You have an amazing idea. But so do 20 other people, of which 10 are already established and taking on the market head on. What do you do? Beat the competition to their own game.
Every business is different. You might have a competitor that’s selling the same thing as you and is probably even going all guerrilla, but what is it that would make the customer choose you and drop your competitor?
Game. Set. Match.
Here are a few points that could help you be better, heck, be the best at what you do.
Know Your Advantage, and Theirs!
Knowing what you do and having faith in your product is key to gaining advantage over your competition. But the key is no good if you don’t know how to use it against the advantages of your competitors.
Keep a close watch on what your competitor does and figure out what makes you different. There is always an edge. Find it and use it.
Choose your competitive advantage carefully. It could be a service, quality or just a location advantage. Complementing price or quality with great service works the best.
Keep It Simple
Sure, your idea is great and you know exactly how to market your brand. However, we end up misleading or confusing the customer with our marketing tactics often. The simpler or easier your product is (or the access to it), the better your chances are at scoring/retaining a customer.
According to Userlike, “the difficulty of deciding for a product stems from the complexity of product and number of suppliers in the market.” Set yourself apart. Make it easier for your customer to choose you.
For instance, if you are an online merchandise business, you could make payments easier for your customers by just sharing an Instamojo link.
C for Customer – C for Communicate
Communicate with your customer to understand their needs. Talk to them not just about your product but also about their expectations to identify a gap in the market. Then, fill the gap.
Keep innovating constantly! Don’t hesitate to use new technology and excite your customers with a treat once in a while. Look after your existing base. Give them something to look forward to everyday and keep in touch. Understand your customer’s personal need and think empathetically to win them over.
This is how Homigo solved a real problem and captured a gap in the market.
Explore New Segments
Your target group or segment maybe getting you quite the organic business but have you tried marketing your product to a new segment altogether?
Try selling a comb to a bald man. He won’t probably use it but his family will. Find a way to market your product to a new segment with a fresh perspective. Check out a few quirky products on the Instamojo store.
Break the glass ceiling. To infinity and beyond!
Try a new way of collecting payments today. Sign up on Instamojo.