How to Stand Out in a Crowded Marketplace
No one could deny that the internet has revolutionised the way in which the world does business. In the twenty-first century customers have greater and easier access to more retailers, service providers, product reviews and comparisons than they've ever enjoyed before. Businesses with an online presence have a low-cost means of promoting their goods and services to a vast global audience of prospective customers. If there's one drawback to the age of digital commerce, however, it's that every marketplace and sphere of business has suddenly become crowded and fiercely competitive.
For new businesses, or for those looking to refresh their product or service offerings, familiarity with your market and target customers is of the utmost importance for long-term success. In Understanding Your Market & Clients, a practical and comprehensive course from business skills training experts Maguire Training, business leaders and managers can learn how to gain valuable knowledge and market insights and apply this to create empathy with potential customers in order to drive profitable business.
To further help those launching a business, Maguire training explains how even in a field that is highly competitive a new start-up can stand out in a crowded marketplace and successfully capture a slice of the market.
Look for, and fill, any gaps in the market
This is where it's crucial to know the needs and expectations of your target customer. A good way to discover if there are any gaps which could be filled by your offering is to read as many customer reviews of competing products as possible. Find out what customers like and dislike about these products and pay particular attention to any which run along the lines of 'I love your product, but I wish it did "X", or gave me "Y"'?. If it's possible for you to modify your product or service such that it provides something that customers have expressed a desire for but cannot yet obtain, you'll immediately gain an advantage over the competition.
Lead, don't follow
The last thing your new business needs is for potential customers to regard it as just another bookseller/florist/jeweller/web design agency or whatever. Innovate, find a unique selling point, do things differently from the crowd, follow developments in your particular field of business and regularly canvass the opinion of your customers. Use the information you obtain to differentiate yourself from, and stay ahead of, the rest of the market.
Go the extra mile for customers
Offering outstanding customer service and added value are sure-fire ways to generate positive and invaluable word-of-mouth recommendations for your business. Providing fast, free delivery, no-quibble money-back guarantees, 24/7 customer support, loyalty discounts for repeat customers, useful free gifts with orders and delighting customers in any other way you can will help your business to establish a strong reputation for customer care and garner positive reviews.
There are many other ways in which Maguire Training can help company owners and managers to maximise the promotion and profitability of their business courtesy of an extensive range of training courses which cover every aspect of business leadership, management and sales. For the convenience of delegates, the majority of these invaluable courses, including Understanding Your Market & Clients, are provided both as conventional classroom based learning sessions and as highly convenient online training modules, allowing delegates to study at their convenience by accessing Maguire Training?s innovative E-learning platform from any internet-connected device.
