By Debbie Gregory.

Veteran-owned small businesses have a lot to offer, to their customers, their communities, and to prospective employees. Despite the focus and push for veteran employment through diversity and inclusion, there needs to be greater focus on supplier diversity for veteran owned businesses.  I also believe that corporations need to integrate their Supplier Diversity, Inclusion and Diversity and Veteran Affinity and mentorship groups for real success.

Some interesting stats according to the Small Business Administration (SBA):

• Veterans are a key part of any supplier diversity program.
• Veterans are one of the most successful groups of business owners in America.
• 1 in 10 businesses are veteran-owned.
• Veterans are 30% more likely to hire other veterans.
• 5% of VOSB’s operate in the professional, scientific, technical services industries, and the construction industry.
• 1 % are in wholesale and retail trade.

Don’t Just Hire Veterans – Do Business with Them! There are many good reasons to work with veteran-owned businesses.

• Know the Rules

The federal government requires 3% of the total value of all prime contract and subcontract awards go to Service-Disabled Veteran Owned Small Businesses (SDVOSBs).

• Finding Veteran-Owned Businesses

The very best way to find a veteran-owned business is to search connect with and sponsor trade associations such as VAMBOA with huge memberships of Veteran Business Owners.   VAMBOA, the Veterans and Military Business Owners Association can connect the RFIs and RFPs of your corporation with our network of over 7,000 members.

I believe that time is at a premium for small Veteran and Service-Disabled Businesses as it is for the corporations that are required to have a diverse supplier network.  Instead of spending the time of staff and the expense of attending conference, become a VAMBOA sponsor and we will place your message online to our large membership and on social media with almost a quarter of a million fans and followers.

• Do Your Research
  There are good vendors and bad ones. Simply having a federal VOSB/SDVOSB certification does not mean that the vendor is experienced or any good at their job. Always ask for work examples or references as you would with any vendor, supplier, or potential employee.

Any company can slap a “veteran-owned” sticker on their location or product but some may not be honest, and fraud is a concern. Most states will certify a business as VOSB/SDVOSB if they have their federal VA certification. Before doing business make sure that you request a copy of that certification.

• Get Management on Board

You will need to gain the support of your senior management in order to add veteran-owned businesses to your approved supplier lists. Veteran-owned businesses now provide almost every type of product or service you can think of.  Make sure the entire company is on the same page about including VOSB/SDVOSBs. Veterans hit all the boxes as they are diverse group including minorities, women and disabled.

• Educate Your Purchasing and Contract Departments
  Once you are sure that you have clearly outlined your goals for including veterans in your diversity supplier efforts, provide well researched lists to your key personnel of veteran-owned businesses to help jump-start the process. The most common internal pushback is lack of access to known veteran-owned businesses. If you cannot find them – it is hard to work with them. Make it as easy as possible for your employees to include VOSB/SDVOSBs when your company is looking for a vendor or supplier. The very best way is to become a VAMBOA sponsor.  Contact us.
• Tipping the Bidding Scales in Your Favor
  Sometimes working with veteran-owned businesses can bring you a competitive edge when bidding a job. Certain agencies will give preference to companies that utilize VOSB/SDVOSBs. Each federal agency sets participation goals for small businesses in procurement contracts. Regulations require Federal purchases over $10,000, but less than $250,000 to automatically reserve, or set-aside, a portion of the contract monies for small businesses.

Working with VOSB/SDVOSB can help you, the VOSB/SDVOSB you work with, and our economy in general. Next time you need a new supplier, vendor, or partner it may be in your best interest to find one being run by a vet.   Contact VAMBOA.

By Debbie Gregory.

Word of mouth is still one of the most powerful advertising methods.  People highly value and trust the opinions of those they know and love. If you can get them to speak positively of your business, odds are good their friends and family will be knocking at your door as well.

Even word of mouth from strangers can have a huge impact on a person’s buying habits. Online reviews are very important with approximately 9 of 10 people reading and being influenced by online reviews. Most people use online reviews to determine whether a business is trustworthy and deserving of their business. This is consistent with all types of businesses including doctors, attorneys, restaurants, tradespeople, brick and mortar retail stores, E-Commerce stores and more.

What can you do to get people to talk positively about your business? Below are some ways to help you foster more positive word of mouth endorsements and grow your business.

Ask for Testimonials and Display Them Prominently:

Customer testimonials are powerful endorsements. Make sure that your business is in the habit of asking for testimonials and make sure that you display prominently where others can find and read them. Share the testimonial on your website, on your social media channels and you can even print and post them in your place of business.

Make It Easy for Your Customers to Contact You:

Poor communication will frustrate people and drive customers away from you. You need to be reachable across multiple platforms and in multiple ways. Make sure that your website is easy to read and navigate.   Being responsive can make a huge difference. Make sure contact numbers, emails, or a contact form are all easy to access and use. It is important that your phone connects, that someone answers courteously, and that your voicemail has space to receive new messages if no one can pick up the call. Answer all voicemails, emails, and messages received through social media in a timely and professional manner.

Provide Excellent Customer Service:

Excellent customer service is the most important thing you can focus on to gain positive word of mouth as well as set yourself apart from your competition. If someone is unhappy with your customer service, they are even MORE likely to tell their friends and family than if they have a positive experience with your business. They will also take their own as well as the business of those near and dear to them elsewhere.  It is critical that you demonstrate to your customers how important they are to you. Treat them as you would want to be treated, with kindness, courtesy, respect, and show that you are interested in their needs.

Stay tuned for the second part of this series which will discuss engaging people on social media, monitoring your online reputation, maintaining a positive image both in person and online, and how giving your time or and/or donations that can greatly improve your business reputation.

By Debbie Gregory.

In Part 1 of our Competitive Analysis Series, we reviewed the basics regarding the analysis; In Part 2, we covered the information you need to collect; and Part 3 will provide you the rest of the information you need to collect as well as tips for sorting and utilizing the information in order to grow your business.

Social Media:

Social media is a fantastic tool to see what your competitors put out there as well as find out what real people think about the products and services that your competitors offer.

On Your Competitors Social Media, Look For:

• What platforms do they use?
• What types of posts do they post?
• How frequently do they post?
• Who do they talk to, if anyone?
• What kind of language do they use?
• What is the tone of their posts?
• Are the conversations they have different on different platforms?
• Are they working with influencers and is that successful for them?

SEO (Search Engine Optimization) Analysis:

It is important to know where your competitors rank. When you Google your competitors’ business name, where do they rank in the search engine results? When you Google your relevant keywords, where do your competitors rank in the search engine results compared to where you rank? The results of your search should provide you a fair idea of the effort your competition is putting forth into their online content and SEO measures.

Check out the following:

• What keywords give your competitors search engine rank?
• What keywords do your competitors rank for that you don’t?
• What content ranks well and attracts links?
• How often are competitors releasing SEO-focused content?
• What sites link to your competitors’ site(s)?
• How have your competitors gained their links (paid for, trade, guest author, etc.)?
• What content on your site is in direct competition with theirs?

Using any search engine, even in Incognito mode, will not be entirely accurate when it comes to rankings. Search engines personalize your results based on your usage, profile, location, and quite a few other demographic items. Do not take these results at face value.

Putting It Together & Using to Grow:

When you look at all the information that you have gathered, you may feel a bit overwhelmed.  Pause for a moment and then get to work sorting the information in a format to make it most valuable to you.

• Place each item in order based on importance to your current business goals
• Categorize and sort your findings to determine where they fit into your strategy.
• Work through the findings with your co-workers so that everyone is on the same page. You can put together quick cards or a single sheet with your competitor’s major strengths and weaknesses so your team can quickly reference them as needed.
• Utilize the data to leverage your own marketing.

It is imperative that you put all of your hard work to good use helping to grow your own business. Make sure the information is kept up-to-date and is easily accessible by everyone in the company.

A good competitive analysis does take a lot of work, but the rewards can be massive. It helps you removes blind spots, helps you improve your overall business, strategy going forward and offerings.   A good competitive analysis is essential for excelling in your industry. Take the time and energy to do it right.

By Debbie Gregory.

In the first part of our competitive analysis series we covered the basics including what the analysis is, how it will benefit you and your business, as well as how to get started. In Part 2 of our series, we will cover more of the information you need to be collecting such as your competitor’s pricing, financial records, job postings, and what is on their website.

Pricing and Financial Records:

Knowing what your competition charges can help you make sure that your products and services are priced competitively in your overall market. If competitors do not list their prices on their website. You might want to make a call to obtain a sales quote or a sense of what they charge with their sales or marketing people.

If your competition is a publicly held company, it will be quite easy to obtain their financial records. Don’t become discouraged if your competition is privately held. Most companies will occasionally talk about their finances in press releases, interviews, blogs, and the like. Keep an eye out for any nuggets of information while you are conducting your search.

Check Competitors’ Job Postings:

Looking at who they are trying to hire can tell you a lot about what is going on inside of the company.

For example:

• Hiring developers or engineers? Odds are good they have a new project in the works.
• Hiring sales people? Odds are good they need more customers.
• Lots of openings all over the board? Odds are good either they are in a growth mode or there is turmoil at the company causing high turnover rates.

We also recommend looking at websites such as Glass Door that allows ex- and current employees to leave reviews about their employers   This information can give you some very interesting insights into the company’s culture.

A Long Look At Their Website:

We all know how valuable a company’s website is. Websites remain the number one marketing tool for informing, selling, and gaining new leads. A website should be kept up-to-date with all of the current trends as well as useful content for prospective clients.

Website Items to Check Out:

• Is their site utilizing up-to-date technology and is it easy to navigate?
• What are they attempting to do and is really working?
• What are they attempting that isn’t working?
• Do they have a blog that is kept updated?
• What types of content do they create and share?
• Are they getting ahead or falling behind?
• What gaps can you fill that they’re failing to?
• Do they offer any valuable content such as eBooks, guides, or reports?
• Who are they targeting?
• How are they using their site to acquire leads or sell items?

In Part 3 of this series, we will go even deeper into the information you should be collecting. We will look at your competition’s social media channels, as well as their SEO performance, and provide you a few tips for sorting and utilizing the information.

By Debbie Gregory.

What is a competitive analysis?

A competitive analysis is defining and evaluating your major competitor’s strengths and weaknesses then comparing them with your own.

Why do a competitive analysis?

When you have a better understanding of your competition, the greater your chances are to outperform them.

A competitive analysis can be a very effective tool to help you grow your business. The more comprehensive and in-depth your analysis, the greater benefit to you and your business.

Types of competitors:

There are many types of competitors. You may have a fairly accurate sense of who your competition is but you might be surprised to learn that you overlooked some competitors.

• Direct competition – These are the businesses that offer the same products and services that you do and service your target market.
• Indirect competition – These are the businesses that offer the same or very similar products and services that you do but they target a little different market than you do.
• Tertiary competition – These are the businesses that offer something that may vaguely link to your business but isn’t in direct competition with you.

Search for information about your competitors:

Begin your analysis by compiling a list of names of known competitors as well as keywords or phrases that are linked to your products and services. Once you have that list in hand, select your favorite search engine and use it to locate your competition.

Search engines are wonderful for helping you figure out who your competitors are as well as helping you to gather data on what they are doing. Don’t stop there! You will need to click on their sites, social channels, articles, and more to gain the information you need to do you analysis.

Ways to find out who your competitors are:

• Look at the ads / sponsored listings when you do your searches
• Use content analyzing tools to search blog posts and social media for company names
• Ask your current customers, or prospective customers, who else they use or have used
• Read trade publications
• Check social media channels
• Look at popular forums

Put the data in a spreadsheet:

Once you have your list compiled, you can begin your actual competitive analysis. It is a good idea to use a spreadsheet to keep all the information you collect together and in a format that is easy to read and access.

Obtain a basic overview of your competition:

Include information:

• Number of employees
• Noteworthy employees
• Number of offices and locations
• Number of clients
• Annual Revenue
• Products and services offered
• Area(s) they operate I
• Websites and social media channels they own
• Company history and significant milestones
• Message/Brand

Next, you want to take a close look at how the company sees itself. The easiest way to do this is to look at the content they put out under their brand. How do they talk about their own products and services?

Look closely at items such as:

• Website copy (the text on the site)
• Social media channels
• Printed materials (flyers, brochures, trade materials, etc.)
• Employees speaking at events
• Press releases or appearances
• Interviews given by employees or management

The messages they put out will provide valuable insight into what they feel is important, the key areas they focus on, and the type of customer they are targeting.

Ask yourself these types of questions while compiling the data:

• What is their opening piece of copy on their homepage?
• What features/products do they emphasize?
• Who (what types of people or customers) are they specifically talking to?
• How do they talk/what language do they use?
• What are their main selling points?
• What imagery (graphs, charts, cartoons, photos, etc.) do they use?
• What competitors do they talk about, if any?
• What clients do they highlight, if any?

Please stay tuned for Part 2 of this series will go into greater depth regarding the information you should be collecting such as pricing, financial records, job postings, and their website.