6 Brilliant Strategies To Make Your Store Standout In Competition
Why would a shopper buy from your online store? Do you offer unique products? Are your prices lower than your competitors? Certainly entrepreneurs typically think of those questions when they first launch their business. They often believe their product concept is unique. As their business matures, they generally realize that there are competitors with similar products and they need to differentiate their products or services to become successful.
To grow a sustainable and profitable business, merchants should continually ask what they could do to differentiate their online store. And because there is no brand recognition or a solid foundation, there’s nothing they can do to stop prices from spiraling down to nothing. When it comes to running a successful ecommerce business in the long term, you are destined to fail unless you can find a way to stand out among your competition. And the only way to survive is to establish a brand and a property that people trust.
With the rising trend of smartphone users, online shopping can be done from anywhere with just few clicks. You should make people know about your offerings. Choose the right ecommerce strategy and market. Making a complete digital marketing strategy is the core of all business. Almost 90% of the total internet users use search engines to find out information and these have the huge capacity to drive traffic to your website. Still very few entrepreneurs know the basic rules to tap into this resource. Proper SEO, engagement in social media channels, web pages with rich content, PR, Pay Per Click advertising are some of the major factors to be considered to get a good traffic on your website.
You might wonder if it’s even possible to be unique in this day and age. This is true to some extent, but at the same time, the most successful brands are experts at differentiating themselves.
Many people make the mistake of thinking that a USP must be something tangible. It can, but it doesn’t have to be. Unless you are in possession of a patented technology, chances are your competitors have products that are at least superficially similar to yours–but you can still have a powerful USP.
No matter what type of store or business you operate, there are bound to be others clamoring for your customers and your piece of the market. Plus, with consumers counting every penny and business purchasers scrutinizing expenditures like never before, winning over new customers and upselling old ones has become more challenging. What will cause customers to buy from you rather than your competitors? Here are some of those strategies you should definitely implement to stand out in the competition:
Build A Unique Brand
Your brand is different than your unique value proposition. Your brand should carry forward your voice, culture, values, and, to some degree, positioning. You may have a serious brand, whimsical brand, intellectual brand, or something else — there is no right or wrong. Use your brand to help customers remember your company. Even if you are making a decent profit now, selling the exact same products as your competitors leaves you vulnerable to a price war in the future. As a result, you should always have a long term goal of selling unique items that nobody else sells. If you are creative, invent your own products or add value to existing products. Remember, the uniqueness factor of your product doesn’t have to be dramatic.
Retailers are embracing the concept of adding more value to the products they sell. Sell accessories or related items with the primary products as a single, bundled product. Turn your online store into the place to go for information and instruction. Set up your online store to guide shoppers to the content that is applicable to their persona or market segment. Include videos, user generated content, expert generated content, and product reviews. Consider relevant social feeds. Create the go-to place to engage with other like-minded buyers.
Personalization Of Products
Sellers should learn as much as they can about their buyers, such as their market segments, personas, and their buying journey. Rather than offer a one-to-many shopping experience, online sellers should present unique content, products, promotions, and even browsing and buying experiences that is unique to each shopper. Consider solutions based on machine learning and artificial intelligence to power the buying experience, to deliver personalization. So how exactly do you make your brand resonate with your customer? After all, not everyone can produce quality content.
But the good news is that you don’t have to go that far to make a difference. It’s the little things that matter. Gaining the mindshare of your customer starts with going above and beyond to educate the customer about your products and services. Customers who read a company’s story are more inclined to buy from us. And by providing them with free ideas, they feel like they are already getting something for free even if they don’t end up buying anything. At the very least, they’ll tell their friends about us. The key to differentiating your business starts with content. Make sure you take the time to be helpful to your customers and humanize your company. And psychologically they will feel obligated to buy from you.
Content is paramount. Online retailers must enrich their own product content. It is simply not good enough to serve up the standard product descriptions, images, and specifications provided by manufacturers and distributors. Write your own long and short descriptions. Bring your brand voice into the conversation. Add your own images and videos. Create compelling content for your category pages or vertical landing pages. Repurpose the content across other digital channels to differentiate your company and products.
One single thing that would be considered for selling a product online is images. It also would not work vice versa if you design your ecommerce website with images but no product description. Don’t forget that people want to see, and read it before they buy. One of the main ingredients of increasing ecommerce conversion rate is having high quality images of your products with high quality description. Display your products from different angles and make them zoomable.
Though daily updates may seem like a time-consuming, resource-robbing task, even brief announcements can show visitors that you (or one of your employees) are minding the store.
Site updates can promote newly introduced products, shipments that just arrived, and special sales. Or, updates can relate industry news that is relevant or entertaining to shoppers.
Pricing And Promotions
Pricing pressures in retail markets can make differentiating on price a scary thought. But, this can work in two directions. Consumers are willing to pay more for products if they have a superior experience. Charging list prices may be acceptable, especially if you carry unique products and utilize other tactics in this article. Conversely, if you choose to offer lower prices, make sure shoppers can see the value. A compromise approach is well-timed promotional offers at specific times in the buyer’s journey, to create a buying event at that point.
Getting this right is the first order of business. In the face of this overwhelming need to fulfill shoppers’ demand for affordability, it’s essential to meet or beat the competition’s pricing on selected front-line products and services. Then you can provide bundled services or additional products at more profitable price points. Online comparison shopping is the norm these days, and whether you sell online, offline or both, shoppers are looking for that little extra nudge when choosing where to make their final purchase.
Free shipping, coupons and buy-one get-one sales are currently among the most popular incentives. You can also offer unique incentives, such as a special money-back guarantee or a free initial consultation, depending on your type of business, product or service. Evaluate what your unique customers need in this recession-era economy and create a special incentive that will motivate them to take action.
Great Customer Service
Be responsive to your customers and prospects — answer questions, keep them informed on order status, offer no-questions-asked refunds, provide pricing and product transparency. Quickly answer pre-sale and post-sale questions. Solicit feedback from customers and use that feedback for continuous improvements to your business.These days, providing great customer service is par for the course.
When customer service is mentioned, it doesn’t just mean being nice to customers and being generally helpful. The type of customer service here referred to is the no holds barred, go totally out of your way type of helpfulness even if it means that it will take a tremendous amount of your time. In some cases, you may have a better set of product features than what your competitors offer, but you will find it very tough to tell your clients about the difference. So in that case, competing on customer service is often the best way to win.
Offer your customers convenience. They might be busy, lazy, distracted, whatever. If you can save them time and money, you can differentiate yourself. There are a number of ways you can do this. Add live chat and enable your customers to chat with your agents whenever they need any assistance. Subscriptions are a great way to offer convenience. Similarly, by offering online booking services you can make yourself just that bit more convenient. Another way you offer convenience is through the simple act of offering home delivery. Your excellent customer service may turn the game and make your brand most popular amongst all of your competitors.
Start building strong and meaningful relationship with your clients. Be it a small or medium size online business, live chat will help you to take on the role of a friendly salesperson. It enables you to give a face to your online store and provide it with a salesperson who can vow for your products and services. Your customers don’t want you to do impossible things for them. All your customers want is to get what you promised. So deliver your products on time with a big smile. Don’t make them disappointed.
In e commerce business, the big giants have a huge advantage over you – they are known. Now they don’t need to fight for trust and security issues like most of the small and medium sized online stores because they have already built their loyal customer base. People are already confident about their products and services. You still need to go a long way to win customers’ trust. So follow your own e commerce business ideas and try to learn from those big giants. Just don’t copy them.
Customers are careful to spend their limited dollars wisely and are scrutinizing each purchase to make sure they’re making a “safe” decision. They want to buy from companies they trust and believe in. Increasingly, shoppers are looking at business owners’ backgrounds, the company history and even staff bios, and they want to learn what other customers have experienced. Recommendations from friends and peers–including consumer opinions posted online–are among the most trusted and can have the greatest influence on a purchase decision. So include testimonials, reviews or a message board on your website that helps customers understand why they should believe in your company and trust what you sell.
Consumers want to know you’re a good corporate citizen. Businesses with a conscience care for their communities, others who are less fortunate and the world around them. Get involved at the local level and encourage your customers to participate. You’ll establish a positive relationship with customers that sets you apart from your competition and motivates like-minded customers to buy from you.