There is no exception in regards to the competition every single business out there is facing it and the only question entrepreneurs have is how to leave the competition in the dust. Well, what we have on the internet is a million marketing strategy to do that, but will you try even 100 of them?

Anyhow the game is all about the greater value provided. This is the only way you can win over your competition. If you succeed in that you will have more market shares. If you have more market share, you will have more customers. More customers mean certainly more sales.

and to reach that point you don’t have to apply every marketing strategy out there, Here I want to share with you a simple (strategy breakdown into steps) which will help you stay ahead of your competition at any level,

So let’s dig deep-

1.Conduct Competitor Analysis

The very first pinpoint in this marketing strategy is to understand the competition, by executing the following steps one can understand the standard of work their competition has:

Competitive analysis

STEP 1- Follow the Steps of Your Competitors: when we talk about competition it is best to know about the strength and weaknesses of our competitor,

  • Market research, how do they approach marketing? their efforts and how often they do it, the platform they use, the cost and time and the response they get.
  • Social media strategy, What platforms they are existing on -instagram, tumbler, youtube reddit quora etc, the frequency of uploads? The no.of following? the type of content they publish (image, video or voice), the response time towards QNA’s.
  • Conduct surveys, among suppliers and customers of the competition, what service they provide, how satisfied they are with their services, you can conduct the survey through emails or by on community forums Reddit, quora most certainly you will get the info and create strategies to outperform them.

STEP 2- Analyse the weak points in their marketing:  here when you have a complete roadmap of how your competition works, you will certainly know the weak points where you can outperform them. well, this is the motive of conducting competitor analysis 

It’s all about what competitors don’t improve and you can. It may be the poor conversion of sales due to weak conversation with consumers, or it can be non-adaptation to “changes of consumer behaviour” or the social media queries unanswered which surely pushes potential customers or your own retained customers to switch to alternative choices available in the market.

If you want more reliability in this marketing strategy you can read this (2 min read) competitive analysis case study about xerox and canon here.

2.Highlight Your Difference

“Use your differences to handle competition in business.” After completing competitive analysis to a considerable level all that is left is to understand and present our differences in such a way that it puts competition at a disadvantage.

strategy of promoting differences

STEP 1- Compare your offering to competitor’s: Here, the word offering is actually diversified. It is not only a product or service it can possess various factors such as aftersales, guarantee period, price point, discount offers, quality, and many more.

Comparing our methods of marketing and product development to the competition will give us insight into where we stand in the market today. And what evolution one should make to outgrow the competition’s offering.

STEP 2- Offer competitive pricing or Value: every company has weak points. We just have to place our product in the right spot and outperform them, offer competitive pricing against the alternatives and if you can’t you can still win in the market.

Offer greater value whether you can provide similar pricing or not, now the value could be extended guarantee, discount on bulk purchase, delivery time, quality or exploit the weak point of your competition’s offering and make that your products USP and customer service.

STEP 3- Promote Your USP’s: (unique selling point) USP should be constantly promoted across your marketing network through website {blogs}, social media, marketing campaigns, and good customer feedback should be marketed to reach potential customers.

As a great saying goes- All their advantages, let’s be your advantage. All their disadvantages, let’s be your advantage. Well, if not all there must be some, this prompting is done to exploit the selling points that tell customers ‘’why your brand is a better choice.’’

3.Adapt To Your Audience

Once executed the above 2 points of this strategy you have done the crucial part now it’s about hearing and adapting to what customer desires from your services.

customer support and valuation

STEP 1- Know your Customers: make sure to collect the data on purchasing patterns of your customer’s, know their reason of purchase, frequency, quantity by simply gathering this information one can create marketing campaigns

satisfying their desires and create relationships beyond only a couple of purchases. (use analytical tools, consumer behaviour and data of your sales team).

STEP 2- Provide Great Customer Service: be quick in response to queries, listen to the pain point of your consumer, provide solutions that satisfy the masses, and interact with gratitude. “Add convenience they need or lack, not what competitors don’t have.” 

Put a priority on hiring employees who have a full understanding of not just your products and services, but your brand as a whole.

STEP 3- Let Your Customer tell how your business can be better: I say this in every blog post-consumer is the reason you are here. and if you are working for their desire why not let them tell you what you can do better, use customer feedback, voting polls on social platforms, quora-Reddit forums and email marketing.

4.Expanding the brand and collaborations

The last step is not about competing, it’s about the expansion of business keeping in mind the customer’s liking, new innovation, investment in potentially good projects and collaborating for greater development all around.

expansion of business

STEP 1- Invest In Digital Marketing: the pandemic has greatly impacted people, shifting them at an even higher pace towards digital reliability. The crowd is digital so why not your marketing ideology, (blog post, social media marketing, email marketing, forum interactions quora-Reddit, video marketing-youtube).

keep in mind that people need more support, interaction, entertainment from your brand. Rather than just selling tactics (consumers are smart so your content should too.)

STEP 2- Innovation to be the first:  a place where there is no competition don’t you think being a monopoly gives you immense freedom to work according to your taste, that’s what innovation does.

Be the first to try out new improvements on your products and business processes. Sometimes the convenience that improvement makes, distinguishes your business from your competition which builds a credible brand image among competitor customers.

STEP 3- Explore partnership Opportunities: You must know that partnerships with competition to a partnership with the same motive or even a partial motive, sharing companies around the globe is the right thing to do, don’t get my point? 

 Have a look at the example- Spotify & Uber

Spotify partnered with Uber because they both had the same goal of getting more users even though they had different products. Uber riders can pick out a Spotify playlist to choose what they’ll listen to during their ride.This helps both Spotify and Uber fans have a better experience during their ride in the car.

If you want to read more about such partnership deeds among various companies you can read them here.

That being said, if you certainly follow the steps mentioned in this marketing strategy you are definitely going to experience improvement in your business💯💯, and I hope you like this blog don’t forget to comment down your views on this and if you liked this one feel free to check out other blogs here. until next time😉😉.


Leave a Reply

Avatar placeholder

Your email address will not be published.