Don't Let Your Competition Steal Your Market Share

Faye Olensky

Faye Olensky About The Author

Jan 1, 2021 10:15:00 AM

 

Dont Let Your Competition Steal Your Market Share

It can be challenging to stand out in today's crowded marketplace. Competitive advertising allows you to set your brand apart from the rest. Capturing market share requires a targeted strategy that leverages industry best practices. Let's look at a few ways you can get a leg up on the competition.

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The Importance of Competitive Analysis

Competitive analysis is vital to identify your competition and assess their strengths and weaknesses. Ninety percent of Fortune 500 companies use competitive intelligence to gather and analyze data on the market and competitors. Understanding what your competition is doing helps you develop and refine your unique value proposition.

Competitive intelligence

Using competitive intelligence, you can identify what gives your company an advantage over others so that you can develop competitive advertising strategies in your target market. 

Find and Solve Your Customer's Pain Points

Pain points are problems that your customers are experiencing. Be a valuable resource for your customers by identifying their greatest needs and giving them a solution. One way to identify pain points is to use blogs or videos to solicit comments from your target customers. 

For example, if you are a skincare company and you post a blog about using facial serums, some comments may indicate that several of your potential customers battle sensitive skin and are concerned about using new products. You could then direct them to your sensitive skin products, their ingredients, and any studies or research to reinforce their safety and efficacy for sensitive skin. 

Expand Your Brand With Great Storytelling

Telling a compelling story is a great way to reinforce your niche in the marketplace. It can be about your company's origins, customers' success stories, or how your customers feel about their experience with your company. Research shows that 90% of consumers want ads that tell a story. Lifestyle clothing brand Patagonia reinforces how comfortable their Worn Wear clothing is by encouraging customers to tell a story about why they bought the clothes, where they used them, and their experiences wearing them.

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Advertise Where Your Competition Is Advertising

If you've done your market analysis and identified your most successful competition, the next step is to advertise where they are advertising. There is no reason to let the competition have the audience to themselves. Awareness may be all that's holding you back from taking a larger share of your target market. Take advantage of your competitors’ platforms to let consumers know why they should be spending their money with you. 

Do Some Targeted Email Marketing

There are approximately 3.9 billion daily email users. Targeted email marketing is an effective way to reach your ideal customer. It allows you to market your products or services directly to the people who may be interested in both you and your competition. Marketers who used segmented marketing campaigns realized a 760% increase in revenue. If you work with a media partner, you can leverage the potential goldmine that their extensive email lists provide. 

Stay Social

Social engagement gives your brand a huge advantage. Social listening allows you to monitor social media for mentions of your or your competitors' brands. It enables you to connect, engage, and interact directly with your customers. When you can answer questions or thank your customers personally, you create a tribe of followers that support brand loyalty.

Provide Great Customer Service 

One of the quickest ways to lose customers is through poor or inadequate customer service. How many times have you read a review where the customer rated something highly because of the exemplary customer service, even though they ultimately returned a product? Seventy-three percent of customers will stay loyal to a brand because of friendly employees or customer service representatives. Ensuring that every customer has a positive experience is the surest way to create loyalty and guarantee that customers will return to you over a competitor every time. 

Customer Service

Turn Your Customers Into Brand Evangelists

Anyone can capture market share at a point in time, but keeping it is the hard part. Market analysis allows you to identify your toughest competitors and meet them head-on where they advertise. Knowing where and how to connect with your customers to personalize service, solve their pain points, and tell them a compelling story of why your brand is the best choice creates a personal connection. By keeping ahead of your competitors, you can refine and reinforce what you do best. When you deliver an exceptional customer experience, you receive an impressive ROI when your customers become brand evangelists.  

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Topics: Strategic Planning & Research