This article is written by Brian Malika, a Contributor Author at Startup Istanbul.
Bas Van Beld is an award-winning consultant, motivational speaker, and trainer, he was present during the 2017 Startup Istanbul where he delivered a workshop for entrepreneurs.
Before you even think of your competitors make sure you know who are your target customers. Because sometimes entrepreneurs put so much focus on beating their competitor’s innovation to the point of ignoring the tiny little aspirations that make your target customers want to buy more.
It is important that you outline who your target customers are, amidst the storm of tough competition.
Once you settle on who are your target customers, then envision what percentage of your target customer your product can serve and between which period do you anticipate to fully serve this target customer.
So basically you should have the following data in regard to your target customer :
▪ Who they are
▪ How many they are in the market that you operate
▪ What percentage of the target customer can be met by can product or service
▪After how long do you intend to reach cover your target customer
With the above data in hand, you should be able to proceed to the next technique for surviving in a competitive market. Which is well explained in our next paragraph.
Think of bettering the Customer experience
Now that you understand who your target customers are, it simply shows that you’ve set ground towards beating competitive in the field of interest.
The next thing on the line right now is to understand the customer experience for your target customer and think of ways on how to better the same.
These 3 points below will precisely help you get clues to better your customer experience :
(1.) Understand that your target customers just like other general customers only buy not because they have to but because they feel there is something that is related to their personal life from what they are buying.
Make use of this revelation and start thinking of bettering your products to fit in one way or the other to the personal life of your target customers.
(2.) Let your customers know that you know they buy from you. And this can be done in the following ways :
▪ Giving target customers appreciation cards with their names on
▪ Offering royalty points the can be redeemed
▪ Sending them frequent emails to thank them or
All the above hints remind your target customers that you know them. And as it is of human nature, people like to be known and your target customers are no exception.
(3.) Come up with product themes that relate with your target customers’ seasons of the day. This could be holiday messages or even cultural functions.
By doing so, you will be relevant to the seasons for your target customers. Most likely they will consider being from you.
Now that you have the game plan to improve the customer experience for your target market in place, you should proceed to study the new trends in the market that give your products competitions.
Equally, study if there are new technological innovations or practices that have to do with what you’re selling.
Carefully, research how your product can now fit in the changing technologies and practices. You might need to hire experts sometimes if new trends in the market that you want to embrace are not in your area of expertise.
While in this whole process of penetrating your product in the industry, you should never at any instance be intimidated. Also, learn to be flexible by being willing to change anytime.
Remember how you present your products out there should never be constant, Just keep changing with customer demands.