You've got a great product. You've constructed an impressive website with advanced eCommerce features.
You've had impressive sales. You've got a great customer service, sales, and tech team. And the list goes on...
Yet, that's not enough. More challenges lie ahead.
According to the Bureau of Labor Statistics, 20% of new businesses fail within their first two years... 45% in their first five years... and 65% within their first ten years.
In fact, only 25% of new businesses make it to 15 years.
That's because potential buyers will often choose you... if they see greater value in your business than the competitions.
So the real challenge is to outshine your business rivals.
And in this blog, you'll be able to know how your business can stand out so that...
Your Target Audience Will Surely Choose You Over Your Competitors
But before I go any further, let me ask...
What is Competitive Advantage?
A competitive advantage is what makes customers choose your business over your competition. By understanding this advantage and promoting it, businesses can win more market share.
It may arise from the user experience. For instance, through a better, more affordable, or more enjoyable product.
Or it may be some intangible asset like your trademark or customer service.
Competitive advantage includes:
- A strong brand and reputation
- Customer service team
- possesses a unique technology or production method
- Low production and sales costs (cost leadership)
- Patented products or products that no other company can offer (protected by IP law or patent law, etc.).
Though you may launch into the market with a totally unique idea, it may not take long for your rivals to catch up.
In that case, you might want to reconsider how you can attain an edge over your competitors. You can do this by...
Identifying Your Competitive Advantage
Is there something that you can offer your audience that your competitors cannot?
Identifying your advantage involves mapping out:
- Who you are trying to reach?
- What Value can you deliver to your target customer? Who is your competition?
It is your competitive edge to identify the most relevant benefit for your target audience. And then make sure you deliver it in a way no one else can.
And how can you do that? By following these...
12 Business Tips That Will Make Your Target Audience Choose You Over Your Competitors
1. Establish Who You Want to Reach
Identify your target market. Think about what they need.
What do they want?
What are the things they care about?
What are the challenges they face?
How can you help them meet those needs and wants with your product or service?
A good understanding of your eCommerce target market is essential.
Creating an individual profile for each user who visits your online store will help you do this.
It will be much easier to make marketing decisions once you determine who you should target.
2. Identify and Utilize Your Competitive Advantage
Understand how your business offers solutions to customers.
How does your product or service help customers?
It's about how your product or service is different from the similar offerings of your competitors... even if these businesses offer the same product or service as you.
Think about how your company would be a better choice.
What benefits will your company provide to your customers?
For example, having access to cutting-edge technology.
Think about what's in it for your customers.
And how are you different and better than your competitors?
For instance, your business has the capacity to manufacture products at the lowest possible cost.
let's go to the third point...
3. Know Your Competitors
They say competitive environments produce the best results.
Because companies can benefit from competition. As it motivates them to improve their products and services.
And if you want to be successful, you ought not to be afraid to study and learn from your competitors.
Find out who your competitors are and what they are offering to your target market.
This is an important step toward edging them out.
This is a good way to know your competitive advantage.
And, utilize your strengths to attract new customers.
A competitor analysis can provide valuable insights about other companies.
And even if you have a limited budget, you can still perform a basic competitor analysis.
There are also free analytics tools that help businesses get to know other brands.
Typically, a business owner will often look for brands with similar products or services. That's good.
However, you should also consider studying businesses that have very different offerings... yet are vying for the same target market's 'wallet share'.
Perform market research to position yourself in the industry.
This should be a part of your marketing strategy to get you ahead.
In the coming days, as lockdown eases, you'll see a number of businesses opening up.
Some of these might be aggressively targeting your potential customers... urging them to start spending.
So you'll have to persuade them that it's your business they've been missing the most.
You'll have to find ways to convince them it's your business they need.
On to the next...
4. Invest In Leads, Not Sales
Increasing revenue and boosting business growth are both important, of course.
But you have to do this in a sustainable manner.
And to do this, you have to focus instead on establishing a loyal customer base.
Invest time in acquiring new customers and nurturing existing customers.
This is very important. Invest in something they want to see in your business.
So the right combination of content marketing, automated email follow-ups and optimized website forms are crucial in digital marketing.
This approach is more effective. Because offering free value before asking for your target audience's money builds trust.
This leads me to the fifth main point...
5. Build Brand Loyalty
The cost of acquiring a new customer is much higher than retaining an existing one.
So it's not enough that consumers make their first purchase.
You must encourage repeat visits to maximize your return on investment (ROI).
You can build a special bond between your brand and your customers by establishing a membership or loyalty program.
A loyalty program will help you build meaningful connections with your audience.
And making these connections will win you not just repeat customers but lifelong customers.
I can't believe we've already reached half way...
6. Don’t Just Sell, Provide Solution
Don't just list all your product offerings. Show how it solves customer pain points.
And in very simple terms, be sure to let the customer know how or why your product may help them.
Consider Walmart's famous slogan:
Walmart is showing the solution to their customers' budget problems.
According to the company, customers live better lives by spending less.
And that's a great selling point to convince the budget conscious people to choose their brand.
Is your product or service providing your target market with solutions to their problems?
Are you making their lives easier or more enjoyable?
7. Optimize Your Pricing Without Reducing It
Slashing prices does not necessarily boost sales all the time.
Sometimes, it can also hurt your margins.
But it is possible to optimize your pricing without having to lower price points.
For instance, customers who care about quality will appreciate the 'exclusive' benefit your business can provide that your rivals cannot.
For example, you can give a free sample size perfume when they buy a 100ml bottle of perfume spray.
Meanwhile, if your market is value-driven, don't assume that lowering prices will cause you to lose money.
You can use low pricing to attract a lot of new customers.
And they will probably also purchase other products in your store. And they may even come back.
Also, a lot depends on the context when it comes to pricing.
For instance, A $200 dress would be most likely to sell if it was displayed alongside a $1,000 dress.
So it pays to make smart strategies and decisions when it comes to pricing.
The next point is a no-brainer...
8. Give Something for Free
Wouldn't it be great to provide your target customers with a voucher on top of their purchase to redeem on their next visit?
Your shoppers will love you more for this.
And you will also benefit from it for the following reasons:
- Customers will be more likely to return to your business. People love freebies. They wouldn't want to waste it!
- When they redeem their voucher, It's possible that they buy other items at your store too
- You might be able to strategically time the freebie with a promotional sale.
And what's cool?
Customers who have received vouchers or freebies are likely to talk about it as well. This means you could generate some positive word-of-mouth on social media.
#9 is golden...
9. Deliver Excellent Service
As reported by the Microsoft State of Global Service Report, 61% of consumers consider customer service to be so important.
And in 2021, customer service was predicted to overtake price and product as the primary brand differentiator.
Because providing a great customer experience will encourage repeat business and build trust.
On the other hand, an unsatisfactory customer experience can damage a company's reputation.
And it will result in lost sales and negative feedback.
You'll be more likely to get the next order from your target customers if you provide excellent service.
We're nearing the end, so keep reading...
10. Keep Your Eyes Open for Ways to Improve Your Business.
Be on the lookout for ways to make your business better and stand out among the competition.
Find innovative ways not only to earn more money but to excel in your niche market.
Conduct target market analysis and learn. Improve on your weak spots and strengthen your strong points.
Embrace the fact that you don't know everything.
And be open to new business ideas and identify new and different approaches in eCommerce business.
There is no way to overemphasize this...
11. Take the Time to Ask for Feedback
As your business grows, it is important to listen to the feedback of your customers.
It can be easy to filter out negative feedback.
But remember that both positive and negative feedback can be beneficial for your eCommerce business.
Your product ratings and sales will improve if you listen to your customers.
This improves your products and services as well.
You'll be able to build your brand if you have great products and superior service.
Also, make sure your customers know you want to hear from them.
Customer engagement and listening are valuable to any business.
Last but not least...
12. Be Consistent
Business success depends on consistency.
It is essential to keep trying. This will help you develop long-term habits that will help you make money.
Keep doing what you need to do in order to be successful... day after day after day after day...
By using these tips and marketing strategies on this blog... you elevate your business to the next level. Plus...
These 12 Tips Will Ensure Your Target Audience Will Choose You Over Your Competitors..
But wait, there is more!
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And the best part? Debutify offers support for all pricing plans. Your customers will surely choose you over your competitors.
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