Is your product or service underperforming in an overcrowded marketplace? It’s not surprising, even if you have an exciting and valuable product to offer. Most niches now are completely saturated, and competition is fierce. In this article, we look at techniques to improve your product’s performance so that it delivers the kind of conversions you expect to have. Read on to find out more.
Understand the Competition
Understanding the competition can serve you in several ways. If you want your product or service to do well in a crowded marketplace, you need to know what you’re up against; additionally, you need to take advantage of those aspects in which your competition is failing. Stay on top of their search engine ranking and compete using long-tail keywords. At the same time, read their product reviews, sign up for their mailing lists, and buy their products. Any weaknesses in their systems present an opportunity for you.
Identify Your Niche
If you think all of the niches are already taken, you may be mistaken. Of course, your company will come under a broad niche, finance, lifestyle, digital retail, or laboratory billing, but how does your product stand out within the niche? There are some easy ways to do this with a little thought and creative work. Think of online dating sites. There are more emerging all the time, and each one has its own particular niche: dating for vegetarians, dating for geeks, dating for book lovers.
Narrow Distribution Channels
What if you could significantly reduce your product’s price and build stronger relationships with your customers with effective feedback? These are just two of the excellent benefits narrowing your distribution channels can deliver. A narrow channel means fewer handlers and, therefore, lower costs. It might mean some extra workload on your end, but it translates into a competitive price for customers. Furthermore, direct shipping gives you open communication channels with customers, which builds better relationships.
Build Your Credibility
One day you will be a big brand with an unshakable customer base, but it won’t happen overnight, and not without some dedicated effort. The good news is that effort is easy to make if you know how to do it. Think of the big brands in your industry you would love to become like. If you dig into their history, you will see what it takes to develop in your marketplace. Commit yourself to your brand and grow it at every opportunity. Always respond to customer’s needs and embrace negative feedback.
Be More Than a Sale
Sales and conversions are great, but if you’re only focused on those, you’re missing an opportunity to build brand loyalty. Make your product and brand meaningful to customers through excellent service, a quality product, and plenty of personalization. If you want customers to use your product or service time and again, write rave reviews, and spread the word on their social media accounts, you need to be more than a sale to them. Do this with follow up emails, excellent customer service, and social media engagement.
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