How To Gain A Competitive Advantage In A Crowded Marketplace
Why do some companies perform better than others even though they offer the same products and services? Why does one company become a household name and the other doesn’t even get mentioned in conversation? A handful of business owners have mastered the art of gaining a competitive advantage in their industry. Entrepreneurs are often afraid to start a new business because the market is saturated. There are several strategies you can use to stand out, such as: B. Providing value, responding to customer reviews, and staying in touch with customers. You can learn more about how to gain a competitive edge in a crowded marketplace.
provide value: Adding value is also about ensuring that customers are satisfied after purchasing a product or service from a brand. There are several ways to do this, including sending out informative newsletters, giving clients access to your blog posts, and providing free eBooks. This way the relationship becomes transactional, they buy from you but by offering free information they get more than what they paid for. That way, they’re more likely to return when they need something your business offers.
Responding to customer reviews: Regardless of whether a customer leaves a positive or negative review, always make sure a team member responds. All review platforms have this feature, and confirming a positive review shows that you appreciate the time and effort they put into writing a review about your business. In addition, it encourages the customer to write another one if they use your services again. Responding to a negative review gives you an opportunity to apologize and show other customers that you tried to get things written.
Stay in touch with your customers: Without your customers you wouldn’t have a business; Therefore, it is important that you show them that they are valued. One way to do this is to keep in touch with them. That way they don’t feel like you took their money and let them down, instead they feel part of the community. There are several ways you can keep in touch with your customers, including:
E-mail updates: The most convenient and effective way to keep in touch with your customers is via email. You can send long-form messages with your latest blog posts, newsletters, and products and services. If there is a major disruption in a specific geographic area that your customers are focused on, e.g. B. a hurricane, you can send messages to show your support.
direct mail: Despite the growth in technology over the past decade, not everyone is tech-savvy, and there’s still a percentage of your customer base who prefer to open direct mail rather than email.
Social media: Social media is probably the easiest way to keep in touch with your customers, but not the most effective. First, social media posts aren’t personal, so your customers probably don’t feel like they’re communicating with them directly. Second, even though billions of people have social media accounts, not everyone is constantly checking them. And finally, platforms like Instagram often only show your posts to ten percent of your followers.
Text Messages: Texting your customers brief information is a great way to keep in touch and they are more likely to read the message.
Stay up to date with your industry: In 2004, Blockbusters was the largest DVD rental company in the world. In 2010 they went bankrupt. Why? Because a company called Netflix listened to the direction of the industry and came up with a better model. They were the world’s leading online entertainment platform for over two decades. In the second quarter of 2022, almost 1.2 million subscribers closed their accounts. There are several reasons for this, including an increase in the subscription price. The company seems to be investing in quantity rather than quality, with many users complaining that their shows aren’t the best. Finally, there are several other streaming services like Apple TV, Amazon Prime, and ESPN that offer better value for money. It seems that Netflix made the same mistake as Blockbusters and may have gotten too comfortable with being the industry leader, and now they’re scrambling to rectify the situation. If you want to gain a competitive edge in a crowded marketplace, stay abreast of what’s happening in your industry and make changes as necessary.
Gaining a competitive edge in a crowded marketplace is possible, but it takes hard work and dedication. Your brand might not become an industry leader overnight, but with perseverance, it can soon become a force to be reckoned with.
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