The question often arises nowadays: how do we keep winning them over as consumers are becoming more and more complex.
The consumer has become more aware when it comes to marketing approaches but also more economical. Gone are the days where you can trick your consumer into purchases, now you need cold hard facts. Everyone now has information right at their fingertips with technology, so the marketing game has changed.
Let’s review five strategies that should help you increase sales and overcome the competitors in a highly concentrated market.
01 IDENTIFY THE PROBLEM
By looking at the ideal customer in the market where you do business, you can acknowledge the sort of problems your customer is facing that you can solve. If there is a solution out there for a specific problem, the customer will pay for a readily available solution.
Research has shown that sometimes the customer is aware of an existing problem. However, because it’s minor and, most importantly, because they know there is no solution, they do not pay attention to it. You need to show them that a solution exists. There is a high chance that, in this case, the customer will remain a loyal consumer by knowing you’re the only one able to provide the solution they require.
02 DEVELOP A COMPETITIVE ADVANTAGE
You need to make your customers enjoy purchasing from you by offering them more benefits. Most important is to provide them with the benefits they need and the benefits they want.
Offense within marketing is trying to take loyal customers from the competitors by attracting them with different deals or promotions, which is very good. However, you’re not able to concentrate on defending your customers from the competitors, who may come up with a different strategy to snatch your loyal customers. You have to choose carefully what type of strategy you decide to use in such a concentrated market.
04 PICK THE RIGHT PLACE
This is a more complex step where you need to focus mostly on doing market research on your competitors to determine the right price. It’s imperative to remember that the value perceived by the customer determines the price you set on a particular product or service. If t he customer does not see your product being worth more than $20, he will not be willing to purchase for a higher price.
- You may need to take into consideration certain price variations that are on the market.
- How much is a specific benefit of your product/service worth in the market you’re doing business in?
- Why are the competitors willing to pay so much or so little?
- Why are the consumers willing to pay so much or so little?
These are questions that you need to consider even before the product’s actual production or the implementation of the service.
05 FOCUS ON CUSTOMER RETENTION
If a new customer has just purchased your product, this should not mean the end of the relationship between you and the customer. Once the customer has been attracted, you need to focus on retaining them by showcasing how beneficial your product/service can be to their problem or quality of life.
It is all about keeping a strong relationship that will eventually lead to the consumer becoming a loyal customer, one who will not choose the competitor’s lower-priced product over yours. Offering the client more than a product: You have offered them a solution that is perceived as valuable.
Remember that the first impression is the key aspect because most consumers decide on a particular product in five seconds. The ideal customer is far more likely to purchase the product if they see it in action. Make sure that in your advertising campaign, you have a video that shows how the product functions and how it can be a solution to the customer’s problem.
As mentioned before, communication with the customer is simply the key in this section. If you are willing to listen to the customers and adapt your product/service for their needs and wants, they will remain with you because they trust you as a business to solve their problems. I hope that these five strategies can help you push your sales, products, or services in the remainder of the year and on a long-term plan. It is imperative to remember that analyzing all the information you can get your hands on is key. You may find a small gap within the market or segment that has a problem to which the market has not yet responded with a solution (product or service).’
