New Competition in Your Area of Business
Competition is everywhere, and it’s never been easier for a business to find out what other businesses are doing, offering, or selling. It’s not enough to be the best at your job or service anymore. According to pain management specialist Jordan Sudberg, a business must compete with every other business offering similar products or services. To stay competitive, most small businesses have to market themselves differently than they did before. In this lesson, we will discuss how some businesses, by implementing new marketing strategies, found ways to get more customers and keep them coming back.
Business Strategies That Focus On New Marketing
Businesses have always had to deal with many competitors. The adage “if you build it, they will come” has long since become obsolete. Today, most people need help deciding where to shop or eat based on price alone. Nowadays, consumers compare prices, services, quality, convenience and other factors when deciding which companies to choose. To survive in today’s marketplace, a company must change its business. Changing how you market yourself will attract more customers, sell more goods, and increase profits. So, as a business owner or manager, you need to know how to use new marketing tools to reach new markets. One of the biggest problems facing businesses today is the need for more time and money to promote one’s product. Small businesses cannot afford expensive advertising campaigns. Yet, these ads continue to work because they target specific groups more likely to buy the advertised product.
Look After Your Existing Customers
One of the greatest challenges any business faces is maintaining past customers’ loyalty. New marketing strategies often make an existing customer uncomfortable about doing business with them again. Most customers like dealing with familiar faces. If you remove the familiarity factor from the equation, it may cause your customers to lose trust in you and look elsewhere for support. Sometimes, even though a business is well known within its community, it doesn’t mean that everyone knows everything there is to know about the business. There are simple things a business can do to improve the relationship between itself and its customers.
Target New Markets
Marketing is important to any business and should be done regularly to ensure success. However, you can create a new marketing campaign. Instead, examine your relationships with your current customers and determine whether you can help them better serve their needs. These ideas may include: helping customers solve problems; giving special discounts for loyal customers; providing added value through good service; making sure a customer feels valued; helping the customer save time; offering customer referrals; rewarding customers; providing convenient locations; keeping up with changes in technology; maintaining a website; having a strong email list; creating a brand identity; offering free samples; etc.
Personalized Marketing Methods
Personalized marketing is not just a slogan but a way of thinking about the entire marketing process. It involves considering what each person likes, dislikes and prefers when choosing products and services. For example, a person who enjoys playing golf might receive personalized marketing materials that offer information regarding courses near his home, local tournaments and advice on equipment he might prefer. A person who prefers shopping at big box stores might get offers for store specials, online promotions and coupons. Another individual may enjoy watching movies so that he would receive movie showtimes, trailers, reviews and news about upcoming releases.
Explore Partnership Opportunities
Can you partner with another company? For example, you and your competitor may be in the same geographic region. Or perhaps you’re selling a similar product or service. If this is true, consider partnering with your competitor. Although it may seem counterintuitive, sometimes partnerships result in higher sales and profits than either party could achieve independently. To find out if this is true for your particular situation, contact your local Chamber of Commerce and talk directly to business owners in your industry. They can often recommend partners in your field.
According to pain management specialist Jordan Sudberg, once you understand your audience, it becomes easier to develop customized marketing methods that appeal to them.