Thanks to the internet and progressive technologies, many new startups are finally putting their ventures on the corporate world map.
This means all the more competition, and while customers can rejoin, business owners need to find ways to stay alive in the ensuing battle to capture market shares and penetrate new locations to grab hold of targeted audiences.
Today’s marketing teams are no wonder facing the brunt of this challenge, which means finding new ways to keep rivals at bay while garnishing sales.
According to a recent study by CI Radar, 90% of Fortune 500 companies practice competitive intelligence, whereas 70% of large enterprises that competitive intelligence would have granted better results.
Furthermore, 73% of businesses are observed spending more than 20% of overall technology-related budgets on data analytics and business intelligence.
Moreover, 56% of CEOs proclaim a rise in cross-sector competition, while 80% of CEOS say that mobile technology and data analytics are key to their strategies.
Let’s take a quick look at some of the best marketing strategies that give tough competition to your rivals in light of this information.
1 – Adding More Convenience & Facilitations
In the business world, consumer and customer-centric strategy can be considered a basic approach to make ventures more viable and valuable to targeted audiences. This strategy is aimed at making your client base fall in love with your services to the point where they simply cannot fathom switching to a competitor.
In the end, competing with close rivals depends on how much convenience you provide to your customers and offer facilitation to accommodate their intrinsic needs. Trader Joe’s, which is an American grocery store chain that faces tough competition from other brands, is a good example.
Not only is the company extremely consumer-centric with quick response time, but its employees are also willing to open products and give samples to make customers happy.
2 – Building Trust & Credibility
Building your brand based along the lines of trust and credibility is extremely important and gives you an edge over your competition.
Credibility depends on how people find their experience with your brand, while reliability measures how you communicate your commitments to your customers. Next up, you need to develop intimacy with your clients and know their preferences and choices.
Combining all of these factors and allowing your customers to share their experiences with your brand freely can help create trust in your business. Take the example of GoPro, Inc., which is an American technology company founded in 2002.
Ever since then, GoPro has worked on building a strong online community that is thoroughly engaged. This has led to consumers trusting the brand to the point that within family members, many of them carry GoPro products on their vacations while sharing their experiences on popular social media platforms.
3 – Cost Leadership Strategy
As far as you are able to deliver a quality of products that are acceptable to your audiences, a cost leadership strategy can you give to the edge over the competition. It facilitates higher margins, discourages rivalry, offers you the increased ability to withstand price-wars and give you greater control on pricing decisions.
However, to carry out this approach, you need several factors to support your operations, including economies of scale, technological support, supplier arrangements, and feasible outsourcing or business partnerships, to name a few. In this regards, Wal-Mart is perhaps the most evident and famous leader with a cost-leadership strategy and no wonder it has led it to become one of the largest companies in the world.
4 – Using Technology to Your Advantage
When it comes to marketing, technology nowadays is paving the way to capture prospects’ attention and broadcast your promotional efforts to a wide range of audiences.
Some of the best technologies used for digital marketing purposes include:
• Social Media Marketing with the help of tools such as Hootsuite, Buzzsumo, MeetEdgar, Buffer, etc.
• Email marketing tools, including the likes of Mailchimp, Benchmark Email, Ominsend, Sender, etc.
• SEO (search engine optimization) tools such as Ahrefs, Google Search Console, Moz Pro, SEMRush, etc.
• SEM (search engine marketing) tools, including the likes of Google Ads, WordStream Advisor, Bing Ads, etc.
• Content marketing tools such as Google Analytics, HubSpot, Canva, MashShare, etc.
5 – Improve Customer Services
Majority of organizations today that has worked continuously to improve customer services and support are now reporting a substantial increase in their revenues.
There is no doubt that improving your customer support and services allows you to boost customer retention and to keep your client’s happy means an extensive and considerable increase in profits.
Today we are seeing AI-infused chatbots being introduced to offer customers online with 24/7 assistance. Some of the best chatbot platforms that you can use for augmenting customer services for your brand include:
• Chatfuel – Best for beginners
• HubSpot Chatbot Builder – Best for flowchart-style setup
• Imperson – Best for capturing the brand voice
• ManyChat – Best for Facebook Messenger bots
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6 – Personalized Experiences
Offering customers with personalized experiences can differ depending on the scope of business. However, regardless of the industry, you belong to or the market niche you target, personalized services are all the rage in the present era. Take the example of Target Corporation, which is an American retail company.
They assign each customer with a Guest ID and track their interactions with the brand, including demographics, purchase history, and buying behavior.
This allows them to offer stupendous suggestions to the point where they actually have a pregnancy prediction score where expecting parents start receiving the bonus and discount offers for their new baby’s arrival.
7 – Social Responsibility
Thanks to the efforts of global warming and climate change activists, including the young and daring Greta Thunberg, people are finally waking and becoming more aware of major issues and concerns.
Today businesses are finding ways to adopt sustainable production and models. This is all done to relieve their customers of the reduction in the environmental impact their venture and operations deliver on the community and the society as a whole.
Biogen, which is one of the leading developers of therapies for people suffering from neurological, autoimmune, and hematologic diseases, can be taken as an example.
It is a carbon-neutral company that has effectively neutralized its carbon footprint by reducing carbon emissions with the help of reduction and offset projects.
There is still a lot that businesses can do to market them and gain the edge over the competition. This is neither a complete nor an exhaustive list of strategies that ventures can invest in to compete against their rivals.
I just hope that this post was sufficient to offer you some meaningful insights into how businesses can adopt strategies to give their rivals tougher competition.
Elaine Vanessa currently works as a Sr. Research Analyst and Blog Writer at Assignment Assistance. This is where higher education students can acquire HND assignment help from experts specializing in their field of study. During her free time, she likes to indulge herself in pop-culture and binge-watching TV series.