Infographic | How To Stand Out in a Competitive Market
There is no doubt at all that the market nowadays is highly competitive. This is the digital age, and as such, the promotion of businesses online has made things a lot easier. Digital marketing can be done by any company — from startups to Fortune 500 ones — and it is getting harder and harder to dominate the competitive market of your niche.
In order to compete, you need to look for ways to be able to stand out from the sea of rivals in your industry. It would be hard to market your business as unique when there are a hundred or more businesses with the same core concept as yours.
What you need to do is to set yourself apart from them and prove to your customers that you are really the better choice. Here are some ways that you can stand out from the competition.
In a competitive market, know what your customer wants
In business, it’s important that you know and understand what the customers want. If you are not sure what they want, ask them.
Thorough understanding and empathy with the customer’s feelings can get you a long way in the business.
Prepare relevant follow-up questions so that both of you understand each other and the business can kick off to a good start. It also helps when you give professional advice to the customers to make the service even better.
Make sure that the customer is satisfied with your products or services
Businesses like yours might be a dime a dozen, so make sure that you sell the outcome, not the process.
Emphasize how the customers would benefit from your business, what they would get from hiring you or buying your products. Look at your best features and how it would solve your customers’ problems.
Even if the process is also vital, it is actually the end result that will leave a huge impact in your customers’ life, which is why it would be best to make sure they realize it.
Even if costs matter, offering better quality is important
Customers normally want to save money, so they shop around and compare costs to make sure they get the best bang for their buck. They want the best value, and nobody can blame them.
However, even if you are tempted to lower your price to get the customers’ business, you must always keep in mind that lowering your prices can affect the quality of your service.
Not all customers want the lowest priced products, it is more important that you give them the quality that they deserve.
When customers are satisfied with the services that you offer, it will be easier for you to earn their loyalty. Stand out in the right way by offering the best value to your customers and not the lowest price.
Pay attention to customers who are interested in your business
This can be something critical that business owners should be on the look out for.
There may be customers who are interested in your services and you will need to reach out to them.
While there are customers who are already sure that they want your service (thus not needing anything from you), there are those who are on the fence but who can be convinced if given a little push.
This is why you need to notice when customers are sending out buying signals. Reinforce them immediately so that it will be easier to convert them.
Some buying signals you need to pay attention to include referring to your business as part of their event and asking about delivery or payment options, among others.
Be direct and ask for a sale
Customers like small business owners who are confident and self-assured. If you ask for a sale, directly asking customers, for example, to work with them, it shows that you have absolute confidence in your products or services and are not shy in letting customers know about it.
Let your customers know that you mean business and you are willing to step up your game just to advance your business relationship. If they say they’ll have to think about it, make sure to follow up with them after.
Following up tells the customers two things: you are interested in their business, and you care enough to remember them.
To get a quick and summarized version of the above, take a look at the infographic below.
Be proud of your business but never forget your number 1 purpose: to help solve your customer’s problem. Show your customers that you are worth working with, and that you are reliable, trustworthy, and provide the quality of business that they are looking for.