With the advent of the internet, it seemed that even small businesses had equal opportunity to reach new markets, raise awareness, and expand beyond their wildest dreams. Of course, the flipside of that equation is that every other business has the same opportunities, and what many companies find is that the growing global market means they face vastly more competition for customers than they once did.
Competition is the key to a healthy capitalistic system, but when consumers face myriad choices with little variation, it can not only be difficult for them to differentiate, but the pool of available consumer dollars can become so diluted that many businesses fail, even if their products or services are actually much better than their competitors.
What can you do to build a brand that wins in competitive markets when creating the best goods at the lowest price just isn’t enough? Luckily, it’s not about how low your prices go (this is generally a losing strategy, by the way, because it simply isn’t sustainable). It’s about knowing the market, finding new ways to add value for customers, and collaborating with branding and marketing experts that can help you to play to your strengths. Here are a few ways to maintain growth in a competitive market.
Keep Tabs on Competitors
Keeping your enemies close is always wise in warfare, and competition is a never-ending war. The first thing you need to know is what your competitors do best, versus where your strengths lie. When you engage in head-to-head competition, someone is always going to lose. However, when you have a good understanding of how to offer unique value to customers, delivering what others cannot, you’re going to win within your particular niche.
It’s important to remember that it’s not all about delivering the products and services consumers want, because they can get them from a variety of sources. Developing unique and innovative products is obviously ideal (until all the cheap knock-offs flood the market), but perhaps what you’re really good at is branding for millennials, hosting charity events that garner media attention, or making consumers feel like they’re part of your family. Whatever you do better than competitors, make it your focus.
Get to Know Your Audience
This is a biggie. You cannot compete if you don’t know who your customers are or what they want. You naturally have certain demographics in mind, but you need to deep dive into customer types and what makes them unique. Instead of focusing on moms between the ages of 25 and 40, for example, consider mothers of multiple kids, working moms, mothers interested in health and fitness, and so on.
The more you know about your customers, the better chance you have to deliver multi-dimension and even personalized marketing that speaks to them. You’ll also have a much better understanding of their expectations and desires, which means you actually have a chance to meet and exceed them. With so many online tracking and targeting tools available, you and your Asheville internet marketing firm can learn a lot and create a bold strategy for competition.
Go Local
Competing in a domestic or international market can be daunting, so it’s always best to start by winning in your local market or markets. People shop online for convenience, but many still enjoy shopping locally, as well, especially if there are brands they feel a particular affinity for. Your Asheville branding and marketing agency can help you form winning strategies when it comes to successful local marketing and SEO.
Make Experience a Priority
When you’re competing against companies that offer roughly the same goods or services, it can be hard to differentiate yourself from the pack. This is why creating a unique and compelling customer experience is so important.
In this connected world, it seems that people are more separate than ever, and they crave personal connection. You can provide it in a variety of ways with an experience that makes customers feel like friends and even family, especially with the advice and support of a trusted branding services agency.
Partner with a Reputable Branding Services Agency
When it comes to competing, you need an Asheville branding and marketing partner that not only remains current with advances in marketing channels and techniques, but also takes the time to understand your brand and help you craft your story. You need an Asheville internet marketing agency like Storypowered that can help you develop a brand experience that customers will flock to because it offers the added value and connection they crave.