Whenever consumer spending slows, you need to defend your market position and maintain a competitive advantage. Social eye, the best digital agencies in Karachi shows you how to stay ahead of your competitors
- Find out who your competitors are, what they offer and what their unique selling point (USP) is. This will identify areas where you need to compete and provide you with a differentiated platform.
- Make a distinction. It is vital that your customers have a good reason to find you rather than a competitor. Your USP should have an in-depth understanding of customer needs and should be clear - no one should ask you what makes you different.
- Strengthen marketing. Improve your market positioning statement. Work harder to tell people who you are, what you sell and why they buy from you. It's not necessarily very expensive; marketing can range from posters and flyers in your window to viral marketing campaigns on social media.
- Take care of existing customers. They will be the target market for your competitors. Provide better customer service by better responding to their needs and expectations. If possible, consider offering low-cost additional features such as improved credit terms, discounts or loyalty programs - remember that keeping customers is cheaper and easier than finding new ones.
- Selling more markets can increase your customer base and spread your risk. For example, consider whether you can sell online or sell overseas. Have you never targeted a group that might be interested in your offer? Remember the advantages of market segmentation, don't waste time marketing for those who are not interested.
- Skilled and motivated employees are dynamic, evolving companies but attracting them not only means paying competitive wages – people are often impressed by the good working atmosphere and benefits such as flexible work and organized career development.
- Companies that plan to grow are more successful than those that are willing to stay stable. Keep up with the development of your industry, focus on consumer trends, invest in new technologies, and - it's vital to - clearly understand your goals in one, three and five years.
As a company, you must maintain your position in the market and stay ahead of your competitors. There are five ways to beat the toughest commercial competitors.
1. Identify and resolve customer pain points.
Conduct an investigation and list all the pain points of the customer. When using your product or service, you must ask open questions to understand exactly what your customers are looking for.
The key here is to provide solutions to potential customers and provide them with what they need instead of selling them what you want to sell. You only need to satisfy your needs, not "sell" anything. When you fill in the gaps that competitors lack, your products or services will automatically start selling.
2. Build your own niche and make more room for your business.
The already crowded market has less room for expansion. It is critical to provide customers with unique products to build their niche and minimize existing competition. Specialization always leads to a scalable and successful business. The niche market is reliable and the outlook is easier to locate. Moreover, customer retention rates are high. Start targeting local relevant platforms that may exist for target customers and adopt appropriate marketing strategies for them.
3. Pricing is correct.
The perfect pricing strategy revolves around marketing psychology. It's important to understand your competitors before you develop your own pricing strategy. A good pricing strategy doesn't always mean lowering the price of an existing product to win more customers. Each market is divided into three parts - the lower, middle and upper. The first step is to identify the course you want to target. Once you get the answer, it's much easier to set the price your viewers are willing to pay.
4. Let innovation be your best friend.
Innovate with your products and services and take risks without hesitation. For example, you can add enhancements to an existing business process using a virtual reality application such as Samsung Gear VR. Giants such as Nokia and Blackberry have disappeared from the smartphone market due to lack of innovation. Always remember that your competitors often innovate and new entrants are disrupting the market. Your business should often innovate in ways that competition finds difficult to follow.
5. Improve your customer service.
People like companies that provide superior customer service. If you are happy with your customers through quality service, you will become a loyal customer who will recommend your business to their family and friends. Hire employees who have a deep understanding of your product or service. Make sure they are patient and provide a satisfactory answer for each customer inquiry. Your customer service team should always be polite and respectful. They must always respond to customer inquiries. They should have a solution to the problem and always ask for customer feedback.
Published by Mohammad Ali