It is very difficult for a business to survive in today’s world of cut-throat competition. You need to compete with people in every aspect like price, marketing strategy, offers and discounts etc.
Here are some ways that will help you to beat competition here in a crowded market:
1. Brand definition
The first step of starting any business is to define your brand. This means to tell your audience the vision and mission of your brand. And that’s where the competition starts. If your vision and mission are not unique, people will not pay attention to your company. So, firstly you need to create your own USP (Unique selling proposition) this means the unique proposition that makes you different from the other companies. And the other fact is that every company is not meant for everyone. So be specific about choosing your audience.
2. Competitive advantage
It is mandatory to have a competitive advantage for every business. It is said that if you are not having an edge over your competitors then you cannot compete. Choosing a competitive advantage depends on three factors that are quality, price and service.
If you are taking up well with the quality then obviously you can’t compete with the price, as the price of your product can be higher than the others. The same is the case with service. So decide wisely which factor you will take to beat the competition and that will only be your competitive advantage over other companies.
3. Customer database
Bringing new customers may not be easy for everyone, but it is comparatively easy to repeat purchase from an existing customer. That’s why you should make a proper database of your customers and keep informing them about your every single product from time to time. You should also keep referral offers and loyalty discounts. This will make them feel special and so they will tempt to buy that product.
4. Talk ‘with’ and ‘to’ your customers
Talking ‘to’ your customers means to advertise and talking ‘with’ your customers means marketing research. It is necessary to be in touch with your customers through social media. You can take their feedback regarding your company’s products. You can also know their day to day needs and can design your next product on that basis. You should also release message occasionally to greet them and also to tell them your special festive offers if there are any.
5. Surprise your audience
You should surprise your audience sometimes, so that your customers don’t get bored of your company. Keep thinking something new and innovative. Without innovative thinking, you will never be able to beat the competition. So try to do something creative with your offers or content as well.
You can sometimes do door to door marketing or visit a popular mall of the town and organise a small event such as talent hunt show and give special discounts or vouchers to the winner.
These are some tactics to beat competition in the crowded market. Marketing is an art and to excel it, you should be able to make a strong presence for yourself to stand tall against the other companies.