Competition is fierce in business. No matter what type of business you might be running, it hurts a great deal when you see your customers checking out the opposition. When a customer leaves you, and you find out about it, it has a tendency to sting and really hit home.
For many, facing the competition in their market is one of the most unpleasant things about being in business. And this is especially true if you find yourself on the losing end of the competitive marketing battles. But this is a part of life that we all have to face as business owners. And learning to deal with the competition is how you will survive and thrive in business.
Instead of watching your customers run for the hills, we’d like to share information that will prevent your customers from ever even considering one of your competitors. Use this information as a guide. Take what we are sharing with you today and implement it into your business. You’ll never have to worry about customers running to the competition again.
Get to Know Your Customers
First and foremost, it is an absolute must to create a profile of your ideal customer. You must know your customer like you know yourself. And the best way to get to know your customer is to develop a persona, a.k.a. an avatar, of your average customer.
When creating an avatar, there are certain aspects that you have to consider.
What type of occupation does your typical customer have? What gender are they? How old are they? What are their hobbies? What is their motivation to buy your products? What type of friends do they have?
As best you can, get the answers to all of the questions mentioned above and come up with more of your own specifically geared toward your particular market. You know your market better than anyone else and you know the valid questions that need answering in order to create a powerful persona.
Once you have an understanding of your customers, you’ll be able to reach these individuals on a personal level. You’ll know exactly what they want from you as a business, and you’ll be able to meet their needs every single step of the way.
This persona is so valuable to business owners. It helps them create products and services based on the needs of their ideal customer. When you are creating products and services for your customers, based on the information gathered about these individuals, then you can never go wrong. You are always going to be a valuable asset to their lives.
Create a Unique Selling Proposition (USP) and Hammer it into Your Customers’ Heads
To really stand out in business and provide immense value to your customers, you have to create a unique selling proposition that differentiates your business from the rest of the competition.
By creating a unique selling proposition, you create added value in your market. And you also create the ability to charge more than the competition for your products and services.
But remember, you have to attack the market from a unique perspective. If you are selling the same products and services as your customers at a higher price, without any unique benefit to them, they will leave you. They will check out the competition because there’s no incentive to stick with you otherwise.
As an example, let’s say you own a cleaning service. The majority of your customers are large office buildings in your local community.
Since your local community is part of a big city, there are many competitive cleaning services vying for the same jobs. The competition is thick and it’s often difficult to get contracts in your market.
The best way to ensure that you beat the competition is to come up with a unique selling proposition. Create something special for your customers that nobody else is offering. This way, when it comes time to decide whether to renew your contractor not, your customers will gladly re-sign with you because you provide added value that no other company is giving them.
Please use these tips to help keep your customers with you for a long time. If you use them properly you’ll always outfox the competition.