A competitor is a business who vies for your current or future customers by selling similar products to yours. Competitors come in all shapes and sizes and each will affect your business in a different way. In this article, we’ll discuss how to use proven strategies to identify and keep up with with your competitors.
Competitors come in all shapes and sizes and each will affect your business in a different way.
Keep in mind that there are three main types of competitors:
Direct competitors are local or online businesses who sell the same product as you. For example, a farmer’s market is a direct competitor of a local produce stand.
Alternative competitors sell similar but not identical products to you. For example, a beauty school could be an alternative competitor to an established hair salon. Although they don’t offer all of the same products, their services overlap.
Available share competitors don’t sell your same product but can still take away from your business. For example, a local electronics repair shop could steal business from Best Buy by reducing customer’s need for new electronic devices.
Learn how your competitor attracts customers. What makes them unique? Who is their target audience? Do they have good product options and a clear marketing strategy?
Research competitor’s shortcomings. Read reviews and find out their customers’ most common complaint. Discover any product deficiencies and compare the feedback you’ve received with that of your competitor. Note similarities and differences.
Ultimately, your goal is to convince customers that they will receive a better experience, product, or price by using your services. Talk to customers about what sets you apart and use that to influence your marketing message to customers.
Earn a reputation for being reliable. Live up to your commitments and never make promises you can’t keep. If you gain customers’ trust, your competitors will have a harder time vying for your audience.
Sometimes, a business is as good as its support team. With Smart Pickle, you can go head-to-head with competitors knowing that you have the power of our proven marketing communication tools behind you. Using our beautifully designed offer templates, you can reach customers with sophisticated promotions that showcase the value of your products and services. Instead of wasting money on communication software, you can share business news, product information, and discount opportunities with a few simple clicks.
Competing may not be easy, but with Smart Pickle, you’ll have everything you need to play to your strengths and convince customers that your business is one of a kind