❝ When on a tight budget, use creativity & outstanding customer service to gain competitor advantage.❞
– Stephen Jones
How To Be More Competitive
Don’t assume that being competitive is all about price. Focusing on competitive pricing is a race to the bottom, in fact the your best customers prefer value for money over lowest possible price. There’s even a strong argument to avoid customers that make buying decisions on price alone.
When was the last time you reviewed your Business and Marketing Plans? Or conducted competitive survey of your local competition.
Phuket is a highly competitive location and supply often eclipses demand. Gaining a competitive edge doesn’t have to be a big expense, know your customers, know your business numbers and don’t be scared to get creative.
Just because someone else is already established in a market doesn’t mean that they’re delivering on their promises. If you can do better, that’s a strong basis for market entry.
Finding your Unique Value Proposition requires a good understanding of your target market, your competition, and your industry.
A Unique Value Proposition (UVP) or Unique Selling Point (USP) is a statement that clearly communicates the unique benefit that a product or service offers to its customers. It is the key differentiator that sets a business apart from its competitors and tells customers why they should choose your product or service over others.
A good UVP should be specific, measurable, and easy to understand. It should also address the customer’s pain points and demonstrate how your product or service can solve their problems or meet their needs in a unique way.
For example, a UVP for a new brand of toothpaste could be “Whitens teeth in just one week” or “Fights plaque and freshens breath better than leading brands.”
A UVP is an important part of a company’s marketing strategy, as it helps to attract and retain customers by clearly communicating the unique value that the company offers. It can also be used in advertising, on websites, and in other marketing materials to help customers quickly understand the benefits of the product or service.
EXISTING BUSINESS
What makes you stand out?
Identify a business attribute that makes your customers happy. Preferably something that is easy to remember and simple to describe to friends. Next, link that concept to you branding and make sure it’s always part of your promotional messages. Be sure to pick something unique, that your competition can’t copy or improve on.
NEW BUSINESS / STARTUP
Look for overlapping interests
Imagine how popular Diet Chocolate would be? A hypothetical holy grail that combines two huge and extremely active markets (chocolate & weight loss). Overlapping interests can also create a smaller niche market. These smaller groups can be easier and more affordable to market to.
PRO TIP:
Know Your Numbers
It’s always surprising when business owners don’t know their critical numbers. It’s the information that draw the lines in the sand for success and failure.
Make sure you’re tracking these essential metrics:
- ACV (Average Customer Value)
How much money your average customer spends with you over a given period of time. - CPA (cost per acquisition)
How much it costs you to acquire a new customer. - ROI (return on investment)
The profit you make on marketing campaigns. - Break Even
The volume of sales you need to cover the cost of being in business.
MORE ways to boost your business…
Find More Customers
Reaching new customers has never been easier or more affordable.
Make More Sales
A 1% increase in sales conversion is equal to a 10% increase in customers.
Be More Profitable
Make better marketing decisions to reduce costs and boosts profit.
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