❝ 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.
Your UVP (sometimes known as USP – Unique Selling Proposition) is the thing that makes you stand out from the crowd. It’s more about creating a memorable impression with your target audience than being better than everyone else, although that helps too. What do your customers want most, what do they identify with your company?
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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