How to Sell a Product in a Crowded Market
Say it’s lunch time and you’re hungry. You want a burger but there’s so many burger restaurants that you’re spoilt for choice. How will you decide? Cost, location, menu style, restaurant experience? It will come down to personal preference but at least you’ve got lots of options.
Now, say you’re an owner of a burger restaurant. You’ve got a lot of competition, that’s for sure, but you want to ensure that you have a loyal customer base. How will you successfully sell your product in such a crowded market?
The advice we’re about to give does apply to other types of business…we just really like burgers.
So, what you’re selling isn’t unique…but what really is these days? The first thing we would like to stress is that having a lot of competition is not a bad thing. It shows that there is a market for your product or service, with established buying patterns and expectations already out there…you just have to find your way in. As always, this is going to take some researching, but it will really pay off if done properly.
Step 1: Mind the Gap
The first thing to do is to determine a gap in the market for your business. What makes you different to your competitors? To do this, you need to establish what your value proposition is, which is what makes your products or services more attractive to customers.
You could try analysing your competitors’ strengths and weaknesses, but focus on what they’re not doing so well and work on those areas for your brand. This will give you an edge that you know your competitors don’t have.
Step 2: Positions, Please
Now that you know where your business fits within the market, you need to go about positioning your brand appropriately. You will need to research your audience and any trends within the market thoroughly to give you the best chance at success. You also need to find a suitable aesthetic and implement this across your physical and online presences.
Step 3: All Hands on Deck
If all goes well, when people are starting to hear about your brand, they will start to visit your website and/or stores. When this happens, you need to ensure that everything is working properly and that everything remains organised. A good user experience will not only encourage return visits, but will also spark some great recommendations.
Step 4: Read All About It
Once everything is up and running as it should be, you need to tell people you exist. Don’t be afraid to really shout about it; if you want to get people to convert to paying customers, you need to get yourself heard and stand out from your competition.
Start by synchronising your marketing across all platforms and maybe consider new approaches such as using social media influencers and pop-up experiential stores or events. You could even become a thought-leader and write a blog…like this wonderful one right here. It may take a while to determine what works best for promoting your business, but whatever you do, do something!