Guerrilla Marketing Warfare Strategies
Guerrilla marketing allows your small business to compete with larger competitors using more surgical and effective strategies. Comparing products may show that yours is more appropriate for potential customers. Talent poaching for your new executive may gain you a wealth of industry experience. If you can't beat them, sometimes you can form alliances with your competitors. Slashing prices strategically can be an effective tool to attract more customers.
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Product Comparison Advertising
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If your product or service is similar to one from a larger, better-known brand, consider comparing them. This technique works well if you are the lesser-known brand because people will wonder if your product really compares to the more established brand. Some psychologists believe the whole key to advertising is to stimulate thinking -- and that's precisely what this technique does. It helps your potential customers visualize themselves using your product.
Executive Raiding
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Another guerrilla strategy is executive poaching. This involves your company seeking out the best and the brightest professional in a particular industry and wooing him over to your side. A defecting executive from a rival company can bring a wealth of information, strategies and connections that may prove profitable. If your company doesn't have the resources to make a financially attractive offer, you may be able to win him over with stock options and equity positions.
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Short-Term Alliances
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Going head-to-head with other competitors can be expensive and exhausting. Sometimes, it may beneficial to team up with a competing company because both businesses can benefit from each other's strengths. For example, companies in a similar industry can band together to form an association that conveys a united and more powerful front to prospective clients. This more cohesive look may resonate well with customers who prefer larger brands, and generate profits for the businesses involved.
Price Slashing
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Reducing your prices may generate more attention from cost-conscious customers. Some companies employ a "loss-leader" strategy, where a product or service is intentionally sold at a below-market price to entice more customers. Then, salespeople or an existing marketing plan attempts to offer customers other products from the company. Many companies use this technique to take market share away from their competitors, in some cases forcing others out of business.
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