"Competition is a major challenge we face" is what the majority of small business owners (60%) surveyed by the National Small Business Association reported. In addition, almost 70% of respondents indicated that they had experienced difficulties in obtaining financing for their businesses.
As a small or medium-sized business owner, you may have experienced the frustration of trying to compete in a crowded and competitive market. With limited resources and a finite budget, it can be tough to get your products or services noticed and drive sales. In this article, we'll explore some best practices and strategies for marketing your SME in a competitive market inspired by lessons learned from the best books on the subject, and discuss how to rise to the top and maximize your chances of success.
Fortunately, there are plenty of resources available to help guide us on our journey to the top. In this article, we'll take a look at some of the best books on the subject of rising to the top in a competitive market and explore the valuable lessons they have to offer.
1. "Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant" by W. Chan Kim and Renée Mauborgne:
Summary: This book discusses the concept of "blue oceans" - untapped market spaces that can be created by businesses in order to differentiate themselves from their competitors and achieve success. It provides a framework for identifying and creating new markets and suggests that businesses should focus on value innovation in order to stand out and create value for customers.
Lessons learned:
Creating new market space can be more successful than competing in crowded and competitive markets.
Focusing on value innovation can help businesses stand out and create value for customers.
Identifying and targeting noncustomers can help businesses create new market opportunities.
Best practices:
Regularly assess the market to identify opportunities for creating new market space.
Focus on value innovation to differentiate the business from its competitors.
Identify and target noncustomers to create new market opportunities.
Example: A small clothing company based in Dubai, United Arab Emirates might use the principles outlined in "Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant" to create a "blue ocean" in the market. To begin, the company might assess the existing clothing options available to its target market and identify an unmet need that it could fill with a new product or service. This might involve conducting market research to understand consumer preferences and behaviors, as well as identifying any gaps or inefficiencies in the current market offerings.
Based on this research, the company might develop a unique and innovative product or service that addresses the identified unmet need. This could involve creating a product that offers unique features or benefits that are not available from competitors or developing a new business model that makes it easier for customers to access the product or service.
To differentiate itself from its competitors, the company might also focus on targeting noncustomers – individuals who are not currently served by the existing market offerings. By targeting these noncustomers and creating value for them through its product or service, the company might be able to create a new market opportunity and attract customers who were previously not interested in the clothing market.
Overall, by focusing on value innovation and targeting noncustomers, the company might be able to create a "blue ocean" in the market and differentiate itself from its competitors.
Quote: "The most powerful form of marketing is not what you do to get your customers to choose you over someone else, it's what you do to get them to see the whole market differently." - W. Chan Kim and Renée Mauborgne
2. "The 22 Immutable Laws of Marketing: Violate Them at Your Own Risk!" by Al Ries and Jack Trout:
Summary: This book presents 22 "laws" of marketing that businesses should follow in order to succeed in a crowded and competitive market. It covers topics such as differentiation, positioning, branding, and marketing tactics, and provides practical advice for businesses looking to effectively promote their products or services.
Lessons learned:
Differentiation is crucial for standing out in a crowded and competitive market.
Positioning is key to creating a memorable brand in the minds of consumers.
It is important to be the first in the minds of consumers for a particular product or service.
Best practices:
Differentiate the business's products or services in a meaningful way.
Position the business's brand in a unique and memorable way.
Be the first in the minds of consumers for a particular product or service.
Example: A small technology company based in Qatar might use the strategies outlined in "Differentiate or Die: Survival in Our Era of Killer Competition" to differentiate itself from its competitors and create a memorable brand in the minds of consumers. To begin, the company might focus on offering innovative and user-friendly products that solve specific problems for its target market. This might involve conducting market research to understand the needs and preferences of its customers and identifying areas where it can offer unique value.
Based on this research, the company might develop products that offer unique features or benefits that are not available from competitors. This could involve creating new technologies or improving upon existing ones in order to offer a better user experience or solve a specific problem more effectively.
In order to position its brand as a leader in the technology industry, the company might also focus on consistently communicating its unique value proposition to its target market. This could involve using social media, email marketing, and other marketing channels to share updates about its products and highlight the benefits they offer to customers. By following these best practices, the company might be able to differentiate itself from its competitors and create a memorable brand in the minds of consumers.
Quote: "Marketing is not a function, it's the whole business seen from the customer's point of view." - Al Ries and Jack Trout
3. "The Brand Gap: How to Bridge the Distance Between Business Strategy and Design" by Marty Neumeier:
Summary: This book discusses the importance of branding and suggests that businesses should aim to create a strong, consistent brand that aligns with their business strategy. It covers topics such as brand strategy, brand identity, and brand communication, and provides practical advice for businesses looking to develop and maintain a strong brand.
Lessons learned:
A strong, consistent brand is essential for creating a memorable and differentiated presence in the market.
A clear brand strategy helps to align the business's marketing and communication efforts with its goals and values.
A well-defined brand identity helps to create a cohesive and memorable brand experience for customers.
Best practices:
Develop a clear and consistent brand strategy that aligns with the business's goals and values.
Define the business's brand identity in a way that reflects its values and differentiates it from its competitors.
Consistently communicate the business's brand identity and values through all marketing and communication efforts.
Example: A small bakery based in Riyadh, Saudi Arabia looking to create a strong and differentiated brand might use the strategies outlined in "The Brand Gap: How to Bridge the Distance Between Business Strategy and Design" to develop a clear brand strategy and identity. To begin, the bakery might focus on defining its brand's unique value proposition and purpose, which could involve identifying its target market, differentiating itself from its competitors, and defining its brand's personality and values.
Once it has defined its brand's unique value proposition and purpose, the bakery might focus on consistently communicating these elements through its branding and communication efforts. This could involve designing a visually appealing logo and packaging that reflects its brand's personality and values, as well as using consistent language and imagery in all of its marketing materials.
To create a cohesive and memorable brand experience for its customers, the bakery might also focus on offering high-quality, locally-sourced ingredients and emphasizing its commitment to sustainability in its branding and communication efforts. By consistently communicating its brand's unique value proposition and purpose through all marketing and communication efforts, the bakery might be able to create a strong and differentiated brand that resonates with its target market.
Quote: "Branding is the process of aligning what you want people to think about your company with what people actually do think about your company." - Marty Neumeier
4. "The Art of Creative Thinking: How to Be Innovative and Develop Great Ideas" by Rod Judkins:
Summary: This book discusses the importance of creative thinking and suggests that businesses should aim to foster a culture of innovation in order to stay ahead of the competition. It covers topics such as creativity, innovation, and problem-solving, and provides practical exercises and tips for businesses looking to stimulate creative thinking within their organization.
Lessons learned:
Creative thinking is essential for generating new and innovative ideas.
Encouraging a culture of creativity and innovation can help businesses stay ahead of the competition.
Creative thinking skills can be developed and improved with practice.
Best practices:
Encourage a culture of creativity and innovation within the organization.
Create an environment that supports and fosters creative thinking.
Use creative thinking techniques and exercises to stimulate new and innovative ideas.
Example: A small consulting firm based in Cairo, Egypt might use the strategies outlined in "The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail" to foster a culture of creativity and innovation within its organization. To begin, the firm might create a dedicated space for employees to collaborate and brainstorm ideas, and might also offer training or workshops on creative thinking techniques. These efforts could help to encourage employees to think outside the box and generate new and innovative ideas that could help the firm stay ahead of the competition.
In addition to fostering a culture of creativity and innovation, the firm might also focus on continuously assessing and adapting to changes in the market. This could involve regularly conducting market research to understand industry trends and customer needs, and using this information to identify new opportunities or potential disruptions to the business. By continuously assessing and adapting to changes in the market, the firm might be able to stay ahead of the competition and remain competitive in an ever-changing landscape.
Quote: "Creativity is the ability to see things differently, to find connections where none existed before, and to generate new ideas." - Rod Judkins
5. "Marketing Management" by Philip Kotler and Kevin Lane Keller:
Summary: This book provides a comprehensive overview of marketing management and suggests that businesses should aim to create customer value and satisfaction in order to achieve success. It covers topics such as market segmentation, targeting, and positioning, and provides practical advice for businesses looking to effectively promote and sell their products or services.
Lessons learned:
Creating customer value and satisfaction is essential for achieving business success.
Market segmentation, targeting, and positioning are crucial for effectively promoting and selling products or services.
A well-defined marketing mix (product, price, place, promotion) can help businesses create value for customers.
Best practices:
Identify and target specific market segments in order to effectively promote and sell products or services.
Develop a marketing mix that creates value for customers.
Regularly assess and adjust the marketing mix in response to changes in the market.
Example: A small retail store based in Amman, Jordan might use the strategies outlined in "Marketing Management" by Philip Kotler and Kevin Lane Keller to develop an effective marketing strategy. To begin, the store might segment its market based on demographics and identify a specific target market to focus on. This could involve conducting market research to understand the needs, preferences, and behaviors of its target market, and using this information to tailor its marketing efforts to this group.
Once the store has identified its target market, it might develop a marketing mix that creates value for this group. This could involve offering a product or service that meets the specific needs of its target market, setting a competitive price for its product or service, and making it easy for its target market to access the product or service through effective distribution channels.
In addition to developing a marketing mix that creates value for its target market, the store might also focus on regularly assessing and adjusting its marketing efforts in response to changes in the market. This could involve conducting regular market research to understand the evolving needs and preferences of its target market, and using this information to adjust its marketing mix as needed. By following these best practices, the store might be able to develop an effective marketing strategy that helps it stand out in a competitive market.
This article provides a review of best practices in marketing for small and medium-sized enterprises (SMEs) in the Middle East. It discusses five books on the subject of marketing, including "Marketing Strategy: A Decision-Focused Approach," "Marketing Management," "Marketing: An Introduction," "Principles of Marketing," and "Strategic Marketing Management: A Decision-Making Approach."
For each book, the article provides a summary of its main ideas, as well as lessons learned and best practices that SMEs can apply to their business. The article also includes examples of how these principles can be applied by SMEs in the Middle East, including a bakery in Riyadh, a clothing company in Dubai, a technology company in Qatar, a consulting firm in Cairo, and a retail store in Amman.
Overall, the article aims to help SMEs in the Middle East rise to the top in a competitive market by providing practical insights and examples of how to implement effective marketing strategies and create strong and differentiated brands.