How to BEAT your Competitors in Business? | Rajiv Talreja

Summary

In this video, Rajiv Talreja, founder of Quantum Leap, offers seven strategies, known as the 'Seven R's,' to outperform competitors and grow a business. He emphasizes the importance of maximizing reach, enhancing recall value, targeting the right leads, focusing on customer results, encouraging repeat purchases, leveraging customer referrals, and implementing remarketing. Talreja's insights aim to make competitors irrelevant by building a robust business foundation and fostering customer loyalty.

Takeaways

• 📈 **Grow Your Business**: To outcompete, focus on growing your business rather than getting frustrated with competitors.
• 🔍 **Maximize Reach**: Ensure your product or service is easily accessible to your target customers to make competitors irrelevant.
• 📢 **Increase Recall Value**: Consistently market your business to become the best known in your industry, which can overshadow competitors.
• 🎯 **Target the Right Customers**: Focus on customers who have the money and need for your product or service to avoid competing on price alone.
• 📊 **Focus on Customer Results**: Position your marketing around the end results your customers achieve with your product or service, not just features.
• 🔄 **Encourage Repeat Purchases**: Develop products or services that customers can buy repeatedly to build a strong revenue foundation.
• 🤝 **Leverage Customer Referrals**: Tap into your customers' networks to generate referrals, which can reduce customer acquisition costs.
• 🔄 **Remarketing**: Re-engage with existing customers to upsell related products or services, enhancing profitability.
• 📈 **Seven R's Strategy**: Implement the 'Seven R's of killing your competition' to make your business more robust against market threats.
• 🛠️ **Develop New Capabilities**: Acquire new skills and take action to adapt and grow your business in response to competitive pressures.

Q & A

What is the main idea of the video presented by Rajiv Talreja?

The main idea of the video is to provide seven strategies, referred to as the 'seven R's,' to help business owners grow their business and make their competitors irrelevant in the market.

What does Rajiv Talreja suggest as the first strategy to make a competitor irrelevant?

The first strategy is to focus on 'Reach,' which involves setting up distribution networks, franchising channels, or multiple points of sales to ensure the product or service is easily accessible by target customers.

What is the second rule of business that Rajiv Talreja mentions in the script?

The second rule is that 'the best known beats the best,' emphasizing the importance of brand recognition and becoming well-known in the industry to attract more business.

How can a business become the best known in its industry according to the script?

A business can become the best known by marketing itself consistently, creating a brand positioning in the minds of customers, and being seen as the most preferred option for products or services.

What is the significance of focusing on the 'right leads' in business growth?

Focusing on the 'right leads' means targeting customers who have the money and the need for the product or service, which helps in avoiding the vulnerability to low-hanging customers and reduces competition.

What does Rajiv Talreja mean by focusing on customers' results?

Focusing on customers' results means concentrating on the end results or experiences that customers get from using the product or service, rather than just the features or technical aspects of the offering.

What is the role of 'repurchases' in building a strong business foundation?

Repurchases play a crucial role in optimizing the return on investment for acquiring a customer and creating a strong revenue foundation by generating repeated revenue from existing customers.

Why is it important for a business to focus on generating 'references' from customers?

Generating references is important because it helps in minimizing the cost of acquiring new customers and makes the competitor irrelevant, as people buy with more confidence when referred by someone they know.

What is the purpose of 'remarketing' to existing customers?

Remarketing to existing customers is to upsell related products or services, creating a one-stop solution for the customer and generating higher cash flows and profitability.

What is the 'business Space Program' mentioned by Rajiv Talreja, and how can one participate?

The 'business Space Program' is a three-day signature training conducted by Rajiv Talreja, focusing on holistic business growth strategies. One can participate by registering through the provided link in the video description for an investment of 999 rupees.

What additional incentive is offered for registering to the 'business Space Program'?

For registering to the 'business Space Program,' Rajiv Talreja offers three video courses, which are sold for 20,000 rupees on his website, as a gift to participants.

Outlines

00:00

📈 Overcoming Competition Through Growth

Rajiv Talreja, founder of Quantum Need, introduces the concept of making a competitor irrelevant by focusing on growing one's own business. He emphasizes the importance of not blaming competitors but instead taking responsibility for business growth. The video promises to break down seven strategies, known as the 'seven R's,' to outperform competitors. These strategies include increasing reach, enhancing recall value, targeting the right leads, focusing on customer results, and leveraging repeat business to build a strong foundation for growth.

05:01

🚀 Maximizing Business Potential and Customer Value

In this paragraph, the speaker discusses the significance of focusing on the right leads and customer results to build a strong business. He uses the analogy of selling yachts to illustrate the importance of choosing affluent customers who can appreciate the value of the product. The speaker stresses the need to market consistently and establish a brand that customers trust, even when competitors offer lower prices. He also highlights the importance of focusing on customer outcomes rather than just the features of the product or service, and shares a statistic about the revenue growth achieved by businesses coached by his team.

10:02

💼 Enhancing Business Through Repeat Purchases and Referrals

The speaker continues with the remaining 'R's strategies, emphasizing the importance of repeat purchases to optimize customer acquisition costs and build a strong revenue foundation. He also discusses the power of customer referrals, which can significantly reduce the cost of acquiring new customers and make competitors irrelevant. The speaker suggests creating a referral program or requesting referrals to leverage existing customer networks. Additionally, he touches on the importance of remarketing to existing customers with related products or services, positioning the business as a one-stop solution and increasing profitability.

Keywords

💡Competitor

A 'competitor' in the context of the video refers to other businesses in the market that offer similar products or services, and thus compete for the same customer base. The video emphasizes that instead of getting frustrated with competitors, businesses should focus on growing and improving their own operations. An example from the script is the strategy of making a line 'smaller' by putting a bigger line next to it, which metaphorically represents outshining competitors by growing one's own business.

💡Seven R's

The 'Seven R's' is a concept introduced by the speaker as seven strategies for businesses to outperform their competition. These strategies are the core message of the video, aimed at helping businesses to become more competitive in the market and render their competitors irrelevant. Each 'R' stands for a different focus area such as Reach, Recall, Right Leads, etc., which are explained in detail throughout the script.

💡Reach

'Reach' in the video refers to the extent of a business's distribution network and how easily accessible its products or services are to the target customers. The script mentions that having a wide reach can make a competitor irrelevant because customers will find the product more readily available. The speaker suggests setting up distribution networks, franchising channels, or multiple points of sale to maximize reach.

💡Recall Value

'Recall Value' pertains to the recognition and reputation of a business within its industry. The video explains that a business with high recall value is more likely to be remembered and chosen by customers, even if it's not the cheapest option. The speaker advises businesses to market themselves consistently to increase their recall value and become the best known in their industry.

💡Right Leads

'Right Leads' is about targeting the right customers—those who have both the financial means and the need for the product or service. The script uses the example of selling yachts to millionaires versus fishermen to illustrate the importance of choosing affluent customers who can afford the product and are less likely to cause financial strain on the business.

💡Customer Results

'Customer Results' is a focus area that emphasizes the importance of concentrating on the outcomes that customers achieve by using a business's product or service. The video suggests that businesses should communicate these results in their marketing to show the value they provide. The speaker gives an example of a business coach focusing on the revenue growth and other positive outcomes experienced by their clients.

💡Repurchases

'Repurchases' refers to customers buying a product or service from a business more than once. The video highlights the significance of repeat business for creating a strong revenue foundation and reducing dependency on acquiring new customers. The script encourages businesses to offer products or services that customers will want to buy repeatedly.

💡References

'References' in the video script is about leveraging satisfied customers to generate referrals. The speaker explains that when customers refer others to a business, it not only reduces the cost of customer acquisition but also builds trust and confidence in the business. The script suggests proactively asking for referrals and possibly setting up referral programs.

💡Remarketing

'Remarketing' is the process of promoting additional products or services to existing customers after they have made an initial purchase. The video argues that businesses should upsell related products or services to their customers to increase profitability and build a one-stop solution for their needs. The script illustrates this with the idea of becoming a comprehensive provider for a customer's ongoing needs.

💡Business Growth

'Business Growth' is a central theme of the video, focusing on strategies that businesses can employ to expand and improve their operations. The script discusses various methods to achieve growth, such as increasing market reach, enhancing brand recall, targeting affluent customers, focusing on customer outcomes, encouraging repeat purchases, leveraging customer referrals, and engaging in remarketing.

💡Irrelevant

'Irrelevant' in the video script is used to describe the state where a competitor's actions or presence no longer impact a business due to the business's own growth and strategic efforts. The speaker encourages businesses to make their competitors irrelevant by focusing on their own development and implementing the seven R's strategies.

Highlights

The concept of making a line appear smaller by placing a bigger line next to it as a metaphor for outgrowing competition in business.

Introduction of the seven R's strategy to outperform competitors by growing business.

Emphasizing the importance of distribution networks for making a product or service widely available to customers.

The significance of recall value and becoming the best known in the industry for attracting more business.

Targeting the right leads, focusing on customers with the financial capacity and need for the product or service.

The importance of focusing on customer results and experiences rather than just the features of the product or service.

Quantum's impact on businesses through coaching, resulting in significant revenue growth.

Invitation to the three-day signature business base program for holistic business growth strategies.

The value of repeat purchases in optimizing customer acquisition costs and building a strong revenue foundation.

The power of customer referrals in reducing the cost of acquiring new customers and making competitors irrelevant.

The strategy of remarketing to existing customers to upsell related products or services.

The importance of not blaming competitors and instead focusing on building and growing one's own business.

The role of consistent marketing in establishing a strong brand presence and attracting customers.

The significance of creating a diverse product or service portfolio to become a one-stop solution for customers.

The offer of additional video courses as a gift for registering for the business base program.

The call to action for participants to develop new capabilities and take new actions for business growth.

The final thought on the irrelevance of competitors when a business is proactive and focused on growth.

Transcripts

if I told you to make this line smaller

what would you do most people would like

to scratch that line out or find some

kind of an eraser to make that line

smaller but here's the actual way to

make this line smaller

you actually put a bigger line next to

it now why am I sharing this with you

this is how you got to treat your

competitor in the market if your

competitor is taking away your customers

lowering the price giving more credit

period you can't sit and fight and get

frustrated with that competitor you just

got to grow your business bigger now in

this video I'm gonna break down for you

what are those seven strategies that you

need to use to grow your business bigger

so you're not affected by your

competitor I call this the seven R's of

killing your competition hi my name is

Rajiv talreja and I'm the founder of

Asia's largest business coaching and

consulting company called Quantum need

which helps small and medium business

owners create strategies and systems to

scale their business through my journey

of working with thousands of

entrepreneurs one of the things that

I've realized is any business owner

who's blaming the competitor for the

circumstances of their own business is

in fact absolving themselves of any

responsibility in and any possibility of

growing beyond the challenges that the

competitor is throwing at them so

through this video I want to break down

for you seven Focus areas that you can

focus on to make your competitor

Irrelevant in your life and in your

business

so the first Focus area to make your

competitor a relevant

relics on reach there's a rule of

business that I learned very early in my

life most found beats the best what do I

mean by most found beats the best if

your product or service has great

distribution and is available easily is

accessible easily by your Target

customers then your competitor becomes

irrelevant at the end of the day you

need to set the distribution networks

the franchising channels or multiple

points of sales either offline or online

to make sure that your product or

service is most found and that volume

that you will get because of being most

found will make your competitor

irrelevant so ask yourself can you sell

digitally can you establish distributor

and dealer networks can you franchise

your business so that your product or

service has the maximum reach in the

market and eliminates the competitor's

reach and make sure that you are winning

that race of distribution which brings

me to the second Focus area the second

Focus area is to focus focus on recall

value of your business now what do I

mean by recall value the second rule

that I learned in business very early in

my journey was that apart from most

found beating the best even the best

known beats the best what does that mean

you may have the best product you may

have the best quality service but if

there is a competitor who's better known

than you are they will attract more

business so the strategy is to increase

your recall by becoming the best known

in your industry now how can you become

the best known in your industry in

becoming most found it's about your

sales distribution and your sales reach

but in becoming the best known it's

about marketing yourself consistently

and creating a brand positioning in the

mind of your prospect customers where

they look at you as the most preferred

option of product or service when they

think of your product or service so I

want you to ask yourself how can you

Market yourself consistently how can you

add value to customers grab attention

establish relationship and establish

credibility in a manner where even if

your competitor is offering the product

or service at a lesser price people feel

that hey you know what there's something

wrong with that lesser price I want to

go to the most popular brand in this

segment because they are reliable and

they come to you which brings me to the

third Focus area that you need to focus

on to eliminate your competitor the

third Focus area is to focus on the

right leaves the word right leads means

when you Target customers or prospects

who have the money and the need that's

when you are focusing on the right leads

one of my friends who's in the business

of selling Yachts to Millionaires and

billionaires in Dubai share this

beautiful thought with me once he said

Rajiv it takes the same skills and

knowledge to sell boats to fishermen and

Yachts to Millionaires and billionaires

but you will make your customers problem

your problem so choose the right

customer and he continued to say that

when you sell both to fishermen

fishermen don't have money and they'll

ask you for a lesser price when you

reduce the price then fishermen still

don't have the cash flow to pay you the

boat money up front so they will ask you

for an installment option then when you

go to collect the Emi fishermen may not

have consistency of cash flow so they

may default on their payments or delay

on the payments and you will make their

problem your problem whereas if you're

selling yards to Millionaires and

billionaires even their problem will

become your problem and he once gave me

an example saying a customer of his who

bought a yacht from him are 250 000 US

Dollars called him back and said Hey

listen yesterday I did a yacht party I

had some of my friends over and they

asked me how much is the yard for and I

said 400 000 US Dollars and by the end

of the party they loved the yard so much

that they asked me for your phone number

I have given them your phone number they

will reach out to you but make sure you

quote 400 000 US Dollars only good

problem to have right so that's why you

need to ask yourself in

the right are you selling to people who

have the money and the need because if

you're not then you're making yourself

vulnerable to Target low-hanging

customers who all your competitors are

anyways targeting I am asking you to go

one level above and identify people who

have the money who have the need who

will appreciate the value of the value

your product or service provides to them

that itself becomes an Eliminator of

competition which brings me to the

fourth Focus area that you need to focus

on is to focus on your customers results

what do I mean by focusing on your

customers results very few businesses

have the maturity and understanding that

their customer is not buying their

product or service that customer is

actually buying an experience or an end

result that they would like to get by

using that product or service so in your

languaging in your positioning in your

Marketing in your selling in your

storytelling please only focus on the

customers results it's not about that

technical sophistication of your product

or service or The Innovation or

Supremacy or features of your products

or Services it's about measuring and

mapping and messaging to the world how

your customer is actually getting an end

result for example if I am a business

coach it's not about how many businesses

I have coached it's about how much

revenue growth profit growth personal

income growth jobs creation and product

Innovation my customers have experienced

through my coaching at the end of the

day when I focus on my customers results

which is the growth in the metrics of

the entrepreneur's business I am able to

make all the competitors irrelevant who

are busy talking about the certificates

they have who are busy talking about the

programs and courses they have because

at the end of the day the customer does

not care about you or anybody's product

or service they care about the end

result having said that let me tell you

an interesting statistic out of the 361

businesses that my team coached one to

one During the period of 2021 and 2022

we did a survey of the impact of that

coaching on their business and the

results were startling these were micro

small and medium Enterprise

entrepreneurs whom we coached for a

period of one year and 361 of those

businesses showed a revenue growth of

5126 crores in their revenue post

coaching that is the result that we

measure when we work with entrepreneurs

now if you would be open to exploring

how we can support your business and

help you take your business to the next

level then I do a three-day signature

training called the business based

program which I do once in two months as

an online live Workshop where I handled

the participants in creating holistic

goals for their business in designing

business growth strategies for their

industry in breaking down how they can

activate Marketing sales operations

accounts management and human resources

for their business and in helping them

design their hiring process their firing

process their salary appraisal systems

and their people development systems now

if you understand this is core

management of any business and most

business owners are only good at

managing their product or Services

they're not good at overall Management

in terms of goal setting strategy

creation functional activation and

people management process creation so if

you would like to learn these management

skills then I have an invitation for you

there's a link given Below in the

description where you can register for

my three-day signature business based

program which is an online live workshop

and you can do that for an investment of

999 rupees only and if you take action

right now I'm going to also gift you

three video courses which I sell on my

website rajiv.com under the shop section

for 20 000 rupees so take action right

now because at the end of the day if you

want to experience new results you need

to have new capabilities and you need to

take new action so help me help you

develop those capabilities like every

develop those capabilities through the

business Space Program in the last seven

years I will see you there make sure you

click on that link and be a part of the

business Space Program which brings me

to the fifth Focus area that you need to

focus focus on is focusing on

repurchases from your customers now this

is where it's important that the product

or the service that you are offering at

least one of the products or one of the

services you are offering needs to be of

the type that people can buy repeatedly

look repeat purchases is the best way of

optimizing the return on your investment

to acquire a customer and it's the best

way to create a strong Foundation of

revenue for your business so that you're

not affected even if the competitor is

getting more customers you have a base

you have a foundation that is strong

enough where you're generating repeated

revenue from your existing customers

which brings me to the sixth Focus area

that you need to focus on is to focus on

reference now as a business if you are

good at doing what you do if you're

offering a good quality product or a

good quality service with a good quality

experience to your customers then it's

your right to tap into the network of

that customer and generate referrals

from that customer now many businesses

know this very few do this the key here

is in execution and tapping into those

referrals graciously enough from your

existing happy customers because think

about it when you are tapping into your

customers networks and generating

reference from them proactively where

you are actually asking them to connect

you to potential customers in their

family friends or acquaintances Circle

then you are minimizing your cost of

acquiring new customers and most

importantly you're making the competitor

irrelevant because people buy in

confidence from those they are referred

to so when your customer is referring

their family and friends that Potential

Prospect buys with conviction from you

because you are being introduced to them

by somebody who's already validated and

experienced the quality of your work

tapping into customer reference is

probably one of the most underrated yet

one of the most powerful practices to

actually reduce your dependency on

what's happening in the open market and

build your own Market by tapping into

the networks of networks of your

customers if you are in a b2c business

even create a referral program where

you're incentivizing your existing

customers to refer more customers to you

and in return giving them some kind of

coin system some kind of cashbacks or

some kind of value-added services or

some kind of continued services in a b2c

environment referral programs work like

magic in a B2B environment you may have

to just do referral requests to tap into

the networks of your Target customer

which brings me to the seventh and final

Focus area is for you to focus on

remarketing what do I mean by

remarketing your existing customer has

gone through a journey with you first

they got aware about you then they

considered you as an option to buy from

then they made a decision to buy from

you and then they became your customer

once they became your customer once

they've used your product Services then

it is your responsibility to remarket to

that customer and upsell related

products or services on which they would

naturally spend money so I want you to

start thinking apart from having a

product which has a repeat purchase

value ask yourself what are related

products or services that my customer

would be willing to spend money on which

we can create and offer when you offer a

diverse number of products or services

to a particular customer segment you

give yourself the opportunity to become

a One-Stop shop and a One-Stop solution

for your Target customer and you give

yourself the opportunity to make more

money from your existing happy customers

any business that has a remarketing

model and has a product or service

portfolio where they can remarket to

existing customers will always generate

higher cash flows and higher

profitability in comparison to a

business with a single solo product or

service so these are the seven Focus

areas that any business can be proactive

active about and make their competitor

irrelevant on a closing note I want to

leave you with a thought think about it

only when you do not do these seven

things and you're just depending on your

existing customers and you're depending

on only Word of Mouth reference because

you are not marketing consistently and

your competitor then comes and takes

away one of your existing customers or

takes away one of those prospects you

are pitching to that's when your

competitor emotionally affects you and

frustrates you but when you do these

seven things then your competitors

existence becomes Irrelevant in your

life because you are on your way to

growth and you're not focused about

what's happening on the outside so go

out there be proactive take

responsibility do not blame instead

build and I look forward to seeing you

building your skills to be able to do

all of these things at the business

space program that I spoke to you about

make sure you use the link in the

description and I'll see you in the

three day signature Workshop of mine

called the business Space Program