Losing customers to competition or in generally losing your competitive advantage to other brands is never an ideal situation to be in. Most brands compete against similar counterparts. If you feel like your brand is falling back against a competitor, here are several tips that will help you get sales back on track once more:
Evaluate the Brand Quality Professionally
Start by understanding the weaknesses of your brand. Are there quality issues, customer services problems, or any other issue that might make the competing brands more appealing than your own? To find out, hire a third party reviewer or services to run a professional evaluation. Professional reviewers can assess your brand against the competition in an unbiased manner. There are certain strategies, like mystery shopper services, that your brand can use to identify specific problems in the user experience that might be driving customers away. Invest in one or two of these services to identify the problems without blindly applying “solutions”.
Launch a Social Media Campaign Aimed at Engaging with Customers
Most small brands lose to competition because of the failure to take advantage of social media marketing. Social media channels like Facebook, Twitter, and Snapchat do not only create brand awareness, these platforms are excellent for directly engaging with customers to increase loyalty. Brands cannot make it with a low-key social media presence in the current marketing environment. Many social media channels, particularly Facebook, are great platforms for offering instant customer support that drives conversions and retains paying customers. Therefore, invest in a comprehensive social media strategy aimed at engaging with customers so that loyalty is ensured.
Improve All Online Services
The digital aspects of your brand must be top-notch to remain optimally competitive. Look at the websites, blogs, social media channels, and other digital aspects of your brand. Are these aspects speedy and convenient for customers? For example, just having a blog won’t bring customers to you. Blogs must be consistently updated and cover topics customers are actually interested in. Likewise, the brand’s website must be fast and optimised for both conversions and traffic. If there are online shopping portals, then spend time and money on making the shopping experiences quick and easy for customers. Only then can the brand be competitive against another company.
Create an App
Attract mobile users to add mobile purchases to your brand’s sales numbers by designing an app. If you brand doesn’t offer easy ways for mobile-oriented customers to make purchases, then that could be what’s making a competitor more attractive. Apps are great ways to facilitate purchases made using handheld devices. Therefore, invest in an app and see if it evens out the sales between your brand and the main competition.
Upgrade the Value Proposition
A competitor can steal your customers when your brand’s value proposition is generic or outdated. Is it something that can still solve a problem for potential customers? If not, improve the value proposition. Redo it to attract a targeted customer base and perhaps also to interest customers who sought out a competitor.
Implement one or two of the above tips to prevent the competition from stealing away all your brand’s customers.