Have you been doing it wrong all this time? Let’s hope not! Read more to find out how to dominate a competitive market.
So while thinking about this topic, I realised something. School taught me wrong or I just dozed off during classes. It is not non-beneficial to operate in a competitive market in any way. No, it’s actually a very good thing. Want to know why? Well, let me explain it you.
It’s all about supply and demand
So you have this super deluxe unicorn toy that flies around, sparkles, offers you financial advice and has a built-in candy dispenser? Cool! The question you should be asking yourself is “do people need/want it?” The answer is probably no (unless you ask me). Your flying unicorn will be hard to sell, expensive and pretty useless altogether. I do appreciate the effort to differentiate though: you know what’s up. Differentiation is super important.
“When positioning a brand, aggressively avoid becoming a “me too” by assertively being a “who else?” ― Crystal Black Davis
Now to get a bit more serious: low competition mostly means having a hard time selling. In a highly competitive market you benefit yourself, the economy, and the people! The thing you need to do in order to win sounds quite simple. All you need to do is highlight your company’s strengths!
Piece of cake, right? Well, it can be, but people usually forget how hard it is to evaluate yourself. You can say that you have the best product/service quality, but do you really? Is customer service really your biggest strength? Answer these questions and you’re good. Highlight your strengths, and know to which extend you are better than others.
How will you differentiate?
Easy: set goals and aims and come up with a good strategy. Afterwards you train your staff accordingly to suit these objectives. After everyone knows the focus point- don’t forget that you have to be good in all aspects. If you want to focus on customer service, don’t even think about dropping quality as a sub-priority. Everyone is good at something, so is your business! Do not try to imitate competitors, stand out! Once you’ve reached your goal, you can’t just stop. It’s continuous work and you have to keep adapting to the needs of the market. If a new technology that can make your service and quality even better emerges, definitely go for it! Business is all about one’s ability to keep adapting.
When it comes to customer service there are always new standards and techniques which you have to take into account. Take the automation of the whole process as an example. You want to keep your customers informed, and give them clear answer to their questions. This is where Marketeer comes in. Our solution allows you to connect with your customer in new ways! On all their favorite platforms, 24/7. Not only can you interact with customers, you can also manage them within our system.
That’s it! Really?
No, no it’s not! Another important factor in dominating the market is your trustworthiness. People don’t just buy your product because you have good quality, or service. They want to feel a connection with the company, this goes for B2B and B2C. Trust calls for transparency: be honest with your customers. Don’t give false information, tell them how you work, tell them how you deal with certain situations. Let them see what you’re made off!
Good read? Check out our other articles!