Competing in a Crowded Marketplace
As customers are given more and more options when it comes to the products and services that they choose, it’s important to distinguish yourself from the crowd.
Focusing on your business’ strengths allows you to highlight the best aspects of your business. This blog will focus on competitive marketing strategies that you can begin implementing today. Selecting the proper strategy will differentiate your business from those around you without compromising your budget or time.
Choose Your Competitive Advantage
What does your business do best? Think about how you’ve already set yourself apart from your competition or what makes your current customers return over and over again, and focus on that. There are three key areas in which you can gain a competitive advantage; they are: Quality, Price, and Service. Each of the factors are broken down as follows. Quality, beat the competition by providing a superior product or service. Price, beat the competition with a lower price point. Service, provide unforgettable customer service. Each of these factors play an important role in customer attitudes and why they frequent the businesses that they do.
Choose up-to two competitive advantage factors that you’d like to focus on and complement with the third. For example, a family owned Italian restaurant that has been in business for over 20 years, would be likely to focus on quality and service. This is because they know that their competitive advantage would be the fact that they have been in business for over 20 years and having a family owned business is great when it comes to customer perception. Potential new customers will automatically have a feeling that the food will be quality and the service will be friendly. In all marketing materials that this Italian restaurant provides should focus on these two factors. Customers are drawn to what you do best. To follow-up with the third factor, in this case price, would simply mean keeping their prices competitive. If the business focuses on the first two factors, customers will return over and over again as long as they are not priced out.
Deciding your marketing approach early, gives all of your marketing plans focus, and will allow you to see measurable results.
Excite Your Customers
It’s time to create buzz around your business. This is the fun part! Using the two factors that you’ve chosen, it’s time to decide how you’d like to generate buzz. For example, if your business is a specialty retail store, you may want use upcoming holidays or local events to promote buzz to compete. Provide marketing materials, use social media posts, or simply take over the sidewalk outside of your business doors. Draw attention to yourself. Make sure to focus on the competitive advantage factors that you’ve chosen above. If you chose quality and price, then it’s important to note that you offer great quality at a low price. For new customer in the market for what you offer, superior quality at a low price is a great asset.
Research and Stay Alert
While it’s important to focus on your competitive advantage, it’s equally as important to know what your competitors are doing. Doing your research and staying in-tune with your competitors will keep you one step ahead. Check out their social media and read any content that they are posting. Understand how you can set yourself apart by knowing what they are up to. Read their blogs and join their newsletter lists. This is all very important. Doing your research and staying alert will help you effectively market to your target customer base.
Competing in a crowded marketplace is difficult, but it is doable. Do your research, and stay focused. Decide on key areas that your business excels in, and focus on those factors in your marketing materials. Create buzz around your product or service by focusing on the established competitive advantage. Measure your results. Lastly, stay informed with what your competition is doing.