Are you gaining the right attention from the right audience? And do you apply the right competitive advantage strategies to always win instead of your competitors?
Do you wish to dominate in your niche instead of your competitors?
I know you will like it?
Let me ask you further how great will it be if your visitors, audience, prospects choose you instead of your competitor?
Will that be nice?
Now, listen to this 2:23 min video:
Creating and Implementing Strategy for Competitive Advantage shows participants the drivers that sustain growth, says Professor Nicolaj Siggelkow of Wharton University of Pennsylvania
Will you give it what it takes?
Competitive Advantage Strategies
Now let’s get into how your conversion strategy will help you get the best of result.
1. Website Traffic
First let’s start from your website traffic.
Your website is supposed to be your best sales person.
Most marketers believe that the more traffic to your website the more conversion you will get.
But that’s not true.
Big list or audience does not mean big business or sales. The most important thing is how many of them prefer you than your competitor.
And to fix it if it is your issue, optimize your website and be transparent to yourself.
Position yourself as a visitor and check out the reason why your visitor’s will not buy and why visitors can’t buy at every stage of your sales funnel.
If you do this, it will allow you to see the great opportunity that’s available and how to improve it for higher conversion and sales.
Meaning it will show to you which of your pages is getting the best of your traffic and what to do so as to improve it.
But before we go further please note this, am not saying more traffic is not important.
What am establishing is that it does not guarantee high conversion and big sales?
Though we all need a lot of traffic, the reason been we need enough so as to allow for a meaningful response.
And response is in phases, one is positive and the other negative.
So, it’s not about gaining mass attention but doing the right thing to get the right attention from the right people.
And how do you then do it? This takes us to the next subject line, persuasion strategy.
2. Persuasion Strategy
Will persuasion convert in this noisy era?
Yes, of course.
And it can be done without the help of any human intermediary.
So, having a conversion strategy that establishes your company’s whole relationship with your visitors and customers is very important.
Attention – Interest – Desire – Action.
It is an easy step formula that will save you a lot of stress if apply in the process below.
- Attention: Get engage with your visitors to create relationship. Get to know their pain points, desires and values.
Thereafter figure out what will grab the visitor’s attention and craft out content to address it.
Make sure you get it and write the right word.
- Interest: Craft your content with a beneficial tittle promise and make it compelling. Thereafter, let the body of your content deliver the promises to get them stick to your content.
- Desire: Let your content create the desire for your product or services so as to do what you want them to do. This could either be to subscribe, call you or go to sales page.
- Action: In other to achieve an optima response make sure your Call to Action (CTA) is compelling
Now, what will this do for you?
1.Make you to be unforgettable: Every business want to be remember for one good thing and that must to be the central theme of that organization.
For example, Wendy’s stand for “Healthy Fast Food”, Nike stand for “Authentic Athletic Performance”, Fedex stand for “Peace of mind”
If I may ask you, what does your company stand for?
And whatsoever it stands for tag it everywhere on your website. Your Home page, Product page, Checkout etc.
2.Get you referrers: With an excellent service delivery, you will always have inflow of customers and majority of those customers will always come from referrers base on their experience with you.
And this is huge because it has save you a lot of advertising cost you would have use to acquire those customers.
If you have this Competitive Advantage Strategies in place with constant touch to them you will always be the first they think of when they need a related product.
So, applying this strategy will go a long way to help you achieve your goal.
3. Use Your Best Source
Acquiring customers more cheaply from any channel than your competitors will make you grow faster.
Another competitive strategy that works well is to start with your audience problem. As we all know it will grab their attention.
This can be done through Webinars, Landing pages or Sales pages etc.
Start by getting deep into their problem, and sometimes you can even use the power of storytelling in more emotionally resonant way.
Thereafter, position your offer as the solution by showing to them how to solve it.
Very simple, isn’t it?
In that process, cultivate a relationship by offering value and be generous with it.
And don’t end it there; nurture the relationship by going extra miles. Be incredibly useful and helpful.
Educate them time to time with resources that will help them to do what they want to do.
And always share with them contents that tell them who you’re and what you believe.
Give them opportunities to test for small & risk-free – what you have to offer.
Let it be more valuable than putting them on a pedestal. Or else they will see you not living up to the high standards they thought of you – leading to disappointment.
So, if you deliver value they will see you as someone trying to right the wrongs of their past and they will like you.
Do something different rather than doing better what is already being done.
Here is the video below, watch it and let me know in your comment how impactful it is.
So, implementing strategies that are unique will always take you to your profit zone and that is huge. (I will share this in details in another post so make sure you subscribe to get an update)
4. Specialize in your Audience Needs
Understanding your audience better is important – their needs, sources of hesitation, what is going on in their minds.
That’s why it more effective to focus your strength on being the best in a small number of dimensions.
Try not to be all things to all people, you may be eaten up by competition.
(Do you wish to know more this about this Specialization strategy? I will share it in details on another post, make sure you subscribe to get it an update)
So, focusing work best in a noisy and overpopulated market. Because it gives you an unequal amount of consideration.
Put your effort on been the best to a niche by providing a subset of features that some audience will love.
Why is this important? Because it gives you unfair advantage.
Don’t be like most marketers who are still in the dark doing well some things in general and they are not well known. And that’s how they waste a lot of huge opportunity.
Which make it the reason why it is important to specialize and have this advantages as follows:
1.If your audience knows that you understand their problem and have their solution they will resonate with you.
Because they have an exact need which you have and which of course they won’t overlook it?
2.Every consumer understand that specialty deliver more in value than generalist.
Because they are known to focus in a narrower problem with solution, so they are known as high performance.
And because they are better they are segmented and they get a lot of patronage.
3.Every consumer wants the best. If you’re in a niche (either product or service) and do not fall short of been the best you will always get customers.
5. Make the Path to Purchase more Appealing
Another vital thing is knowing your audience and know when to pitch them for sales.
The era of buying eyeballs through advertisement on Google and other sites to see your sales page is gone.
Even if it still works the conversion rate is usually low.
They call this strategy “Spray and Pray” whereby you take people that don’t know you before to your sales page via advertisement and hope they will buy instantly.
Or you cram your advert with email opt-in and when they opt-in you start bombarding them with advert.
It is an old strategy now tag as spam and which is now the biggest mistake most marketers make (mostly amateurs).
Though sometimes it works for some people but not all and even those that it works for never have a sustainable business with it.
That’s why it is important to know your customer stage in your funnel, very important.
The kind of information your pass on to them, who you’re speaking to and how you effectively do it matters.
Know how to transition them to the kind of information they need and in the sequence that it will be pass.
Should it be slow or quick?
Should it be rich, valuable and beneficial?
Make sure you apply the one that best fit each prospect.
Know their stages and what they need to go through in order to move ahead.
Know their buying points and always starts with the low-ticket sales to a bigger purchase.
6. Deal with their Fear
Fear is an unpleasant emotion that trips customers up. Most time it does happen in sales funnel.
And that occurs very well at every buying circle of customers.
Something scary that make the customer to click away or abandon your website.
Mostly in an undiscovered situation when you’re introducing new customer to your brand.
It is an unpredictable path, something you’re not sure of.
An emotion, cause by belief that there’s danger ahead or an anticipation that will cause pain or threat.
But how do you deal with it and have it as your competitive advantage strategies?
First, let see what the customers fear about.
Most time it is always:
- The fear of losing financially
- Losing their products
- Fear of been harmed
- Delayed in delivery
- Fear of losing their privacy
- Fear of getting substandard product or service
- Identity theft
- Fear of been overcharged
Having look at the list above, this fear does leads to the customer been stressed out in their decision making, freeze and back out.
This can be dealt with it as follows:
1. Break it Down
Fear can only be dealt with in a prearranged way whereby you foresee the customer fear and breakdown the sales process.
The process of dealing with it is by putting yourself into the shoe of your customer thereby checking the lapses of the product or service.
For example if you want to buy a product look at the product careful and assume the likelihood that if the product has issues will there be a bail out?
Will seller or owner take responsibility?
Is there any contact for support?
Will your voice be heard?
Will there be any concern?
Who will carry the liability?
If the answer to all this is not favorable, that means there’s danger ahead. Meaning the customer will not convert.
But if the product owner / seller can take responsibly it means there will be good purchase experience. Meaning the customer will convert and even turn to life time customer.
So, by breaking it down it allows you to fix the leakages.
2.Check out each Purchasing Stage
Customers need guides and instructions.
Critically look at the fear affecting each purchase stage, device the method that will ease the fear and compensate the customer for overcoming the fear.
You can start by checking the fear that is likely to come up at every stage of purchase and apply at each stage what will make them to be unafraid.
Give them guarantee at the point needed, talk to them when the need arises with assuring words or claims.
Let them know that you understand their fear and that you have all it takes to take care of it.
Lastly, congratulate them for moving ahead in their buying stage; it does send an onward momentum and assurance that they are taking the right step.
So, Competitive advantage strategies are humbling track that all rules and policy must be observe in order to have high customer retention.
Mind you, your tone goes a long way on this journey always make sure it is friendly.
7. Product / Service obstacle
The obstacles most product or services have are their complications.
Shoppers do like to see or know the product or services that they are getting.
That’s why incorporating videos into your product buying stage is important.
It shows to shoppers how simple it is to use, how it is being assembled, the features, benefits, size etc. to create confidence on the shopper’s mind.
Video displays are competitive advantage strategies that make shoppers buy because it speaks to them directly.
8. Shipping Convenience and Returns
Most people make purchase base on the fact that they can easily return and ask for refund.
Which Makes it the reason why you should let your customer have a clear understanding about your shipping details.
According to University of Singapore researcher in 2014
they find out that online shopper feel uncertain in proceeding with a transaction.
Because shoppers hate hidden elements that will directly affect their transaction, such as delivery terms, shipping cost, and return policies.
In their conclusion, they advise a clearer policy and better understanding for shoppers.
So, always state your shipping policy clearly and let the process of returns be transparent.
Let the shopper know the shipping cost before they get to payment stage, do not apply any hidden charge.
If possible offer free shipping at a price difference. This help to create trust and confidence.
And if I may ask you, why do you think people prefer Amazon, Ebay, Nike etc.?
Their good shipping policy and other benefit of course !
Good shipping policy is vital, it’s a powerful competitive advantage strategies that help to convert, retain and refer customers according to e-tailing study
9. Product Reviews and Links
How good are your product reviews?
Social proofs and customers experience matters a lot, mostly video reviews and testimonials. (I will also share this in details in another post, make sure you subscribe to get an update)
It is a signal that shows if people like the product and buys it. It also helps new customers to decide if to buy or not.
If your product has some good reviews it will affect the sales positively and if not, it will drop the sales.
Always ask your customers for reviews after purchase, likewise always link the product to related popular product.
10. Introduce Customization
Customization is another good competitive advantage strategies used to appeal to some customers.
In a business where customization is allowed, customers can customize their orders to their personal tastes and needs.
In situations like this, not only will the conversion stage improve but the more likely the customer will complete the transaction.
For instant in psychology behind customization studies done in 2012, Marketing Science Institute researchers discover that customization can be overwhelming hence people rarely know what they want.
And to combat it the researchers advised that starting price should be applied.
Meaning if you’re customizing any product of your choice a starting price will be applied which thereafter increase as your request increases.
Not only that, the difference between the price and possibilities that comes up as the person customize will help to focus on the uniqueness.
A very good example is APPLE that always makes use of base price, which of course is applicable to all her product.
Likewise, Experian Simmons’ Winter 2013 study discover that 42% of shoppers online do seek approval with their purchase compare to regular customers.
With these facts, you can see that the possibility of this group of customer and others intending to follow same trends will be in retention.
Therefore, consider using these competitive advantage strategies so as to reap the benefit of it unfair advantage therein.
11. Showcase Product Creation Stages
These is a very effective strategy that showcase the quality of your products to your audience before they buy it.
It is usually done by showcasing the work that went into the invention of the product and the work that goes into the creation of each individual product.
For instance, if you’re selling a hybrid car you can tell a story of how it was designed or the pains you went through to have that can produced.
Sometimes, it better to merge the 2 stories together as 1 quality video presentation or advert.
A very good example is Apple’s MacBook Pro laptop
Please watch this short video you will be glad you did. You can thank me later for it 🙂
What you will see on the video is a very persuasive marketing strategy that improves conversion.
Because it increases the reliability and robustness of laptop and also make it lighter and smaller.
According to Apple’s Senior Vice President of Design the body of each MacBook Pro laptop is carved from block of aluminum so as to achieve it.
Now, here is the takeaway from this competitive strategy:
- By providing supporting evidence to your claim, showing the work that went into the product creation you are earning credibility.
- You have provided a concrete evidence that will speak for the product which people don’t have to doubt.
- The power of storytelling was leverage in the video which many people will resonate with. People like stories and easily resonate with it.
- It is a strategy that allows the products to easily showcase the benefits and features to people.
If you put this strategy to use by telling the product story, feature the people that work on it and display the passion behind it won’t you win?
Of course, you will!
So, don’t undervalue your accomplishment it may be impressive to your audience.
Do you apply all these strategies to your business? If Yes, what are your result?
Let me know in comment below and please share this information with your friends. This might be the opportunity for you to help them to grow their business.
I believe they will be grateful to you if you do.