Sizing Up Your Compeition
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All online entrepreneurs have to size up the market and their competition once they have launched their business and got it running successfully. It is important to understand the market, address customer needs and fill any gaps in expectations so that they remain satisfied, and know more about the completion and how you can outsmart them. This is essential to the success of any online business.
How do you make sure that your products and services are meeting your customer’s needs?
These are the major needs that every online customer has, irrespective of the product or service that they purchase:
● An easy-to-navigate and easy-to-understand website.
● Products or services that are very high quality.
● Competitive prices
● Prompt responses to all queries, whether it is in person, by phone, by email, or online chat.
● Friendly and supportive staff.
● Not having to wait long to get the product or service they purchased online.
How do you understand your market?
You can know more about your customers by encouraging them to take part in online surveys where you get to know their expectations and requirements. Offering a freebie in return for participating in the survey might ensure a greater turnout.
● Analyze your customer data to find out which services and products are the most profitable and which are making the least profit.
● Approach your local library or companies that specialize in market research to gather more customer data which can then be analyzed to give you the answers that can help you improve your customer’s experience on your website.
● Address your customers using social media tools, such as Facebook or Twitter. This is a very effective medium for knowing your customers in depth and addressing all their concerns and questions. Address them by their names and talk to them in a normal, informal way, without any of the professional sounding business talk.
● Customers can garner you tremendous business through word of mouth alone. Conversely, adverse experiences can also garner word of mouth that can affect your business negatively. So try to resolve all complaints promptly. Also respond to positive feedback promptly, with a thank you note!
● Send out regular emails as well as e-zines to foster and maintain regular contact with your customers.
● It is important to offer support, promotions, and discounts on an ongoing basis.
How do you size up your competition?
Here are some ways in which you can keep abreast of your competition and stay ahead of the pack:
● Keep an eye out on the latest product launches or services being offered by your competitors.
● Always monitor the prices that your competitors are offering. This will help prevent you from overselling or underselling yourself.
● Track your competitors to see if there are any gaps that they have missed in their products or services. This can give you ideas to help close those gaps by offering those niche areas to your customers.
