Trample Competition With These Tips

Competition is what drives market economies

Competition is what drives market economies. It is what makes prices go down and services go up. For customers, it is a friend; however, for businesses, it is something to reckon with. Everywhere you turn, competition is getting fiercer and each one vying to get their piece of the market. You must therefore respond to the competition aggressively by way of advertising through media or through printed collaterals like your posters, flyers, brochures, etc. Add to this equation the growing expectation among customers who want value for their money. Winning over the competition has become more challenging than ever before.

If you are a business owner, the challenge is how to win over the competition to get the customers to buy from you. The answer to this proverbial question is to meet your customers needs in these 4 areas:

1. The first and most important factor that customers look for is, of course, the price. All things being equal, customers will decide based on the price of the product or service. The challenge for every business is to beat the competition by offering services or products that are affordable. Your marketing collaterals must be able to show this assertion. For instance, I have seen flyer printing comparing the prices of different brands of toothpaste in a table format. This gives customers an idea of the difference in retail price with the hopes that it will convince doubting customers that indeed, your price is much more affordable compared to other brands.

2. Added value is the next thing customers would look for when they make a decision. That little extra something, be it a 5% discount, free delivery, a bonus pack, an additional 10 liters, buy one take one schemes these are some of the more popular schemes. You have to understand that however small they may be, customers will almost always go for that product which could give them a little something more. You can also explore other unique incentives like coupons, discount for flyers schemes where customers get a percentage discount if they bring in a flyer printing with them. What you want to do with this scheme is to motivate them by adding a little something more.

3. In these busy times, people want something and they want something fast. This would probably explain the surge in online shopping or delivery services for almost everything from food to DVD rentals, Hence, the challenge for any business nowadays is to how to make it more convenient for your customers. You can start by looking at how you can cut the queue at the cashier, or how you can shorten the check-in process at the airport, or even how you can cut the delivery time. Every minute counts and it is important that this is not just a battle cry; it should in fact be felt by your customers.

4. Safe decisions characterize modern day customers. They will not part with their hard earned money that easily. They will scrutinize a particular product and that includes the company that provides the product or service. For instance, shoppers will look at a business owners background, history, methods, and testimonials from other users. Take the case of the drive to be environment friendly. Customers do not just want their products to be environment friendly; they also care to know how the product was made. This means that no animal or tree was hurt in the process or that the companys carbon footprint is not that significant.

This goes without saying that customers are harder to please primarily because they now have access to more information. In other words, your customers are smarter today than twenty years ago. Your business should understand this and you should be able to adapt to this reality.

by: Kaitlyn Miller

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