The Art Of Finding Customers In A Competitive Market
How to stand out in a crowded market where other competitors are selling the same product as me? If this question sounds familiar to you, then this article will be a great help. We offer below some special tips for you, a newcomer in the business world, to reach new customers.
A right mindset first, then customers come later
Competition is in every aspect of life. On one hand, the competition opens the door of development, since it drives other factors, including people to move toward. However, when it comes to business, there is no rosy picture like that. Either you succeed with many customers or you are eliminated. This has become increasingly harsh since more sellers are entering the marketplace with similar product lines, whereas the number of demand is limited.
Suppose you are a customer, what motivates you to pick that brand instead of others with the same feature?
To find the solution for any business wishing to thrive in a crowded market, we briefly analyze the case of Bathorium, a successful bath product brand. The founder holds the answer to how to stand out in this competitive product line business.
See-through your enemies and their weapons
Before any battle, each party will try collecting most information about competitors and its secrets. This is no exception regarding the business world.
In the case of Bathorium, everything started in Italy. After an unforgettable experience with the handmade bath bomb, Gregory – the founder felt so inspired that he made up the decision to create his own bath product brand. However, the man soon realized that this product market was already so competitive.
What did he do? Instead of giving up the passion, be instantly took on market research of various competitors. Soon Gregory found out that most bath bombs were undissolved and only made of just oil and salt. Nothing could compare to his magic experience in Italy with the unique bath bomb from the landlord.
Bathorium was founded not long after that with the mission of creating bath products that recreate the truly Italian experience of its founder. And he could not do that without intensive research of his competitors.
Finding the unique selling point
Gregory recommended using the products from competitors to explore the weakness and rooms for improvement. After that, you should explore how to further develop the product line and offer better quality.
The creating and testing production process comes next and it is one of the key parts in building your competitive advantage. In this step, you should include the upgraded feature for your product, in other words, the more innovative version. The launching product not only includes your extensive trials but also your strong belief in its power to bring the best user experience.
In addition, professional competitive analysis of your product market can help you get an in-depth insight into target customers, distribution channels, external factors, etc.
Let your customers try it – for free!
No matter how confident you are in your item, your customers won’t believe it until they experience themselves. This is of paramount importance when you are a newcomer entering the market.
How to divert the loyalty of other brands to yours? The answer is quite simple: don’t hesitate to give-away a lot and regularly. You can actively sponsor beauty events if you are selling beauty products, for example. Or giving out free samples at fair trade can leverage your chance of attracting more consumers. Eventually, the standout feature of your product will hook the customer’s loyalties.
Learn to compare with a strategic mind
Let’s admit this: It can be extremely overwhelming to witness how fancy, elaborate your competitive brands are, especial when you are just a beginner. But remember this, it is quite unwise when comparing your initial step with their 100th step.
Instead, be consistent with your business by focusing on your signature products and other factors will be developed sooner or later. On the long way of operating a new brand, there are some great Shopify apps to consider because they can save you tons of time by offering the best support to your business development.
Finally, the most important factor is never losing faith in your brand and the power of your product.