It happens that we feel intimidated in front of competitors who have already made their mark, especially when we are just starting out. Therefore, to develop your sales, you must gain new customers who are already linked to other suppliers.
Discover, through seven steps, how to outperform your competition !
Observe and analyze your competition
The first step to overtaking your business rivals is to find out who they are and what they offer to your target audience. You will thus be able to identify your competitive advantage and maximize your assets to attract new customers. Naturally, the ideal would be to hire an analyst. However, for small businesses that cannot afford it, it is still possible to gather valuable information about other businesses 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 with very different offerings , but competing for the disposable income of the same demographic .
To outperform your competitors, you must be aware of changes and anticipate their impacts before or better than others. Indeed, consumer behavior has been irreversibly affected by the Covid-19 pandemic. Let us cite, for example, the explosion of online sales, the boom in telemedicine, the sharp increase in the consumption of films and series in streaming, or teleworking which is gaining more and more ground.
But with the end of lockdown, your prospects will be aggressively targeted by hospitality, beauty, leisure and entertainment companies. They will then start spending again. You will therefore have to persuade them that it is your company that best meets their needs.
Think about your audience and adapt
To gain new customers while capturing those of your business rivals, it is essential that you understand these changes. If your brand's history, offering and prices no longer have anything to do with your usual clientele, it will be difficult for you to attract those of your competitors. By taking a fresh look at your customer base , you can reposition your business to better meet the demands of potential buyers.
You will also need to take into account consumers whose income has been affected by the health crisis . Logically, for them, price will be a key factor that determines their purchasing decisions . Also note that today, younger audiences are increasingly interested in the ethical values of a brand. To this end, you can your supply chain Remember, successful businesses are those that respond quickly to changes. Those who know how to adapt their products or services better than competing brands will instantly have a head start .
With Magileads , attract more prospects through targeted omnichannel acquisition campaigns.
Highlight your strengths
In this step, you are supposed to 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, including promoting your strengths that best meet the needs of your customers. Highlight the points that make you unique, i.e. your distinctive traits. This will allow you to carve out territory even in a crowded market . These could be features such as your pricing, delivery time, product availability, convenience, quality or customer service.
“Unique Selling Points (USPs)” is what marketing experts call these distinctive features. You need to highlight them. Be careful though, you need to make sure they are consistent with your entire business , including its website, marketing and public relations, packaging and product design. By focusing the customer experience on these values, you will ensure that potential buyers clearly understand the reasons to favor your brand .
Get a better place on the web
The evolution of purchasing behaviors such as the proliferation of e-commerce platforms means that the number of online buyers is higher than ever. In fact, digital marketing is essential for building brand awareness and growing your customer base . However, because your target customers are constantly engaging with advertisements, you need to constantly make yourself heard above the noise.
To build direct, personal connections between your brand and your prospects, you need to use 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 don't work anymore, forget them! By publishing useful, relevant and shareable content, you can build a credible brand image . Your notoriety will resonate positively in the minds of your competitors' customers.
Encourage your brand advocates
One of the most effective ways to attract customers from your competitors is through word of mouth marketing, also known as viral marketing . It's a fact, a personal recommendation from a friend, family member or colleague can have a powerful impact on consumers. Likewise, online reviews and testimonials tools to convert a potential buyer into a loyal customer.
You can also convert your customers into real ambassadors for your brand. Persuaded by your brand, they will be able to vigorously defend your brand through recommendation marketing , such as sponsorship programs. This is an inexpensive, but very effective acquisition channel
Identify market gaps
If your goal is to be a market leader, you must constantly and ways to fill gaps in today's market . Admittedly, this approach often requires a significant investment. However, you are sure to attract customers away from competitors if you can offer a unique product or service. This must respond to an unmet consumer need.
Try asking your customers to share their challenges with you through surveys or interviews. You can also spend time researching new trends in your industry. Your competitors may offer something similar later. However, if your company was the first to market with a product, you will already be an industry leader .
Seek to make your customers loyal to the brand
Studies have shown that it is more economical to retain an existing customer than to acquire new ones. It is therefore preferable to create the customer relationship from the first time a consumer makes their first purchase. It is important to encourage repeat visits if you want to generate significant added value .
For example, you can invite customers to become part of your brand by setting up 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.
