COMPETITIVE ADVANTAGE: WHAT SET YOU APART YESTERDAY IS NOW A REQUIREMENT TODAY
- It used to be your company needed to accomplish 4 things to maintain a competitive advantage.
- Your company needed to be valuable exploitable rare non-substitutable.
- However, with technology increasing, sustaining competitive advantage is becoming harder.
Here are 4 things that used to make you stand out on the web
- #1 Having a business Facebook page.
- #2 Creating and posting videos.
- #3 Having a LinkedIn company page.
- #4 Hosting a business blog.
- However today, these are no longer a competitive advantage.
- There are 15 million pages for businesses on Facebook.
- 42% of marketers say Facebook is critical or important to their business.
- The number of businesses that say Facebook is critical or important to their business has increased by 75% since 2009.
- 51% of fans are more likely to purchase from brands they like on Facebook.
- 72 hours of video are uploaded to YouTube every minute.
- 81% of senior marketing executives now use online video content in their marketing programs, up from 70% in 2011.
- The average person watches online videos a month.
- Google owns YouTube and provides SEO benefits to those who include video.
- More than 2.9 million companies have LinkedIn company pages (225 million professional members).
- LinkedIn Talents solutions are used by 88 of the Fortune 100 companies.
- Professionals sign up at 2 new members per second.
- There are 152 million blogs on the internet.
- 70% of marketers indicate that they blog at least weekly.
- The average company that blog generates: 1) 55% more website visitors; 2) 97% more inbound links; 3) 434% more indexed pages; 4) 61% of US consumers have made a purchase based on recommendations from a
- What worked yesterday is no longer a competitive advantage today. You must do the above things to keep up with everyone else
New way to create a competitive advantage
- Localize: 1) 45% of businesses are not doing geo-modified paid search; 2) 55% are not on local online review sites; 3) By 2015 30% of all searches will be local, compared with 12% in 2009.
- Realize the power of mobile: 1) 73% of consumers say that have used their mobile phones to guide purchasing decisions while in stores; 2) 45% of businesses still do not have a mobile-optimized site or app.
- Cultivate long-term relationships: 1) Acquiring new customers can as much as five times more than satisfying and retaining current customers; 2) A 2% increase in customer retention has the same effect as decreasing costs
- Create a call to action to increase engagement: 1) 66% of small to medium-sized US businesses websites lack a form-fill option to enable consumers to request information; 2) Less than 20% submit of small and medium-
sized business websites have a link to a Facebook page, and fewer have links to Twitter and LinkedIn.
- Become a thought leader: 1) Establishing presence as community leader in a niche market; 2) Speak at conferences and develop content that creates a name for you and your company.
- Find a niche: 1) Finding a niche market can mean less competition, more tailored promotion channels and less ad spend.
ModMedia - Web Design & Marketing: www.themodmedia.com | Sources: http://www.shoemoney.com/2013/03/14/sustaining-a-competitive-advantage-is-harder-than-ever; http://www.kaplitzblog.com/2013/01/28/
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