Every business-minded person will tell you that getting new clients is a challenge. While it’s great to gather your own ‘people’ from scratch, acquiring a few from your ‘fellow players in the game’ wouldn’t hurt, would it? After all, business is treated as a game often, a finance-related version of ‘the survival of the fittest.’
The concept of business competition is not new; in fact, some consider it quite disastrous for one to venture into a sector with little or no competition as it tends to breed complacency and mediocre services.
Acquiring Customers from Competitors
Before you begin to plot the acquisition of your competitor’s customers, you need to find out what you signed up for by learning more about the chosen area of business or entrepreneurship, what it entails, the input required, how best to create awareness, etc.
In short terms – who are my competitors?
Having found out those things, here are a few useful methods of acquiring customers from competitors:
1. Quality Improvement
Whatever step you carry out in your venture, quality should be your focus. Everyone loves quality services and products delivered to them on silver platters. Set a goal towards making your handiwork project only the best.
2. Target your competitor’s mode of spreading awareness
Thanks to ever-improving internet software, acquiring customers from competitors just got easier. Advertisements made by your competitors on popular social media channels can be targeted, giving you access to your competitor’s set of clients. They can be diverted to your own page using unique tools designed by social media sites for these purposes.
3. Customer interaction
Certain businesses that have the best products sometimes have the worst customer service. Some competitors, after growing and expanding successfully, tend to develop ‘wings’ and begin to treat some of their customers with disrespect. They forget that one disgruntled customer can influence a large number of people.
You can use this to your advantage by developing perfect customer care service – treating these customers like eggs is likely to get them away from your rival’s reach. People naturally go to where they’re respected.
Imagine you are a pepperoni pizza restaurant owner and your competitor makes all sorts of pizza. He distributes his phone number and business cards.
Now, imagine you create an online order platform with a 30-minute doorstep delivery of piping hot pizza. You share this program on every social media outlet you have. Boom! Even though people will still visit your competitor because of variety (something that can quickly be adopted later on), they will flock in droves to your restaurant because you offered them the convenience of resting on their couches while the pizza is brought to them, still hot!
Convenience is a powerful attraction force in a world today.
Give your rival’s followers the impression of being on a higher level when it comes to that line of the business. Now, this is the time to flaunt every certificate or award that you or your company have received in appreciation for how far you have gone in what you do.
The perception you give people of your company is what they would consider it to be.
Get an experienced graphics designer to work on your promo videos, your brand label, and even your logo. The quality used to produce all these tools speak volumes to your rival’s customers and may end up pulling them to your side.
6. Business with benefits
When people patronize you for your services, one question they all consider in their heads is “What’s in it for me?”
You might notice when you set a task to find your competitor’s Facebook ads that a good number of them tend to offer short-term benefits, like discounts on the second pair of ugly shoes you might not end up wearing. You can use this to your advantage by presenting more durable deals like if a customer registers with you, you can extend a discount of 10% for every purchase.
A satisfied customer and a disgruntled one have one similarity: they know how to talk plenty when it comes to that one product or company that makes them smile or does the opposite. Do yourself a favor and make the ‘reward’ systems more solid and relatable.
7. Turn flaws into finessed skills
The business competition has everyone clambering to be the best, which means that most businesses are not perfect.
The disgruntled customers are your major source of information. Building your business using lessons gleaned from your competitor’s failed strategies helps you to avoid those pitfalls they experienced out of sheer ignorance.
Experiences are quite helpful in guiding your decisions.
8. Marketing strategies
By using more effective strategies that your competitors, you have an opportunity to reach your competitor’s customers with more effectiveness and speed. You must understand that successful strategies depend on how well you research the sensitive things – what your rival’s customers like, what majority dislike, what they think your competitor can improve on, etc.
Let’s use the pizza instance. Pepperoni is a very tasty form of smoked sausage – meaning it might not go well for everyone. You could develop healthy fitness-like pizzas for some people and by advertising the strengths of the fitness pizza (for instance, whole wheat flour instead of ordinary flour), you get to attract other customers who would just ‘want to try this out.’
Some of them would be from your rivals, of course. And if you keep true to your hallmark of quality products, they will permanently become your customers.
Be smart! Be fast! Brainstorm new ideas that you can find here at Eduzaurus.com for your business table with your business partners or co-associates.
Competition in any given situation requires you to think faster and act faster. Sometimes to steal customers you might need to take risks that may seem huge at first, but with time the benefits will justify your choice. People generally love a risk-taking, innovation-inclined business. There is this desire for ‘something new’ or ‘something different’ in the world we live in. You can use that thirst to direct traffic to your own company and boost your customer base per time.
The competition motive stays constant; the players just tend to change tactics, and you would not want to be left behind.
When all is said and done, two things remain.
One is getting all these ways of customer siphoning to work together. Strategies, as a rule, work more effectively when paired with each other in twos or threes. Don’t just settle for results from targeting competitor’s ads. Pair it up with finding flaws or your speed of action based on what you have gathered about your competition. It has been proven several times that one tends to get more from pairing two or more strategies.
The second thing is – update! New ways to do this keep springing up every day. Be confident of the skills needed to keep every customer you get. It is one thing to steal customers. It is another thing to keep them glued to your brand.
This is a guest post by Nicole Cowart.