program which is an online live workshop and you can do that for an investment of 999 rupees only and if you take action right now I'm going to also gift you three video courses which I sell on my website rajiv.com under the shop section for 20 000 rupees so take action right now because at the end of the day if you want to experience new results you need to have new capabilities and you need to take new action so help me help you develop those capabilities like every develop those capabilities through the business Space Program in the last seven years I will see you there make sure you click on that link and be a part of the business Space Program which brings me to the fifth Focus area that you need to focus focus on is focusing on repurchases from your customers now this is where it's important that the product or the service that you are offering at least one of the products or one of the services you are offering needs to be of the type that people can buy repeatedly look repeat purchases is the best way of optimizing the return on your investment to acquire a customer and it's the best way to create a strong Foundation of revenue for your business so that you're not affected even if the competitor is getting more customers you have a base you have a foundation that is strong enough where you're generating repeated revenue from your existing customers which brings me to the sixth Focus area that you need to focus on is to focus on reference now as a business if you are good at doing what you do if you're offering a good quality product or a good quality service with a good quality experience to your customers then it's your right to tap into the network of that customer and generate referrals from that customer now many businesses know this very few do this the key here is in execution and tapping into those referrals graciously enough from your existing happy customers because think about it when you are tapping into your customers networks and generating reference from them proactively where you are actually asking them to connect you to potential customers in their family friends or acquaintances Circle then you are minimizing your cost of acquiring new customers and most importantly you're making the competitor irrelevant because people buy in confidence from those they are referred to so when your customer is referring their family and friends that Potential Prospect buys with conviction from you because you are being introduced to them by somebody who's already validated and experienced the quality of your work tapping into customer reference is probably one of the most underrated yet one of the most powerful practices to actually reduce your dependency on what's happening in the open market and build your own Market by tapping into the networks of networks of your customers if you are in a b2c business even create a referral program where you're incentivizing your existing customers to refer more customers to you and in return giving them some kind of coin system some kind of cashbacks or some kind of value-added services or some kind of continued services in a b2c environment referral programs work like magic in a B2B environment you may have to just do referral requests to tap into the networks of your Target customer which brings me to the seventh and final Focus area is for you to focus on remarketing what do I mean by remarketing your existing customer has gone through a journey with you first they got aware about you then they considered you as an option to buy from then they made a decision to buy from you and then they became your customer once they became your customer once they've used your product Services then it is your responsibility to remarket to that customer and upsell related products or services on which they would naturally spend money so I want you to start thinking apart from having a product which has a repeat purchase value ask yourself what are related products or services that my customer would be willing to spend money on which we can create and offer when you offer a diverse number of products or services to a particular customer segment you give yourself the opportunity to become a One-Stop shop and a One-Stop solution for your Target customer and you give yourself the opportunity to make more money from your existing happy customers any business that has a remarketing model and has a product or service portfolio where they can remarket to existing customers will always generate higher cash flows and higher profitability in comparison to a business with a single solo product or service so these are the seven Focus areas that any business can be proactive active about and make their competitor irrelevant on a closing note I want to leave you with a thought think about it only when you do not do these seven things and you're just depending on your existing customers and you're depending on only Word of Mouth reference because you are not marketing consistently and your competitor then comes and takes away one of your existing customers or takes away one of those prospects you are pitching to that's when your competitor emotionally affects you and frustrates you but when you do these seven things then your competitors existence becomes Irrelevant in your life because you are on your way to growth and you're not focused about what's happening on the outside so go out there be proactive take responsibility do not blame instead build and I look forward to seeing you building your skills to be able to do all of these things at the business space program that I spoke to you about make sure you use the link in the description and I'll see you in the three day signature Workshop of mine called the business Space Program

Channel: Rajiv Talreja

Views: 93,284

Keywords: rajiv talreja, how to beat your competitors in business

Id: fXQrCn4lW7E

Length: 14min 53sec (893 seconds)

Published: Tue Apr 11 2023