When it comes to attracting customers, there are certain tried and tested techniques that work wonders. Whether you happen to be a brand or an online business, these techniques can make your company stand out from the rest and attract more customers than ever before. All of these methods have been used by businesses for decades, and according to statistics, they have been proven to work. Thus, without further delay, let's talk about competitive strength and the top nine ways to attract customers from competitors. Before diving in, it’s important to keep in mind that companies with better customer experience drive revenue 4-8% higher than their competitors.
Why Is Competition Healthy for Your Business?
Competition is an integral and unavoidable part of the business world. Without a doubt, having more than one player in the same line of business makes it harder for any individual company to attract customers and thus, grow their revenues. But what most people don't realize is that this competition actually benefits businesses as well. When you have more than one company offering the same kind of product or service, customers become spoiled with multiple choices. And when customers have more than one option to choose from, they automatically start looking for something better and newer. This results in them trying out new products and services, which ultimately increases their brand loyalty.
Can You Win Your Competitor’s Customers?
The answer to this question is a resounding YES. No matter what kind of business or industry you are in, it's always possible for your company to win your competitor’s customers by simply following the right marketing and support strategies. If your competitor happens to have an edge over your business because they have built up their brand name or because they started their operations earlier than you did, that should not stop you from trying to attract customers through the right means.
Competitors Are a Research Point
The best part about having more than one company in your industry is the opportunity for research. Since there are multiple companies offering the same kind of product or service, this makes them ideal market research points for you. You can gather information about how your competitors are attracting customers and what strategies they are using to keep them coming back for more. This way, you will be able to discover which marketing strategies actually work and which don't so that you can implement the same tactics in your business as well.
Top 9 Ways to Attract Customers From Competitors
1. Make Your Business Stand Out From the Crowd
There are a lot of reasons why you should make your business stand out from the rest of its competitors. The most important benefit of making your business stand out is that it makes it easier for customers to find you. In a world where there is a sea of businesses, making yourself visible is the key to success.
The best way to make your business stand out from its competitors is by making use of optimal marketing strategies. You can either opt for conventional print media or get creative and use online platforms to market your business. Make sure that whatever marketing strategy you choose, it must be able to grab the attention of customers.
2. Focus On Quality, Not Quantity
One of the most common mistakes in business is focusing more on growing your customer base instead of attracting the right kind of customers. Focusing on growth might seem like a good idea in the beginning, but it will only ruin your business.
Make sure that you are focusing more on quality instead of quantity. Grow exponentially, but make sure that the growth is sustainable and that all your customers are satisfied with their purchase or experience. This way, you will attract even more customers.
3. Learn From Your Competitor’s Mistakes
Even if you do everything right, there is always a chance of things going south. If your competitor fails at something, it's an even bigger chance that you will fail at the same thing. So what do you need to do?
Instead of focusing on making progress, focus more on learning from your competitors’ mistakes. Analyzing their strategies and mistakes could help you avoid making the same mistakes.
4. Concentrate on Customer Data Security
Another mistake that most companies make is advertising their products or services without considering customer data. According to experts, not protecting customers’ data can turn them away.
There are several ways in which your company can protect customer privacy and sensitive data. One of these methods is hiring an expert in data compliance and security. The second more cost and time effective method you should consider is using Helpy.io for all your data needs and for an advanced way of delivering support.
5. Stay Ahead of Your Competitors
If your business is running well, you should also keep an eye on your competitors at all times. One of the best ways to find out if they are doing something well is by learning more about them. If they develop a creative marketing strategy, analyze it and consider implementing it into your own business strategy.
To make your business stand out, you will need to learn about branding strategies as well. If your brand is not established yet, the first thing you should do is come up with a powerful branding strategy.
There are several ways in which you can do this. One of the best ways to learn about branding strategies is by researching the market and learning how customers feel about your competitors. You can also ask them why they are attracted towards specific brands or products.
6. Get Feedback From Your Customers
Feedback might be one of the most important marketing tools for businesses today. According to a recent study, companies that ask for feedback from their customers are more likely to attract loyal customers. Contracting with Helpy.io for support ticketing can be a great way to organize and respond to customer issues.
Whenever your customer buys a product or purchases a service, make sure you ask them for feedback. Ask them why they bought the product or how they felt about it. You can also ask them if there is anything else that you can help them with.
There are several ways in which you can get feedback from your customers. You can request feedback via email, phone calls, text messages, or social media platforms like Facebook and Twitter. Statistics show that more than 84% of all companies that learn from their customers and strive to improve their customer experience report a serious increase in revenue.
7. Include Dynamic Offers
Customers are always searching for discounts, offers, and other freebies. One of the best ways to attract customers is by being dynamic with your offers. Make sure that you consistently offer new incentives that are guaranteed to draw new customers in.
8. Take Advantage of Your Social Media Page
Did you know that most people prefer social media over traditional marketing mediums? Well, it's time to put your social media marketing skills to the test. Make sure that you are making use of all available social mediums like Facebook, Twitter, Instagram, and even Snapchat in order to attract customers. Live chat service is an equal opportunity to help you engage directly with your customers.
If you're running a local business, you should focus on using forums to attract customers. There are plenty of forum hosting websites like Reddit and Quora that you can use to draw attention towards your locally owned business.
9. Offer Enticing Incentives
One way to attract customers is by offering them something free. It might be a free trial, free shipping, or something else that your company offers. This way, customers will be drawn towards your business, and you will be able to attract new customers.
Make sure that whatever offer you're making has a higher perceived value than the actual value of the product. For example, if you're selling a $50 product, then don't offer a $10 rebate on its purchase. Instead, offer something like free shipping, which would make the overall cost of the product lesser than what it actually is. Customers will be more attracted to your business because they will be saving extra money.
One of the most effective ways to attract customers is through giveaways. You can give away freebies or offer your product for free for a limited time period. This way, new customers will be attracted towards your business, and you will easily be able to increase your number of new customers.
Make sure that whatever giveaway offer you make is something that the customer would actually be interested in. If you're giving away freebies, then make sure to give away items that are worthy of your brand.
Make sure that whatever offers you make fulfill both of the following criteria:
· The offer should be something that is unique and special for that particular location.
· The offer should be something that is practical and would actually benefit the customers.
The more practical an offer, the more it will attract customers.
There are many methods through which you can easily increase the number of customers in your business. The nine ways mentioned above have been tested, and people have benefited from them by increasing their customer base. If you’re interested in attracting more customers around the world, you should consider implementing these effective methods.