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Feb 20

Top Actionable Tips To Meet Up With Niche Competitors In Record Time

 

It has been said that all you need to make headway in any field you found yourself is an Idea that’s 10% new. Competition is beneficial in market. It enables us to know how we fare in such market. It also shows that there are more people needing such service/product – there’s demand in that niche.

A lot of forces affect market such as Technology, Competition, Government Policy, Consumers Taste and Market Trend. The one applicable to us today is COMPETITION – critique against your site. However Brian Tracy was correct when he made an assertion that ‘If you don’t have competitive Advantage, DON’T COMPETE, else, you’ll be eaten alive by a vibrant competitor’. Doing business is like riding a tiger, you either keep riding or risk fallen and become a food for the tiger – NO MERCY. In fact it’s not the subject of mercy.

In the same vein, to compete well, we need GOOD PLAN and EXCELLENT STRATEGY to outsmart the competitor. Buyers are not fools because they only need two things in your product which are FEATURES AND BENEFIT or what we can otherwise called FEATURES THAT BENEFIT. Just imagine your customer from the angle of production. They are not interested in what goes into your product; they are only interested in the end product i.e. what comes out of it. Every customer’s favorite station is WIIFM (What’s in it for me). Like I said earlier, customers are not interested in what your product IS, they are only interested in what it DOES.

Conversely, going into business with the believe to succeed is paramount to every starter since no one wish to gather effort in vein but believe is quite different form fact – which means that 80% of businesses fail in the first 20% of the time. Reason may spring form the fact that they are competing with organizations that can sink them. It’s better to be a big fish in a small pond; not the other way around because it’s foolishness to start competing with COCACOLA bottling company or Procter & Gamble with the hope to succeed. They will kill you before you even start because they have all the forces in the world to conquer you and your product like efficient workforce, jigs and tools, human capital, external reserve, labour force. E.t.c.

To keep the record straight, I do not mean to fright you on your endeavor because whatever you vividly imagine meticulously carried out must inevitably come to pass. To overcome any competitor in any niche, knowledge is the key because ignorant begets fear and knowledge dispels the fear. Where courage is absent, it should be invented as the surest way to win. To feel competence, you need confidence. As long as I could remember, someone says ‘the main problem of the world is that the intelligent people are full of doubts while the stupid people are full of confidence’. That’s the problem of the world today.

From my research and observation, I’ve deduce some actionable steps you can take right away to meet up with competitors which are:

#1. Product & Packaging – the right product with the wrong package always brings repulsion. In contrast quality wins over quantity. Unique selling point is highly important. So far you are the originator of your product; it’s your job to list out the features of your product that benefits your consumer. Arrange them in ascending hierarchy. You can come up with one strong proposition i.e. what sets you apart from the perks and your marketing will then spring up from that one anchor point. That’s why listing in order of importance is beneficial. What might catch the attention of potential customer might be the third of fourth benefit.

#2. Create An Affiliate Program (if possible) – This help you generate sales without necessarily put much effort to the marketing since resellers will have a cut of the total sales at the end. It’s kind of program that helps to generate word of mouth and spread the good news – after all they are not doing it for free. But you need to put Terms and Condition to limit the cumbersomeness. Example http://www.websitemagazine.com/content/blogs/about/pages/affiliate.aspx,

www.siteground.com/affiliate,

www.hostgator.com/affiliate

#3. Testimonial Box – It’s said that those who do not display testimonials have skinny kids. Testimonial box serves as a review and talk on your behalf. It helps buying decision quickly based on the recommendation of others; so far it does what it says. I’ve seen many people putting their product in a market place of their niche like trustpilot.com and hire people to create a review for their product and it works effectively. Also, drawing great inspiration from mistamatcha tea does is a great way to start.

#4. Display at the footer where you have been featured – This instantly positioned you as an authority in your field. It helps buyer think they are in the right place and are ordering from an expert that knows what he’s doing. A typical example is the on e we see in Australian tea sites like kenkotea.com.au, mistamatcha.com

#5. Putting Video on the homepage – So far pictures; more importantly moving pictures stick 25 times more than auditory or written words because the veins that goes to the brain through the eyes is 25 times more than that of the ear. Watching series of video like about us video, Testimonial video, how to videos also helps buying decisions quickly.

#6. Guest Posting – Finding a health and beauty related sites and guest post on their platform for free by explaining the benefit of using herbal and non-toxic product can fetch you hundred of visitors to your site daily to surf and window shop. Who knows they might bookmark your site and try your product sometimes in the future. This later improves your ranking on search engine because of the traffic visiting the site.

#7. Improve Your Blogging Page Content – Statistics shows that website that uses content as one of their main source of traffic has 126% increase in net profit than their counterpart that only set up a website {including e-commerce site}. Business is marketing, every other thing is commentary. Kenkotea get it right when they bombard their blog page with relevant topics on their site.

#8. Pop-Up Discount Coupon Template – An effective strategy is found out from some e-commerce site that sells unrelated products like yours. As soon as a visitor landed into their site, their first thing they see is the pop-up image for discount coupon by joining their mailing list like kenkotea does. This technique can propel your lead to sign up for your mailing list which will later grow your list and convert them to customers. Depending on the theme you use, it’s important you imbibe the idea and watch your site improving.

#9. Free Delivery at Certain Point Sale – This is done by mistamatcha.com to attract customers to buy more of their products. After all that’s the reason for setting up the site – to sell more of your product. Including free delivery option when ordering more is effective. E.g Free shipping when you spend $100 or more.

#10. Internal & External Sanitation of Your Site: Copying your competitors’ platform to standardize yours is not a sin. It helps positioning you as theirs. Customer transfers the feelings they have on competitors’ site to yours. Just find time to check your competitors’ site everyday on how they arrange their product in order. Then do the same because the largest room in this world is the room of improvement. It’s an unending task.

Here are some observations when mindstorming on the way out for you to get result

a). Chat/Email Icon Should be on every page: I sense it must come with their template. If it requires buying such template, don’t be a miser.

b). Pages Display Of different product at the top: I also noticed that all their relevant product has been packed in a page. Whenever you move the cursor to it, then it drop down automatically on product in such categories. How can you use this to your advantage as well.

C). Themes/Template & High Graphic designs are used for each product page. First impression they say creates a lasting effect. What visitors see really matters a lot to buying decisions. Colorful template and high resolution design enhance the right brain activity and propel buying decisions.

d). Marketing concept is a must. Yankee candle says ‘save up to 60% limited time offer’ on their products. This injects scarcity principle and tends to push the apathetic buyer because customers are sometimes ready now.

e). Giving Guarantee at the base is very effective. This reduces the risk of buying from you because you’ve already pledge to stand by the product come rain, come shine.

f). Details Of each product: about the product, review, specifications, FAQ should be clearly spelt out at each product page when deciding to buy. This will help enhance your credibility.

g). Continuously improving your site by grouping your product into their perfect category at the footer section like that of yankee candles and the likes e.g. shopping, help and support, our stories and sites, company info.

Despite the fact that all the point above might not be totally applicable, I believe most of them will work because virtually all the ecommerce sites given relatively use the same structure to build their site i.e SHOPIFY. If they can make It colourful and tantalizing, yours is not an exception.

 

References: kenkotea.com, mistamatcha.com, yankeecandle.com, websitemagazine.com, siteground.com

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A Writer, Serial Entrepreneur, Difference Maker

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