Today every industry is hotly contested; when the competition gets too tough, businesses may face the human impulse to gain an edge by the spread bad world about competitors.
In an open industry, it’s undoubtedly a bad stratagem as rival marketers can then take their similar approach, resulting in at a digital and media battle. In the end, your business may suffer as your project attracts wrong attention instead of its highlights. In the worst case, your project may even end- up losing its traction.
If you can capture the market without engaging in a direct competitor battle, it’s considered both respectable and beneficial in long-run.
The following is a checklist for businesses to appeal to customers and steal market share, without appearing to engage in a face-off battle with competitors.
Attend Leads Immediately
Jump start a client relationship by immediately attending to incoming leads; A business with faster lead response rate has a higher conversion ratio. Those businesses are also found to establish better client satisfaction rates. It’s also an opportunity to give the direct impression that you are better than your competition and steal customers from competitor’s fingers.
Advertise your Strengths
If you are not ready to get dragged through lengthy advertising battles or court procedures, make sure gets your advertising focuses on your product strengths. Especially if you are a start-up, a potential customer is more interested in knowing your product than your opinion about the competitor service. It also helps that you get the right voice with your business and marketing strategies from the beginning. Instead of directly targeting competitors, you can first focus on strengths that differentiate your product or service.
Be Respectful of Your Competition
It’s absolutely normal to be intimidated by your competition. But it’s more important to be knowledgeable about your competition. If you come across a client frequently referring to your competitor features, give an overview of your similar feature’s or provide a feature that has an edge of your competitor. But make sure that you never trash your competitor. It will only end-up put definite doubts about your product in the customer’s mind; meanwhile, your customers can also feed your competitors that you are bad-mouthing about them.
Take the Price Advantage
Let’s face it; the price is a substantial factor that drives the buying decision. If you are software or hardware vendor, the pricing comes as second-most important buying factor, just after product quality and right before advertising. With purposeful utilization of various automation procedures, you can drive the price down and create a clear competitive advantage.
Distinguish to your Product
If you are hoping to find constant attention in a competitive marketplace, make sure that your business possesses an individualistic speciality or skill. For example, the online shoe store Zappos pampered the audience with the option ordering numerous options and return them if they don’t like it. This offer instantly caught with the audience as Zappos way. Even as the competitors eventually caught-up, it was only reinforcing the Zappos way of doing things.
The present-day customers are smart and knowledgeable about the market; if you are just claiming that your product is superior to your competitors, it’s a direct way of losing favour with your target market. Instead of practice making sound marketing and product decision, with the relevant information at hand. The Kapture CRM helps you collect relevant information about the marketplace. For more information drop us a mail or make a call.