Rather than wait for the new year before making timely changes to your business, you can start now. There is hardly any business without any stiff competition. When you come up with a new business idea or solution, chances are their businesses are already working with that idea. That, in a nutshell, is what entrepreneurship is all about. Mind you, not every business field is saturated, but consumers have various alternatives, that they are almost spoiled for choice. Competition could be split into direct competition (like all soft drink brands) or indirect competition. An example that helps illustrate these points is movie theaters (cinemas). One may think that movie theaters compete with other movie theaters. But when you look at the big picture, they are in competition with other entertainment centers that could provide a more thrilling experience for their would-be customers.
The business that wins at the end of the day is the one that attracts its customers by offering something nobody in that niche is doing. This is what made the likes of the iPhone and Taxify successful. They offered a kind of unique service that customers had to have. Here is how you can make your business shine in a saturated market.
Looks are a must
We all know that a good number of customers buy with their eyes (emotions) than their heart—looks and aesthetics play a crucial role in customers purchasing decisions. A research conducted in the apparel and furniture industry shows that more than 80% of shoppers make their purchasing decisions off looks. When we make a purchase, we do so because we like how the item looks on us and our office/home. While this is an obvious take, there is a need to ask the question, who decides if an item looks bad or good? Well, the answer lies in our perception and individual taste. Put in another way, if a consumer sees a particular item on a celebrity or influencer, they are more likely to go for such items.
It also entails how an item makes a consumer look. Lots of people want to be seen as classy. This is why some folks might break the bank for a designer fabric rather than going for a moderate option. To gain a competitive edge in the looks market, build a new trend that has a message. Work with influencers and celebrities to take the trend to a new level.
Efficiency and Effectiveness
Products that are efficient and effective always attract customers. It could be as little as a toaster that works better or software that gives fast and accurate results. Nevertheless, everything boils down to consumer trust. If consumers know they can trust your business, they will consistently go for it and even recommend it.
Sometimes efficiency and effectiveness can mean a customer derives optimal convenience using your product. If your checkout is too slow, or your product always breaks down, consumers will likely stay away and leave a bad review. Sometimes it can be challenging to prove your product’s efficiency to your customers (especially the new customers). You can make up for that by providing facts and offering a rewarding experience that rivals your competition.
Consumers prioritize time, energy, and money. Convenience shows itself in various ways. It could be delivery time, comfort, durability, and so on. Customers like to engage with businesses that make it easy for them. What customers don’t want is something that leads to stress, because in most instances, people’s lives are already stressful enough. Take, for example, if your eCommerce shop has several steps in its checkout funnel, it might likely dissuade customers. If your business solution maximizes convenience, you are more likely to stand out.
Make your business standout in 2021 and beyond by tapping into all three of these points.