It's easy to feel intimidated by established competitors, 're starting out. Therefore, to grow your sales, you need to acquire new customers who are already connected with other suppliers.
Discover, through seven steps, how to surpass your competition !
Observe and analyze your competition
The first step to outperforming your business rivals is to discover who they are and what they offer your target audience . This will allow you to identify your competitive advantage and maximize your strengths to attract new customers. Ideally, you would hire an analyst. However, for small businesses that can't afford one, it's still possible to gather valuable information about other companies through your own competitive analysis .
Entrepreneurs often focus on brands that provide similar products or services to a common market segment . However, it is also useful to study companies whose offerings are very different , but which compete for the disposable income of the same demographic segment .
To outperform your competitors, you must be aware of changes and anticipate their impact before or better than others. Indeed, consumer behavior has been irreversibly affected by the Covid-19 pandemic. Examples include the explosion of online sales , the boom in telemedicine, the sharp increase in streaming film and series consumption, and the growing prevalence of remote work.
But with the easing of lockdown restrictions, your prospects will be aggressively targeted by companies in the hospitality, beauty, leisure, and entertainment sectors. They will then start spending again. You will therefore need to persuade them that your company best meets their needs.
Think about your audience and adapt
To gain new customers while simultaneously capturing those of your competitors, it's essential to understand these changes. If your brand's history, offerings, and pricing no longer resonate with your existing customer base, it will be difficult to attract your competitors' clientele. By taking a fresh look at your customer base , you can reposition your business to better meet the needs of potential buyers.
You will also need to consider consumers whose incomes have been affected by the health crisis . Logically, for them, price will be a key factor determining their purchasing decisions . Also, be aware that today's younger audience is increasingly interested in a brand's ethical values. You can, therefore, rethink the transparency of your supply chain . Remember that successful companies are those that react quickly to change. Those that can adapt their products or services better than their competitors will instantly gain a significant advantage .
With Magileads , attract more prospects through targeted omnichannel acquisition campaigns.
Highlight your strengths
In this step, you should have identified the points that differentiate your business from its competitors and understood what has changed in your target market . You can then move on to the next step, which involves promoting your strengths that best meet your customers' needs. Highlight the points that make you unique, your distinctive features. This will allow you to carve out a niche for yourself, even in a crowded market . These features might include characteristics such as your pricing, delivery time, product availability, convenience, quality, or customer service.
“Unique Selling Points (USPs)” is the term marketing experts use to describe these distinctive traits. You need to highlight them. However, be careful to ensure they are consistent with your entire business , including your website, marketing and public relations efforts, packaging, and product design. By centering the customer experience on these values, you will ensure that potential buyers clearly understand why they should choose your brand .
Create a better online presence for yourself
Evolving consumer behavior and the proliferation of e-commerce platforms mean that the number of online shoppers is higher than ever. As a result, digital marketing is essential for building brand awareness and expanding your customer base . However, since your target customers are constantly bombarded with advertising, you must continually stand out from the noise.
To establish direct and personal connections between your brand and your prospects, you must leverage the power of social media. This will create virtual communities of loyal supporters . Your social media strategy should take into account that most consumers are looking for support, entertainment, inspiration, and interaction with your brand. Overt sales tactics no longer work—forget them! By publishing useful, relevant, and shareable content, you can build a credible brand image . Your brand awareness will resonate positively with your competitors' customers.
Encourage your brand advocates
One of the most effective ways to attract customers away from your competitors is word-of-mouth marketing, also known as viral marketing . It's a fact that a personal recommendation from a friend, family member, or colleague can have a powerful impact on consumers. Similarly, online reviews and testimonials tools for converting a potential buyer into a loyal customer.
You can even turn your customers into true brand ambassadors. Convinced by your brand, they will vigorously promote it through referral marketing , such as referral programs. This is a low-cost yet highly effective acquisition channel
Identify market gaps
If your goal is to be a market leader, you must constantly and ways to fill the gaps in the current market . Admittedly, this approach often requires significant investment. However, you are guaranteed to attract customers away from the competition if you can offer a unique product or service. This product or service must address an unmet consumer need.
Try asking your customers to share their challenges with you through surveys or interviews. You can also dedicate time to researching new trends in your industry. Your competitors may offer something similar later. However, if your company was the first to market a product, you will already be an industry leader .
Aim to make your customers loyal to the brand
Studies have shown that retaining an existing customer than acquiring new ones. Therefore, it's best to build a customer relationship from the very first time a consumer makes a purchase. Encouraging repeat visits is crucial if you want to generate significant added value .
For example, you can invite customers to become part of your brand by implementing a membership or loyalty program. This technique is effective in creating an emotional connection with customers . It's much better than a purely transactional relationship. Building these connections will inspire consumer trust and brand loyalty.
With Magileads, implement an acquisition strategy based on targeting, database enrichment, animation scripting, and contact scoring for effective lead conversion.
