Stealing away your competitors customers is a tough task. Especially, if your industry is loaded with many different big-time organizations with deep pockets.
But, it’s not difficult. There are some key features and techniques that derive from competition analysis, used by marketers across the world to steal away not just their, competition’s regular customers. But also the fan boys/girls of their business.
In this article, we’ll take a look at how you, as a marketer. Can help your organization to receive its competitions customers.
Segmenting your Audience
Before we head into competition analysis and how you can go about stealing your competitors customers. We need to discuss some fundamentals of user acquisition, you’ll find out soon why this is important.
When running an ad campaign, regardless of the platform or the ad configuration. You end up marketing to a wide demographic.
But, within this demographic, there is always going to be a group that invests in their curiosity expecting to gain a profit in return.
Let’s says you’ve got a product that is more comfortable than your competitors, and is more affordable. These audiences will be willing to try out your product, but not for an expensive price, you might be able to provide a free-trial or a direct call consultation for them.
But, nobody’s going to budge to make even the first step towards your organizations user experience until, you build the most appropriate campaign for it.
Attention Time-span
A humans attention time-span is short and in fact most of us loose interest after 30 secs with the first 5 secs giving us the highlight of whatever we see.
So, if your campaign is not grabbing their attention and making them want to click-through, then your ad campaign is a failure.
But, let’s say that you were able to make a breakthrough and convert a prospect into a customer. You shouldn’t just leave them at that.
As the cost of acquiring a customer is higher than retention, its your duty as the marketer for your organization to ensure that the cost to have customers in the platform is always lesser than what it’s to bring them over.
Word of Mouth Marketing
So when you do provide promotions to existing customers, use them to deliver your strategy of word-of-mouth marketing strategy.
Word-of-mouth marketing these days is not just limited to person-to-person. In fact, Social Media Platforms such as Instagram, Facebook, Twitter and many others have brought forth a one-to-many word-of-mouth marketing opportunity.
Use this as a method to make your user share their experience using your product or service on their social media page, if possible get them to use your hashtags.
Marketing doesn’t just come from sharing generic posts on social media or paying millions to have your advert shown in the Super bowl.
To balance out your costs and bring new customers you need to make sure that your business can grow autonomously (no manual action required).
We’ll learn more about word-of-mouth marketing in this article ahead.
Now let’s use this knowledge to steal our competitors customers, shall we.
They’re there, just look for them
Your competitions customers are not invisible, and they almost never will be.
If you look at the requirements that your competitions customers, you’ll know what their means of exploration is. Whether its using their favorite influencers products. Or reading review blogs to find out the best sold product within a certain category.
Your competitors customers are always going to be there. We just need to identify the best place to start. And that is your competitions social media.
Marketers use this trick where they find people following one of their competitions social media page online and follow them to find out if they’re asking any social media questions that are going unanswered.
Let’s take a look at an example.
The little guys advantage
Let’s say you owned a burger joint in your neighborhood. Your competition would be the large scale franchises that can dominate with their deeper pockets. But, due to them being a large scale organization they cannot appeal to all customers demands as well.
So, you should try to look up their twitter page to find if a customer has a suggestion for them, that you could easily deploy.
Due to the bureaucratic structure of most franchises, it’s difficult to deploy and even consider suggestions that easily for large enterprises.
But as a small business, you could. So, you can use this suggestion from your competitions customers and implement it on your business.
Doing this and replying to their request yourself might not bring you the customer immediately. But, it’ll surely peak their interests and get you more attentions.
Why is that important you ask? Well, attention is the first human interaction in a sales lifecycle and as a marketer. Your job is to bring that attention to a brand.
Unique Selling Points
Unique Selling Points (USPs) are a fundamental part of competitive business. When you make your products, there has to be something that you could sell to your customers, that none of your customers have got.
Let’s take a look at Netflix and how they’re able to market to their customers against blockbuster. At first, Netflix was targeting for comfort seekers. Those who did not want to visit stores to get the latest DVD release of a title.
So, Netflix created an online portal where customers could place orders for their existent titles. And this gave birth to the modern behemoth of the entertainment industry.
By, creating a unique opportunity and applying that to appeal to customers, you’re basically marketing your products/services to your customers.
Use these unique selling points to your advantage so that you could captivate their attention towards your organizations offerings.
If they like it, I like it
Influencer Marketing can be quite tricky. But, it’s essential to know that people trust something used by their idols. Influencers can be considered as a digital icon for people to receive entertaining content over.
Whether it be in fashion, food, tech and etc. It’s important to know why these entities are called Influencers.
Let’s take a look at Dwayne “The Rock” Johnson, he typically posts content that is related to his fitness routines, acting experiences and etc.
So for a brand like Under Armour, it was just a matter of collaborating with the Brahman bull to gain the attention of his followers. And many users who were using Nike, Adidas and other sports brands shifted their attention to Under Armour, thanks to the support of The Rock.
But, not everyone can make an arrangement with The Rock and might not value from such as partnership at all. So, it much more friendlier to go for a micro-influencer instead.
Conclusion
The reason why customer management is important in stealing away you competitors customers is because it is essential in it. As we have seen throughout this article, many factors of customer acquisition from the competition is left to the impression our brand has on them.
If someone is satisfied with the services and range of products that our competitors have got, we have to do something extra. Give something more, so, we need to ensure that we’re able to get the others to follow along in their own will.
But, to do this we need to make sure that our customer retention system words healthily as well. So with these in mind, go ahead and try to built a platform of integrity that strengthens the livelihood of your customers and becomes a part of their daily lives.
But most importantly, don’t lose your customers to the your competition as well 😁.