Strategies Your Competition Is Using To Boost Their Sales
As business owners, we are all concerned with boosting sales and consistently improving our profit margin. While seasoned business owners might have a few more tools in their pocket than us novices, we all have to admit that the scope of business is constantly changing, and we must stay informed of changes in the marketplace in order to gain an edge over the competition.
There are many competitors out there also vying for some of the very same business from the very same customers that we desire to form relationships with. It would seem that a little investigation would be in order to see what strategies our competition employs to try to attract business as well. Who says we can’t learn a few things from our business colleagues? Keep your friends close………
Let’s examine some of the strategies that your competition uses to try to edge you out:
They stress the benefits that their products can bring to their customers. People don’t buy products; they buy the benefits that those products and services have promised them. Connecting with your customer by letting them know how you can improve their lives in some way is one way to ensure that they view your products in a new light. The more benefits you promise, the more likely you are to gain their business. Make sure you can deliver on all of those lofty promises, however, as your business reputation will spread quickly.
They focus on their target audience. Successful business owners who net steady profits have done some thinking about who they want to promote to. They ask specific questions with the intent to craft a customer profile, such as:
How old are my ideal customers?
Are these customers male, female, or both?
Do my customers have children? Can they be potential customers as well?
How much money do these customers make? Are they educated?
What resonates with these customers as I think about crafting a marketing strategy?
Spending some time and finding that audience that responds to your sales promotions will ensure that you are able to build long-lasting, profitable relationships with a very stable customer base.
They are able to clearly define a “problem” and offer a solution. What type of problem does your customer have? Can you provide a solution with your products and services? Are you able to create a sense of urgency with your marketing tools and strategies to inspire them to buy, rather than mulling over a purchasing decision? The more you can present yourself as the solution to their pressing problem, the more likely they are to call on you when the need arises.
They set themselves apart from the competition. Your competitors know that they have an aspect of their business that presents a competitive advantage over others, or they would not have developed their idea. Just as they have theirs, you also have something that sets you apart and makes you unique when your products are compared to similar products and services. Play up on your strengths, and don’t be afraid to tell your customers that you are unique and innovative in your offerings. Your confidence will inspire and draw your customers to you for purchasing.
They present clear messages and calls to action. Your competitors don’t beat around the bush. They state the facts, they highlight how their products can benefit you, and they don’t waste time closing the sale. They know that their customers’ time is valuable, and they aim to please. If you want to close some of these sales yourself, you need to be clear, concise, and direct in your dealings with customers.
They are not afraid to “cold call.” Your competition knows that sometimes, it’s necessary to get the word out to potential customers that you don’t know. Believing passionately in your product will inspire you to share your innovations with others, knowing that you can improve their lives with the use of your products and services. Remember why you started your business in the first place, and share that passion with those that you wish to reach. Enthusiasm is quite infectious; before you know it, your customer base will have grown exponentially by the use of this technique.
They know that “the price is right.” Your competition has done market research, and they know what potential customers would be willing to pay for similar products and services. Do yourself a favor; stay within the range of this acceptable price, and prepare for a marked increase in sales.
They are prepared to offer “freebies.” Your competition regularly offers “freebies,” or things that the customer would consider valuable, in exchange for additional information and sales. People will be much more likely to purchase products if they have been given a preview first, or a chance to try them out for a probationary period. Additional information, video postings, and tutorials are all things that customers would find of value when making purchases, so be prepared to give up the goods in exchange for more consistent sales.
They create long-term customer relationships. Your competition knows that the end of a sale is the beginning of a profitable business relationship. They follow up with regular correspondence, product offerings, and newsletters offering promotions to keep the satisfied customer coming back for more. Keep track of your customers with an organizational database or other tracking information so you can monitor what has been successful and what you can continue to work on to make these long-lasting relationships.
They know when to ask for help. Your competitors, believe it or not, do not have a handle on every aspect of running a successful business. At times, even the most experienced business professional needs some assistance with an aspect of running the business. If a business owner knows that his strength is not in marketing and keeping track of current trends, it is a wise idea to consider outsourcing to a professional to get the job done for you. Consider what your strengths and weaknesses are, and be prepared to place a few well-invested dollars in hiring professionals who can strengthen your organization and add to your profits.
What about MaxGroup Business Solutions?
Have you heard of us? MaxGroup Business Solutions is a premier marketing strategy organization; we pride ourselves on being able to take our clients from internet ambiguity to #1 in rankings using a combination of marketing techniques, social media, and incredible website development and design. How is your digital footprint looking these days? Are you willing to share your customer base with your competition, or would you rather rise head and shoulders above everybody else in your product group? Look us up today to see how we can skyrocket your profits and build your business faster than you’ve ever dreamed. Visit www.maxgroupbusiness.com for exponential growth and success!