Differentiation Is The Key To Profits

Posted on March 18, 2023July 26, 2024 by harborcapitalgroupinc

Current markets couldn’t be more crowded. And the number of products and services continues to grow.

Compounding that overcrowded problem, the internet allows companies to market their products globally.

Plus, most companies try to make their product better when they should be trying to make them different.

Products are sold on their perceived value. Tim Williams, Ignition Consulting Group, said

that making your product better isn’t always better; different is better. The primary goal of business isn’t revenue;

it should be profits. Differentiation is the key to profits. Therefore, you need to keep innovating your product offering.

Standing out from the competition is one of the most difficult challenges marketers face.

Sameness is the combined effect of companies needing to be more similar in their offers, poorly

differentiated branding, and mixed messages. The language they use is identical to that of their competition.

If you visit competing companies’ websites, you’ll find that most offer no meaningful differentiation. They say the same things.

Also, some companies need to restructure

According to Indeed.com, many businesses restructure over time and use various strategies

to advance and distinguish themselves in the marketplace. Consider creating

a differentiation strategy to increase profits without high risk or lower prices.

Why A Differentiation Strategy Is Challenging

You can only compete on features for a while. Can your incremental differentiation be featured?

Yes, according to CXL.com, but any gradual improvement has the chance of being copied relatively soon.

If you look at any mature category, you’ll find it full of products that are the same.

Commoditization is increasing in every category. Once novel features are now table stakes.

A/B testing tools. Or heat map (mouse tracking) tools. Or session replay tools. Or email marketing tools.

They all have similar features, with minor differences.

It’s increasingly more work to say how one tool is different or better than others.

Almost all smartphones have great screens. It wasn’t always like that, but you can’t build or sustain

a competitive advantage on screens anymore. You could compete on battery life,

but you can ride that wave for only so long if you make a better battery. They will catch up.

What Is A Differentiation Strategy

The main objective of a differentiation strategy is to increase competitive advantage.

You will accomplish this by analyzing the strengths and weaknesses of a product, the needs of your customers,

and the overall value it can provide. Then communicate that unique product differentiation

by showing how it differs from your competition.

It also requires a value proposition that matches the buyer’s needs and wants.

This product difference should also be in sync with your brand and may help build brand awareness.

How To Create A Effective Differentiation Strategy

Differentiation isn’t as much about creativity as it is Atep m logic. You are going to make a logical argument

that is clear, compelling, and convincing. If you see the logic of your argument,

there is a good chance you have a winner. The following are four basic steps you can take to get started.

One: Make sure your message makes sense in the context of your category. It starts from what the marketplace

already knows about your product and what your competitors have told them.

You will need to do a little research for this information.

Two: Find the unique, differentiating idea that separates you from the competition.

Three: Make sure you can support your differentiating idea and that you can

demonstrate that difference. Claims without proof are simply claims.

Four: Communicate your difference. Every aspect of your communications-

advertising, sales, website, etc.- must reflect your difference.

If leadership is involved in the process, you will also find that your differentiating idea greatly motivates your employees.

Product differentiation strategy should show a benefit that is exclusive to that product. Below are a few common strategies

employed to differentiate a product or service. At the same time, a successful differentiation strategy must align

your product or service with customer needs. An example, Amazon offers two-day shipping.

This differentiation feature was embraced by customers and is one of the reasons they have been so successful.

Two approaches to creating differentiation

A broad differentiation strategy, according to Gaussianco.com, creates industry-wide competitive

advantages that differentiate the offering from competitors. However, customers must widely

value a product with an overall differentiation strategy. Being unique in a

large market, you can increase your price point and improve your profits.

A focused differentiation strategy is used when you want to focus on one specific customer market.

A concentrated approach takes a segment of the previously described broad strategy audience.

It narrows the focus down to those with unique needs. The market should be niche,

but there must still be customer needs to address — because without customer needs, a new offering is unnecessary.

A Few Ways To Make Your Product Or Service Different

There are many ways to distinguish your product from your competitors. To get started on your plan,

the following are a few suggestions by Jack Trout to get your thought process going.

The magic Ingredient. If you have a different way to make your product or some special ingredients, don’t dismiss them. Make them a big deal. A differential.

High-Technology Product. If you have some high-tech designs, parts, or systems, name them and highlight how they make your product a better choice.

A New Innovation. You should make this the cornerstone of your differentiation. Again, give it a name and promote it.

A System Innovation. It could improve the process of using the product or enable the development to connect to other products and has a specific benefit.

Charge More. If your product is made better or has a better result, highlight it and justify the higher value and price (and added profit).

Help the environment. A product or service that helps the environment is a popular and essential feature for many people. Highlight it.

A different design for an old product. If you can change the design of an old product and make it better, different, or more usable, Make the design itself essential.

Benefits Of A Differentiation Strategy

Differentiation strategies have several advantages that may help you develop a unique niche

within your industry. Here are the possible benefits from Indeed.com of creating a differentiation strategy:

A differentiation strategy allows a company to compete in the market with something

other than lower prices. For example, a candy company may differentiate its candy by improving the taste

or using healthier ingredients. Although its competitors have cheaper candy,

they can’t provide the taste consumers may want from that specific candy company.

The benefit of a differentiation strategy is that it builds on the unique qualities of a product.

Your company may create a list of characteristics its products contain that your competitors

need to improve. Those characteristics will differentiate your product;

you may communicate this through effective marketing and advertising.

When products are differentiated and turned into higher-quality products, it offers more

opportunities for larger profit margins. Also, This differentiation makes it easier to generate interest and close sales.

How Do You Know If Your Differentiation Will Be Effective?

Is your differentiation real? Information from Hingemarketing.com Differentiators can’t be fabricated.

It’s too easy to spot exaggerated claims. And to make it work, you have to deliver what you promised.

Any company can claim superior service but do nothing special to make it a reality. No special policies. No special training.

Nothing to ensure it happens. The bottom line is that they are similar to many competitors making the same claims.

Is it relevant and part of the buyer’s selection criteria? If your point of distinction doesn’t

matter to your prospects, it won’t bring you more business. Ultimately,

what is most important is what plays into your target prospects’ selection criteria

and decision-making process. Irrelevant differentiators are a waste of time and money.

Conclusion

The marketplace is very crowded, and as we grow globally, it will get even more crowded.

Therefore, it is critical that you have either a low-cost strategy.-but only one company in your market

can be the low-cost leader. Or do you have a differentiated product or service –

and several companies can have differentiated products in a market.

We were told for years that market leadership ad profits came from increased efficiency,

but that is not true today. Differentiated products and services generate significantly more revenues and profits.

Getting a differentiated product or service is complex and may take some time to develop,

but it’s possible. You can differentiate your product or service in many ways..

I will end with this. Michael Porter, Harvard Professor and renowned strategist, said there are only two business strategies: low cost and differentiated.

I would love to hear your thoughts on how this differentiation “starter” worked for you.

Why A Differentiation Strategy Is Critical

Posted on March 17, 2023 by harborcapitalgroupinc

Current markets couldn’t be more crowded.

Whether a new or established business, you must keep innovating your product offering.

You also have to differentiate your product from your competitors to stand out.

That is why a differentiation strategy is critical. It’s the key to growth in today’s markets,

according to CXL.com. Standing out from the competition is one of the most prominent challenges

marketers face. Sameness is the combined effect of companies needing to be more similar in their offers,

poorly differentiated branding, and mixed messages. The language they use is identical

to that of their competition. If you visit competing companies’ websites,

you’ll find that most offer no meaningful differentiation. They say the same things.

Also, some companies need to restructure

According to Indeed.com, many businesses restructure over time and use various strategies

to advance and distinguish themselves in the marketplace.

Consider creating a differentiation strategy to increase profits without high risk or lower prices.

Why A Differentiation Strategy Is Critical

You can only compete on features for a while. Can your incremental differentiation be featured?

Yes, according to CXL.com, but any gradual improvement has the chance of being copied relatively soon.

If you look at any mature category, you’ll find it full of products that are the same.

Commoditization is increasing in every category. Once novel features are now table stakes.

A/B testing tools. Or heat map (mouse tracking) tools. Or session replay tools.

Or email marketing tools. They all have similar features, with minor differences.

It’s increasingly more work to say how one tool is different or better than others.

Almost all smartphones have great screens. It wasn’t always like that, but you can’t build or sustain

a competitive advantage on screens anymore. You could compete on battery life,

but you can ride that wave for only so long if you make a better battery. They will catch up.

What Is A Differentiation Strategy

The main objective of a differentiation strategy is to increase competitive advantage.

You will accomplish this by analyzing the strengths and weaknesses of a product,

the needs of your customers, and the overall value it can provide. Then communicate that

unique product differentiation by showing how it differs from your competition.

It also requires a value proposition that matches the buyer’s needs and wants.

This product difference should also be in sync with your brand and may help build brand awareness.

How To Create A Effective Differentiation Strategy

For an organization to scale beyond this point, the leaders become responsible for designing

and altering the DNA and architecture of the organization to incorporate new things and

remove old parts that allow it to compete more favorably in the industry (Forbes)

Product differentiation strategy should show a benefit that is exclusive to that product.

Below are a few common strategies employed to differentiate a product or service.

A successful differentiation strategy must align your product or service with customer needs.

An example, Amazon offers two-day shipping.

This differentiation feature was embraced by customers and is one of the reasons they have been s successful.

Two approaches to creating differentiation

A broad differentiation strategy, according to Gaussianco.com, creates industry-wide competitive advantages

that differentiate the offering from competitors. However, customers must widely value a product with an overall

differentiation strategy. Being unique in a large market, you can increase your price point and improve your profits.

A focused differentiation strategy is used when you want to focus on one specific customer market.

A concentrated approach takes a segment of the previously described broad strategy audience.

It narrows the focus down to those with unique needs. The market should be niche,

but there must still be customer needs to address — because without customer needs, a new offering is unnecessary.

Benefits Of A Differentiation Strategy

Differentiation strategies have several advantages that may help you develop a unique niche within your industry.

Here are the possible benefits from Indeed.com of creating a differentiation strategy:

A differentiation strategy allows a company to compete in the market with something other than lower prices.

For example, a candy company may differentiate its candy by improving the taste or using healthier ingredients.

Although its competitors have cheaper candy, they can’t provide the taste consumers may want from that specific candy company.

The benefit of a differentiation strategy is that it builds on the unique qualities of a product.

Your company may create a list of characteristics its products contain that your competitors need to improve.

Those characteristics will differentiate your product; you may communicate this through effective marketing and advertising.

When products are differentiated and turned into higher-quality products, it offers more

opportunities for larger profit margins. Also, This differentiation makes it easier to generate interest and close sales.

How do you know if your differentiation will be effective?

Is your differentiation real? Information from Hingemarketing.com Differentiators can’t be fabricated.

It’s too easy to spot exaggerated claims. And to make it work, you have to deliver what you promised.

Any company can claim superior service but do nothing special to make it a reality.

No special policies. No special training. Nothing to ensure it happens.

The bottom line is that they are similar to many competitors making the same claims.

Is it relevant and part of the buyer’s selection criteria?

If your point of distinction doesn’t matter to your prospects, it won’t bring you more business.

Ultimately, what is most important is what plays into your target prospects’ selection

criteria and decision-making process. Irrelevant differentiators are a waste of time and money.

Conclusion

The marketplace is very crowded, and as we grow globally, it will get even more crowded.

Therefore, it is critical that you have either a low-cost strategy –but only one company

in your market can be the low-cost leader. Or do you have a differentiated product or service

– and several companies can have differentiated products in a market.

We were told for years that market leadership ad profits came from increased efficiency,

but that is not true today. Differentiated products and services generate

significantly more revenues and profits. Getting a differentiated product or service is complex

and may take some time to develop, but it’s possible. You can differentiate your product or service in many ways.

I will end with this. Michael Porter, Harvard Professor and renowned strategist

said there are only two business strategies: low cost and differentiated.

Cheers, Jim Zitek

P. S. You might want to check out this blog post, “Why Business Strategies Are Important”

P.P.S. Check this post out also, “Why Marketing Strategy Is Important?

Innovative strategies that create revenues

ClickVisor Programs

Harborcapitalgroupinc.com

Why Marketing Strategy Is Important?

Posted on March 13, 2023 by harborcapitalgroupinc

What Is A Marketing Strategy?

I am starting this blog; “why a marketing strategy is important,” from the premise that your company already has a business strategy. Why?

Business strategy is your story, and marketing is how you tell that story. If you need a business strategy, check out this blog post.

The job of marketing is to find potential customers in your market niche and turn them into customers

— and then keep them as customers. Pretty straightforward, but as every marketer knows —

it’s doable but challenging. So we must start with the fundamental question, “What is a marketing strategy?”

First of all, the standard definition of a strategy is a process that starts with an objective (that is achievable and measurable),

then researches the problem and creates an insightful concept on how how to reach that objective.

Then the company decides how it will implement that solution

— what it will do and not do because of limited resources –

and finally, prepares a plan to execute and monitor the implementation of that strategy.

How Marketing Strategy Is Determined

A marketing strategy uses the same process as a business strategy.

However, the objective is to find potential customers in your market niche, turn them into customers,

and then keep them as customers. To do that, you need to focus on where the initial buying decision is made — in the buyer’s mind.

Another way to look at marketing strategy is to ask questions because strategy is all about making choices,

and asking questions forces you to think more creatively. For example, what are the aspirations for your customers and your company?

What markets or categories are going to be your main focus? How will you convert those prospects into customers?

I will be writing a blog on this approach soon.

Unfortunately, too many marketers go astray on what they think is a marketing strategy.

They list ( a plan) all the media they can use and then go about telling their story when time and money permit.

Their story is often about what they do, but the potential buyer doesn’t care what they do;

they care about what you do for them. Plus, they often need to remember that you have to reach prospects

where they make the initial buying decision— in their mind, not in a brochure or catalog.

They need to remember that their story is their business strategy, and marketing is how they tell it.

Why Marketing Strategy Is Important: The Competitive Challenge

If the targeted person is a prospect, you have to assume they need your product,

which means they already use your competitor’s product. You have to replace that brand with

your superior, differentiated brand and then position your brand as the better choice in this product category.

If they are not using anyone’s product, you must ask why? If you can’t answer that question,

you might be in the wrong market, targeted the wrong audience, Or have a new product in a new market.

That is a short, simple explanation of the marketing challenge, but you can see why

most companies are disappointed with the results of their marketing program.

A Marketing Strategy Is How You Tell Your Story.

First, you have to aim your story at the right target — the prospect’s mind where the buying decision is made.

As you know, our brains constantly collect information and store it in either our short memory (Tiger! Run!)

Or our long memory (Oh yea, I remember that now) so we can use it later. That storage space is like a piece of real estate.

Your job is to get your brand to own a piece of real estate in the buyer’s mind.

In any product category, there can be several brands stored there. One will be the number one preferred brand.

You may need a significant media budget to stay there if you are number one already.

But, if your brand is number two-five, you need to differentiate your product and position it as the better alternative.

Everyone wants to know; what are some marketing strategy examples. Following are two you will recognize.

An example of doing it right: Hertz was the number one preferred band in the auto rental business

and had the largest market share. Avis moved to number two by positioning itself as the alternative to Hertz

by saying, “We’re number two. We try harder.” Busy business people hated waiting to check in or out.

They quickly “owned” that real estate in the buyer’s mind.

An example of doing it incorrectly: Computers were starting, and IBM was number one.

Honeywell was one of several other companies trying to compete with IBM.

They knew potential buyers looked at IBM and one other company before purchasing.

So Honeywell positioned itself as “The Other Computer Company.” It worked great for getting into the bidding process

— for a short period. But they lost every bid. Why? Their computers were not equivalent to IBM’s.

You have to be able to back up your positioning.

You get the idea. Marketing strategy is more than making lists of media and deciding which tactics

and how big the budget will be. And you also need a strategy for each tactic you will use.

I will cover the strategies of the different tactics – problems/issues, brands, differentiation, positioning,

value propositions, innovation, creative thinking, how to make better decisions, Etc. in other blog posts.

However, to get started, the following essential things you need to do to assemble your marketing strategy and plan.

Marketing Tactics

Remember, your business strategy is your story

and marketing is how you tell your story.

How To Get Your Marketing Program Started

A marketing strategy is a detailed plan of a company’s promotional efforts across various platforms and channels.

It includes objectives, target audience profiles, content creation steps, key performance indicators,

and other components. Hubspot.com identifies the following components as part of a marketing strategy.

In addition, I cover many other components and objectives like positioning, creating

differentiation, value propositions, brand creation, Etc., in other articles.

Marketing Objectives

Start with the marketing program’s overall objective to determine how the marketing strategy creates revenues.

Then the objectives for each strategy element and the goals of each communications program or tactic you plan to use.

All of these must be in sync with the business and marketing strategy.

Again, make them achievable and measurable. With every objective, be as specific as possible.

Marketing Budget: Your budget depends on the programs you want to implement

and the targeted market or niche selected. You can start with a definite value proposition

to a targeted small niche market and expand the target market as profits increase.

You can develop your marketing programs more quickly with the resources (time, talent, and money)

and an agreed-upon strategy. Also, the marketing budget must sync with your plan’s objectives and tactics.

Competitive Analysis

Knowing your competition is critical when creating your marketing strategy. For example, compare your business model against your competitors.

This analysis will give you information and a visual perspective and make sharing this information with all your employees easy.

Analyzing each business model element will enable you to look for weaknesses and opportunities to exploit.

Client/Prospect Analysis

Marketing is about knowing your prospects and clients. Not just geographic, psychographic, and location, but what’s in their mind.

Clients and prospects may already have perceptions and opinions about your products and services

and those of your competitors. You want to find out if they do and what they are.

This information is what your marketing will be about – creating a preferred space in their mind for your product.

In today’s competitive world, you must own a piece of real estate in your prospect’s mind.

Once you understand your position and your competitors’ positions, you can begin to create your marketing programs, including:

developing and maintaining your band,

differentiating your product from the competition

positioning your product well in the prospect’s mind.

You are ready to begin designing and creating the message you want to send your prospects,

including advertisements, brochures, websites, white papers, video messages, content marketing, blogs, podcasts, publicity, and more.

Monitor Your Marketing Programs

Marketing performance measures marketing campaigns’ success and shows how well campaigns

are tracking toward your goals. They are also essential elements of any campaign,

and marketing teams need them to understand whether their marketing strategy is successful.

Following are some metrics Amazon suggests for different channels that you should consider.

They will help you make better decisions about optimizing your programs and budgets.

Email marketing: email opens, forwards, unsubscribes

Digital marketing: click-through rate and impressions

Social media: follower count, impressions or reach, and engagement rate.

Website: monitor traffic, bounce rate, new customers, returning customers, time spent on site and traffic sources, and conversions.

Content marketing: blog traffic, amount of content shared, content downloads, qualified leads

through lead generation form and the progress of prospects throughout the sales funnel.

Video: impressions and total viewing time, followers, comments. Etc

Sales: with direct sales, sales team response time, sales call volume, and sales call reviews

Revenue: how much revenue each channel generates, the cost of that revenue, repeat sales, client turnover, and profits.

SEO: organic traffic, average keyword rankings, keyword search volume, and

Quality: Quality Score, reviews, and monthly recurring revenue.

Conclusion

I started this blog; what is a marketing strategy,” from the premise that your company already has

or is developing a business strategy. The job of marketing is to find potential customers

in your market niche and turn them into customers — and then keep them as customers.

Another way to look at marketing strategy is to ask questions because strategy

is all about making choices, and asking questions forces you to think more creatively.

Unfortunately, Marketers often think their story is about what they do,

but the potential buyer doesn’t care what you do; they care about what you do for them.

Marketing Strategy Is How You Tell Your Story. First, you have to aim your story at the right target

— the prospect’s mind where the buying decision is made. In any product category,

there can be several brands stored there. One will be the number one preferred brand.

You get the idea. Marketing strategy is more than making lists of media and deciding which tactics and how big the budget will be.

Cheers,

Jim Zitek

Two other blog posts you will want to check out: “How innovative strategies drive sales”

and “Innovative strategies for a competitive market”

Innovative strategies that create sales

HarborCapitalGroupinc.com

How Your “About” Page Helps You Increase Revenues

Posted on July 22, 2020 by harborcapitalgroupinc

Your “About” page is the second most important page on your website because it shows why you are qualified to do the work you have promised. Once visitors see what you do on your home page, they jump to your about page to see what you are all about. It also sets the tone and authority level for the rest of your website.

This critical page is necessary for content conversion and then increases revenues because it is the beginning of building trust with your prospects.

Because your About Page is important, it has to reflect your personality and the way you see things.

The following basic elements are a guide for the content you need to include. Many of the suggestions are from an article in Inc magazine written by Jeff Haden. Another good reference is Hubspot.

Your about page could be about “Us” (your team or company) or about “Me” a single person, or about “your brand.” Stay consistent; first person (I, or we), second person (you), or third person (he/she/they) throughout your story.

Also, if you want to connect with people, be transparent and honest. If not, they will sense it as they go through your story and dismiss you if they feel you are not being truthful.

Most people find it hard to write about themselves, so ask people you know how they would describe you and what you offer.

Start your story by stating your goal right away, Let them know where you stand and why what you offer is important to them.

Start with your keyword in the headline

Your headline should include your keyword. You can have a subhead that states the problem, solution, result, and benefit. For example, you could use “About” or Your Name and then have a subhead that contains your core story.

The important thing is that you have to make your point early. By the time they get to the bottom half of the page, many people drop off. Also, your about page can also help you with your Google ranking and organic traffic, so having it SEO optimized is also important. Neil Patel has lots of examples of how to use your About page.

Move to what the customers need

Generally, people go to your About page because there is some interest or problem they want to solve. For example, reach product-market fit, find new customers, or increase revenues. So, address that problem and show them how you can help solve their problem better than anyone else.

Your About page may say it’s about you and it is. But, what the readers want to know is if you can solve their problem and deliver the results they want. Start with your core story (strategy) and tell them what you do and what they can expect, Be specific, but brief.

Tell them what kind of customers you have

Tell them who your customers are, so they can determine if they fit the way you do business or not. You can also mention who your customers are. For some, those names or companies will be important in their decision.

Also, give them facts not fluff. Don’t tell them how outstanding you are, give them facts, and let them judge for themselves. If you don’t have facts, don’t make them up. Talk about your vision why you do what you do and what you hope to accomplish. If they agree, they may want to come along. Like Simon Sinek says, people don’t buy what you do, they buy why you do it.

To Get Conversions and increases in revenues, you need a CTA

You also need a Call to Action (CTA) on your page. For example, what do you want them to do once they have read your page? Do you want them to sign up for your blog, get your lead magnet, watch a video?

Don’t try to be something you are not

The page has to be condensed around your story. However, don’t write a long, boring, detailed history of your life.

Often, smaller companies pretend to be bigger than they are. If you are passionate about what you do, they will see it and feel it. Focus instead on how you can help them. For example, because you are smaller, you can give them more attention, get things done faster, and possibly save them money.

Tell them where you started your journey and some important milestones you achieved along the way. Provide some background about you and what led you to this business. You can tell them about the challenges you faced and why you do what you do today.

Use real photos.

Real people in real places. Don’t use stock photos as everyone can spot stock photos, and they take away from your authenticity. You can also use infographics. They can tell a powerful story in a short amount of space. And color helps.

Keep testimonials short and to the point

Have testimonials that make a specific point. Distill them down to just a few sentences. Also, make sure they speak to your story. Also, testimonials can be used to answer anticipated objections in a positive and believable way.

Certifications and awards are important

If you are in a profession where certifications are required and important, use them. Important awards are also important. But you can easily overdo them. If you have a lot of awards and think they are important, have a special awards page. Remember, this section is about giving you credibility, not glorifying you.

Your About page must load quickly

Studies have shown that for every second it takes to load your page, There is a 7 percent decrease in conversion rates.

Always stay in beta

Don’t write this page and forget it. As things change, keep coming back and improving this page. Keep making it more persuasive. You will be able to and it’s very important.

Some additional questions you should ask yourself

What makes Us different?

How did you evolve to what you are/do today? And how can that help your clients?

Conclusion

Most people do not realize how important the About page can be and therefore put little effort into it. But, it is the second most read page on your site and it needs to be very persuasive in order to start to build a relationship with your prospects. Take the time to prepare and optimize this page and it will help you convert prospects and increase your revenues and profits.

Some additional questions you should ask yourself

What makes Us different?

How did you evolve to what you are/do today? And how can that help your clients?

If you have any questions about this information or about me, send me a message Here

How Your “About” Page Increases Revenues

Posted on July 22, 2020 by harborcapitalgroupinc

How Your “About” Page Increases Revenues

Your “About” page is the second most important page on your website because it helps you increase revenues.

Once visitors see what you do on your home page, they jump to your about page to see what you are all about.

It also sets the tone and authority level for the rest of your website.

This critical page is necessary for content conversion and then increases revenues because it is the beginning of building trust with your prospects.

Because your About Page is important, it has to reflect your personality and the way you see things.

The following basic elements are a guide for the content you need to include.

Many of the suggestions are from an article in Inc magazine written by Jeff Haden. Another good reference is Hubspot.

Your about page could be about “Us” (your team or company) or about “Me” a single person, or about “your brand.”

Stay consistent; first person (I, or we), second person (you), or third person (he/she/they) throughout your story.

Also, if you want to connect with people, be transparent and honest.

If not, they will sense it as they go through your story and dismiss you if they feel you are not being truthful.

Most people find it hard to write about themselves, so ask people you know how they would describe you and what you offer.

Start your story by stating your goal right away, Let them know where you stand and why what you offer is important to them.

Start with your keyword in the headline

Your headline should include your keyword.

You can have a subhead that states the problem, solution, result, and benefit.

For example, you could use “About” or Your Name and then have a subhead that contains your core story.

The important thing is that you have to make your point early.

By the time they get to the bottom half of the page, many people drop off.

Also, your about page can also help you with your Google ranking and organic traffic,

so having it SEO optimized is also important. Neil Patel has lots of examples of how to use your About page.

Move to what the customers need

Generally, people go to your About page because there is some interest or problem they want to solve.

For example, reach product-market fit, find new customers, or increase revenues.

So, address that problem and show them how you can help solve their problem better than anyone else.

Your About page may say it’s about you and it is.

But, what the readers want to know is if you can solve their problem and deliver the results they want.

Start with your core story (strategy) and tell them what you do and what they can expect, Be specific, but brief.

Tell them what kind of customers you have

Tell them who your customers are, so they can determine if they fit the way you do business or not.

You can also mention who your customers are. For some, those names or companies will be important in their decision.

Also, give them facts not fluff.

Don’t tell them how outstanding you are, give them facts, and let them judge for themselves.

If you don’t have facts, don’t make them up.

Talk about your vision and why you do what you do and what you hope to accomplish.

If they agree, they may want to come along. Like Simon Sinek says, people don’t buy what you do, they buy why you do it.

To Get Conversions and increases in revenues, you need a CTA

You also need a Call to Action (CTA) on your page.

For example, what do you want them to do once they have read your page?

Do you want them to sign up for your blog, get your lead magnet, or watch a video?

Don’t try to be something you are not

The page has to be condensed around your story. However, don’t write a long, boring, detailed history of your life.

Often, smaller companies pretend to be bigger than they are.

If you are passionate about what you do, they will see it and feel it.

Focus instead on how you can help them.

For example, because you are smaller, you can give them more attention, get things done faster, and possibly save them money.

Tell them where you started your journey and some important milestones you achieved along the way.

Provide some background about you and what led you to this business. You can tell them about the challenges you faced and why you do what you do today.

Use real photos.

Real people in real places.

Don’t use stock photos as everyone can spot stock photos, and they take away from your authenticity.

You can also use infographics. They can tell a powerful story in a short amount of space. And color helps.

Keep testimonials short and to the point

Have testimonials that make a specific point.

Distill them down to just a few sentences. Also, make sure they speak to your story.

Also, testimonials can be used to answer anticipated objections in a positive and believable way.

Certifications and awards are important

If you are in a profession where certifications are required and important, use them.

Important awards are also important. But you can easily overdo them.

If you have a lot of awards and think they are important, have a special awards page.

Remember, this section is about giving you credibility, not glorifying you.

Your About page must load quickly

Studies have shown that for every second it takes to load your page, There is a 7 percent decrease in conversion rates.

Always stay in beta

Don’t write this page and forget it. As things change, keep coming back and improving this page. It is that important.

Conclusion

Most people do not realize how important the About page can be and therefore put little effort into it.

But, it is the second most read page on your site and is very important in starting to build a relationship with your prospects.

Take the time to prepare and optimize this page and it will help you convert prospects and increase revenues.

Don’t miss out on future blog posts about how to create innovative strategies that drive sales.

Also, remember that your story is your strategy and marketing is how you tell your story.

Jump on this link to get on our free blog mailing list.

If you have a question or comment, please get in touch with me. I would love to hear from you.

How To Be One Of The Few Successful Startups

Posted on July 1, 2020 by harborcapitalgroupinc

How To Be One Of The Few Successful Startups

Most startups don’t achieve the successful startup goals needed to continue in business. Why?

The main reasons given are they couldn’t find product-market fit, couldn’t generate enough revenues and ran out of money.

But, It doesn’t have to be like that. No one can guarantee a successful startup,

but if you follow the strategies used by successful startups, your chances of success are 9X better.

Now, You Can Build A Successful Business On A Startup’s Budget

Where to start

You think you have a great product or service idea but you need to make sure. So, you ask a couple of friends.

They all tell you, “yea, it looks like a great idea to me”.

There are no consequences for their answer and they don’t want to hurt your feeling, so they agree.

You now have some opinions, but no facts. To get facts, talk to people in you’re targeted audience. But, don’t tell them what your product is.

Instead ask them, during the conversation, if they are having n(the problem you want to solve) and ask them if they also have that problem.

If the answer is yes, ask them how they handle the problem and how big of a problem is it.

Better information. Better decisions.

Create your strategy

This means defining your objective. Not your goal, but a specific, reachable and measurable objective.

You will then be able to diagnose the problem and create an insight into how to solve the problem.

Then, decide what your company will do and will not do.

This is difficult because you do not have the resources to do everything. And ts hard to say no, we will not do that.\

Once that is done, you need to prepare a coherent plan on how to execute your strategy.

Your strategy is your story.

Keep refining your strategy (core story) into your value proposition:

what you do, how you do it, what the results are, and how the customer benefits.

Get your story now to one or two lines.

Your strategy is your story, marketing is how you tell your story.

Embed your story into a marketing and sales messaging program designed to sell.

Your story will enable you to get away from just facts and features. For example, stop selling just grass seed and start selling greener lawns.

And if your product is technical, use simple language, analogies, and metaphors to sell your product.

A good example is when Steve Jobs introduced the iPod which held 5 Gigabits of storage.

No one could relate to 5 gigabits, so he held up the iPod and said you can put 1,000 songs in your pocket. That, they understood.

Use your story/strategy to become investment-ready

Successful startups also start immediately to use their story to become “investment-ready.”

The first question investors ask is “What’s your story?”

Because your story is your strategy, you will be prepared to tell investors

what your company does, why they do it, why customers buy from you,

and why this company represents an opportunity these investors will not want to miss.

Equally important, because you have done your homework and facts to back up your story, you will be able to answer their questions.

Answering their questions is critical. That is where they will go into depth with their questions and judge you and your idea.

Conclusion

Are you ready to learn the secrets of successful startups?

If you would like to learn more about the secrets of how successful startups are developed.

How you can develop your strategy, reach product-market fit quickly, create a business model that supports your story,

turn your marketing into a sales machine, and get investment-ready, grab a look at our website. You will be happy you did.

We have three options starting at only $39 per month, for three employees, including free email questions and with no contract. Cancel any time.

How Do You Know When It’s The Right Time To Scale?

Posted on June 10, 2020 by harborcapitalgroupinc

Is It The Right Time To Scale?

The goal of every executive is that moment when you have product-market fit and you are ready to scale the business,

But understanding when that moment has arrived is difficult.

May companies jump the gun and begin to scale the product or the company too quickly and end up just burning cash.

Net; getting the timing right is critical.

If you have discovered a pathway to repeatable revenues, and you are beginning to get or have organic revenues (proving product-market fit), or have revenues

and are convinced you are ready to scale.

In general, you are correct about product-market fit, But these early sales are most likely from innovators and early adopters.

These early adopters represent about 16 percent of your targeted market.

And, are the easiest market to reach. They are looking for and want to be first with new products.

Introducing a new product in a new market

You still have one or two obstacles to get over before you are ready to scale.

If you are introducing a new product in a new market, according to Steve Blank, professor, author, and entrepreneur, www.steveblank.com

you do not have a ready market. You have to create this new market. So, as you run out of early adopters, you will have to educate buyers who are unfamiliar with you,

your product, and its benefits. That will take time, effort, and money to accomplish.

Therefore, after that early revenue peak, you will get new revenues, but revenues will likely begin slowing down rather than speeding up

until you have the mainstream market educated. You have to cross the chasm, the gap between the early adopters and the early mainstream market.

This chasm is well documented in the book by Geoffrey Moore, “Crossing The Chasm”, author and consultant.

How long this “education phase” takes depends on the product or service type and how technical or complex the product is.

So timing is critical because marketing costs from scaling up are rising, and revenues are not.

A lot of companies have been caught in this trap.

Introducing a new product into an existing market

If you are introducing a new product into an existing market, your goal is to take sales away from your competitors.

Therefore, the market exists. Therefore, you should be able to keep revenues growing incrementally with your better value proposition or lower cost.

However, you still have to cross the chasm from early adopters to mainstream customers,

and they are more skeptical of your product or service and you than the early adopters.

It still takes time to educate and convince current users of a competitive product or service and switch over to your solution.

Therefore, you need to keep your revenue scaling more in sync with your revenue growth. Unless, of course, money is no object.

Scaling operations is also very difficult. We will tackle that problem/opportunity in another blog post.

Conclusion

Timing for a new product in a new market or an existing product in an existing market is a sensitive issue.

It depends on your development stage, type of market, and resources.

If you know someone with a timing issue, pass this on.

You might also be interested in our blog post, Transform Your Competitive Market Into An Uncontested Market.

You might also be interested in checking our website Harbor Capital Group, The Proven Secrets Of Successful Startups.

Jim Zitek

Innovation Strategies That Create More Profits

How To Break Free From A Competitive Market

Posted on June 10, 2020 by harborcapitalgroupinc

How To Break Free From A Competitive Market

Many companies today face a very competitive market and are looking for a way to break out.

When every competitor focuses on short-term tactics (i.e., special sales, drawing for a prize, etc.),

the solution only lasts until one of the competitors comes up with a new tactic. Then, you have to dream up another short-term tactic.

This kind of competition is self-destructive. Each competitor is destroying their margins.

This kind of self-destructive competition is one of the problems W. Chen Kim and Ranee Mauborgo take on with their book, “Blue Ocean Strategy.”

Their strategy is to create new demand by eliminating costs for features customers don’t value

and using that money to add features and benefits they do value. This allows you to add value at no additional cost.

Stop Benchmarketing The Competition

Too many companies focus their strategic thinking on the competition, which puts the competition, not the customer, at the core of their strategy.

Stop benchmarking the competition and responding to their strategic moves because it means you look more like the competition.

Instead, put your strategic focus on the buyer and innovate new ways to deliver more value.

Note: just because a competitor is doing something, doesn’t mean it’s of value to buyers.

For example, if your company is experiencing:

1. Margins shrinking

2. Competition is growing more intense

3. Competition driving commoditization

4. Rising costs

One way to reimagine your market is to take the features each competitor competes on for the X-axis,

and the value the customer puts on that feature on the Y-axis.

Then draw a horizontal line for each competitor, and you will see the differences between competitors.

You should be able to add value at no additional cost.

A quick example would be Cirque du Soleil.

They combined traditional circus acts with modern acrobatics and then put then the performance in a theatre,

which increased value, the price of the tickets, and significantly improved margins.

Focus On The Buyer

Put your strategic focus on the buyer and innovate new ways to deliver more value.

Note: just because a competitor is doing something, doesn’t mean it is of value to buyers.

In summary, you have to re-think or re-frame how you approach the market.

Then compare and contrast your offering with what competitors are offering (your x- and y-axis analysis).

Then introduce the first product to a market with lots of pain -they will be more eager to buy.

Then, finally, you expand your product offering to the bigger market and build revenues.

Think about these questions:

1. Which features of your product or service could you eliminate because the buyer does not value them?

2. How much would this reduce your costs?

3. What products or services could you add with those savings that would have value to the customer?

4. Which market segment can you enter to establish your base?

Conclusion

If you are looking for ways to break free from competitors, examine what your competitors are doing.

Which elements (features, functions, benefits) of their offer due the customers find of value

and which elements contribute little value. Each of the elements has a cost.

If you eliminate the elements that have little value, you can use those funds to add to or create new benefits that customers want.

Again think of what Cirque du Soleil was able to do.

If you know someone struggling in an overly competitive market, tell them about this post. Maybe it will help.

You might also be interested in our blog post, How Do You Know When It’s The Right Time To Scale?

You might also be interested in checking our website Harbor Capital Group, The Proven Secrets Of Successful Startups.

Jim Zitek

How do you restart a stalled early-stage company

Posted on March 25, 2020 by harborcapitalgroupinc

Often startups are launched before the founder(s) have determined the viability of their business idea, and eventually, for many reasons, the startup runs into trouble. Other times, there are Initial revenues, but they are irregular, don’t last, or they don’t grow as expected. How can you fix this?

In either case, you need to start diagnosing the problem by using the same analysis you would use to determine the viability of your business idea initially. If you haven’t launched yet, you need to assess the feasibility of your business idea before you launch. However, if you have begun, this same analysis would be the fastest way to diagnose the problem and see where you might be able to change, modify, or pivot to restart the pathway to success.

First Look At The Market

1 What is the market size or demand? If you don’t know, you can get some idea from Google Keyword Learning Tool (number of people searching for a keyword) https://ads.google.com/home/resources/using-google-ads-keyword-planner/

Also, Buzzsumo ( https://buzzsumo.com/ (number of people each day talking about your product).

2 Who are your competitors?

The more you know, the fewer surprises. This analysis also gives you an enormous amount of information about products, pricing, various business models, etc

3 Is this market trending, and in which direction?

Which direction is market headed. Google Trends, https://trends.google.com/trends/?geo=US can help you learn if a trend is growing or not.

4 Who are your target customers?

Who is a buyer, influencer, disrupter, etc.? You can use websites like Quantcast https://www.quantcast.com/ and Alexa https://www.alexa.com to find out more about demographic information of the potential market.

You can also learn about people in your target audience from Twitter. Who follows your interest, demographics, age, sex, etc.? Hashtag your keywords.

5 What does it cost to acquire customers?

Acquisition costs are critical. How will you acquire customers, and what will it cost to get them? One way is to find out how to use Landing Pages.

Using social media, AdWords, etc., test for people searching for your product and your messaging, and drive them to a landing page. Make sure you have a strong Call For Action based on your value proposition aimed at getting the information you want, email information, or potential sales. From these click-through rates, you can begin to estimate conversion rates and costs. Plus, you can continue to correspond with them for more information.

6 Challenge your assumptions

You likely will get some information with which you will disagree. You don’t want to accept everything at face value (in discussions with prospects also), but you have to challenge your strong held biases, You are looking for something different. Something that will lead you to a better way to position or operate your company.

It may take many trials and evaluations to get all the information you need, so keep at it until you are confident you have insights that will lead you forward.

Has your market assessment changed?

This blog is the first of three blogs on this subject I plan to write in the future. The next one will deal with product viability.

You might also like 15 Benefits Of Storytelling In Businesses

Jim Zitek, Harblor Capital Group Inc

We empower entrepreneurs with information, insights, and the conviction they need to find, develop, and embed their stories throughout the development process to build successful companies.

Do You Know When To Scale?

Posted on March 17, 2020 by harborcapitalgroupinc

The goal of every founder is that moment when you have product-market fit

and you are ready to scale the business, But understanding when that moment has arrived is difficult.

Many startups jump the gun and begin to scale too quickly and end up just burning cash.

Net; getting the timing right is critical. If you have discovered a pathway to repeatable revenues,

you are beginning to get organic revenues (proving product-market fit) and are convinced you are ready to scale.

In general, you are correct about product-market fit,

But these early sales are most likely from early adopters.

You still have one or two obstacles to get over. According to Steve Blank, if you are introducing

a new product in a new market, you don’t have a market. You have to create the market.

So, as you run out of early adopters, about 16 percent of the market, you will have to educate

buyers who are unfamiliar with you, your product, and its benefits. That will take some time and money to accomplish.

Therefore, after that early revenue peak, your new revenues are likely to begin slowing down rather

than speeding up until you have the mainstream market educated.

So timing is critical because marketing costs from scaling up are rising, and revenues are not.

A lot of companies have been caught in this trap.

If you are introducing a new product into an existing market, your goal is

to take sales away from your competitors. The market is there.

Therefore, you should be able to keep revenues growing with your better product.

However, you still have to cross the chasm from early adopters to mainstream customers,

and they are more skeptical than the early adopters, and it takes time to convince them to switch over to your product.

Therefore, your Scaling should be more in sync with your revenue growth. Unless, of course, money is no object.

For startups, timing is an essential element that you must always be conscious of.

On the other hand, Scaling isn’t the same as increasing sales.

Scaling also means enhancing and improving your capacity and capability; scaling requires a well-thought-out plan

(written down) that includes all of your sales and marketing, operational systems,

the technology that will help with both revenue generation and operations,

financial requirements necessary to scale, and potential risks.

At the same time, Scaling also requires that you continue to focus on your customers.

It would be best if you thought like Amazon, which puts billions into infrastructure

and operations to take care of its customers. Is your goal to have your startup scale?

If yes, do you have the profit margins and market size to scale?

If not, you can still have a great business, but it will be hard to attract investors.