How to beat your competitors?
In business, you’ll always have to watch out for your competitors. No matter what you do, you will always have competition. Your only solution is to try to deal with it the smart way. Of course you will have to try your best to beat your competition the legal and ethical way. With that as an online marketer you will have to be prepared to take extra steps to help your business grow significantly. The first thing you should do is to do a market research on your competitors.
Before you begin your thinking and planning on your strategies to beat your competitors, you will first have to gather enough knowledge and information regarding your market and the competitors you will face. Make sure that you have all the Intel that you need in order to move on to the next step. Pay special attention to who are your main competitors, find out about their weaknesses and their strength.
Also pay attention to the strength of their current brand awareness and find out how is their current relationship with their existing customers. If you can find information on what the general public like and dislike about your competitors then you would essentially be adding some very strong arsenals in your weapons that you can use against your competition.
Do a comparison between your service and your competitors.
One good way to win over the hearts of your competition’s customer is to do a product comparison. A detailed product comparison will serve to help you potential customers decide who they should choose to do business with. Many of your customers might have already been exposed to the branding power of your competitions, which is why you will have to work your way up to the top and try your best to show the world that your offer or package is simply better and by choosing to do business with you, the consumers are actually making a smarter choice.
A good example that you can refer to is the war between the Coca Cola vs. Pepsi Cola. We all know the Coca cola have a huge brand advantage when Pepsi got started in the industry. This is why Pepsi did a strong commercial to let the world know that if you are drinking both brand’s cola without actually knowing which brand you are drinking, the majority of the people will say that they prefer the taste of Pepsi Cola. This campaign actually helped Pepsi break into the market successfully and now a lot of the people will say that they prefer Pepsi Cola over Coca cola’s taste even when they’ve never done a direct comparison on the drinks before.
Therefore, as a business owner, you will find that a detailed comparison chart on your main website sales page will help you educate your customers and sway their buying decisions over to your product instead. Of course, brand loyalty will still be something that is very hard to defeat but slowly but surely your customers will realize who is giving a better deal and people will want to be making the smart and correct choice sooner or later.
Better value in your package.
If you want to beat your competitors then you better make sure that you put in a lot of effort into providing a better package and offer to your customers. If your competitors are giving away a small bonus that is worth $10, then you will want to top that and make sure you are able to give away a higher value bonus and still profit at the end of the day. The good thing with an online business is that you can easily increase the value of your bonuses without much cost and you are free to give a value to your digital bonuses as long as it sounds logical and it is well within the perceived value of your bonuses.
People just love a good bundle with their purchase. People will feel like they are getting a lot more with just one small price that they have to pay. Which is why, as a marketer, you will have to use tactics like bundling and increasing the value of your package significantly and still maintaining a price that your competitors cannot beat. Such a package would truly be an irresistible indeed. Needless to say, when your offer is irresistible, your sales will go up and your competitors will start envying you.
A good service does matter to consumers. Especially if people are actually looking forward for your product to work for them and this would mean that you will have to be there to actually help them with your product should they be encountering any problems when using your product. If you are in the business for long term and you want your prospects and customers to remember your product and brand for a long time, then you better be providing the best service that will ‘wow’ your customers.
Because if you are not going to put effort into your customer service, your competitors will certainly do so and that’s when you will find your customers slowly moving towards the direction of your competitors. You can win in the battle of price, packaging, product features and benefits or even a better sales letter, but if you don’t have a good customer service, people will not want to do business with you. Nobody wants to support and be associated with a meanie.
So try your best to be the good guys in your niche and try your best to reach out to your target market and help them achieve their goals. That’s when true success will follow and that’s when your business will get a gigantic leap because people will start talking positive about your business. And when you have loyal fans raving about your business, your competitors will have a hard time to catch up. All you have to do then is to make sure you try your best every day to keep them satisfied.
Mohan is the Founder and CEO of Bigthinkers.in, a unique market research company by which, Any individual, opportunity seekers or small business owners can learn how to build their businesses with the latest marketing strategies with advanced technologies to leverage their income and create a more profitable business.