Standing out from the competition can be challenging, especially if you are just starting out. Chances are that there are plenty of other companies that have been around for long and enjoy scales of production to help them offer very low prices to their customers. So based on these facts, how will you manage to arm-twist your competitors and claim a share out of a competitive market?
Let’s discuss some of the best marketing techniques you can use to help crush your competition.
Offer an exponentially better solution
You need to offer a solution that is exponentially better as compared to any other on the market. It not by a big margin that your product must be better in terms of quality, usefulness, or pricing, but customers will notice any slight difference and value they can get from your product, that otherwise, a competitor is not able to offer them. You may adopt early users who will become brand ambassadors and spread a word about how good your product is.
Create a new market
If you have a very unique and appealing product or service that has the potential of defining a new market or category, then without a doubt you have a winner. If that is the case, start by defining your market and working on how to introduce your product to that market. Spread a word out there even before you can introduce your product to the market and create the anticipation needs for exponential sales.
Have a pricing strategy
Pricing is one of the most overlooked factors when it comes to attracting more customers. Many business owners don’t push as much as they ought to when determining the ideal price for their product. Most just rush to copy the prices that competitors offer. You need to have a unique pricing strategy that looks at the total cost of production and then add your markup, to determine the ultimate selling price.
Disrupt an existing market
Aim to be the first to disrupt an existing market. Being the first is always important and will present you will massive offers. Companies such as Google. Uber, Airbnb, Facebook, etc. have seen massive success because they aimed at disrupting existing markets, by defining new ways of doing things differently.
Establish a high barrier of entry
The easier it is to enter a particular market, the more saturated and competitive that market becomes. This is what we call barriers to entry. You need to set very high standards on your products and services to raise higher the barriers to entry. Doing so will play a key role in protecting your market and ensuring you emerge a monopoly. Take a closer look at what Apple and Google offer, in terms of high standard and quality, such that starting another company that becomes direct rivals is quite difficult. You need to establish exclusivity as a high barrier of entry. Use any method possible including patents, government support, distribution channels, branding, among others.