When it comes to the world of business, everyone knows that you’re entering a hyper-competitive environment. Completely unique ideas are few and far between, so unless you have a product that completely redefines the market, you’ll have to use every trick you have to stand head and shoulders above the rest. Whether you are launching or re-launching your BIG Idea, brand, product or service, this post will help you greatly. I will share with you some of my tactics to bring that business, brand, product or service out of you, to allow others to benefit from your genius.
1. Research your competition
Odds are somewhere out there is a product similar to yours. It’s never a bad idea to take a look at how others market their business and identify the similarities and differences. You need to set yourself apart from them after all, and ‘knowing your enemy’ is invaluable.
Observe what their strengths are and how you can learn from them. Can you compete with their strengths directly or will you have to go about it a different way? Pay attention to their weaknesses as well. Can you take advantage of them to give yourself a nudge ahead of them?
2. Know your target demographic
Who is your product for? In a perfect world, everyone from miles around would all scramble to buy your product equally. Unfortunately, in the world of business, customers will be a lot pickier about what they invest money into.
For example, Facebook was not the first-ever social media platform created. But Facebook presented itself as the ‘cool new way to connect online’, in a way that was easily accessible to everyone of all ages. Other sites like MSN and Instant Messenger just couldn’t compete with the variety and ease of use it provided.
Other up-and-coming social media companies were forced to do things a different way. They needed to cater to a specific demographic. Twitter established itself as being a way for celebrities and politicians to announce and talk to their fans. And the most recent star, for example, Tik Tok, has found its niche in a younger audience, capitalizing on new trends and shorts to retain interest.
With all these new competitors all taking a different slice of the pie, Facebook’s once nigh unstoppable empire has begun to falter. They catered to everyone but failed to focus on one demographic enough to retain interest and is no longer seen as the ‘cool’ platform.
Learn from this example! Oversaturating the market will only make life harder for you. People are often reluctant to try new things when they are already comfortable with what they have. You need to lock down your audience and sell sell sell!
3. Keep appealing to your existing customers
Expanding your market is the way to make money, but don’t forget about the ones who are already loyal to your brand. Because just like you are looking to poach clients from your competitors, it’s a two-way street, and your competitors will be trying to do the same to you.
Consider rewarding their loyalty with discounts and offers. Make the customer feel valued and they’ll have a much harder time letting go of that comfortable atmosphere.
4. Expand to the internet
If there’s one place customers feel most comfortable buying from, it’s online. Going digital is the most surefire way to expand massively. Your reach becomes almost limitless! So put your best foot forward and invest in some online presence. Pay for a website, a must-have expense that will help you miles in the long run. You need to grab potential new customers’ attention when they come to you, so plan your designs to match your product accordingly.
Make it the most attractive hub to learn about your product. Whether you go for lout boisterous colors to grab attention or keep a subtle sophisticated contrasted palette to impress your viewers. Whatever fits your business the best!
In this digital age, any business that fails to go online is doomed to be overlooked by all but the local community. If you want to reach new heights, aim upwards!
5. Find your niche
You need to establish that one thing that you can bring to the customers. An oversaturated market leaves little room to grow. So, you need to find that one thing you can bring to the customers that no one else can, be it the product, expertise, or service, and hone it to perfection until you are the first choice people go for!
Once you have that niche established. It’s up to you to capitalize on it. To use our earlier example of Facebook, they failed to establish the one thing they could do best, and are now faced with serious competition.
Today’s market is a fiercely competitive one, which isn’t as bad as it may seem! Competition inspires growth, and a monopoly only stales the industry. It may seem like a daunting challenge, but you have to fight for your financial future, stay focused, and do the work! Stick with it and you’ll notice your traction growing! If you need help, take my FREE Entrepreneur Assessment NOW and let’s help you get started.