You had a brilliant idea, but someone else had it too and they got their product out there a little bit quicker than you did. This can be discouraging, especially if this other company is doing very well. Still, this does not mean you no longer have a chance of appealing to your market. There simply are some details you need to address and refine.
Start viewing this other company as a good example of something to compare your product to and figure out how to make your product even better so your customers will see the value in choosing you. It may sound like it is easier said than done, but there are many ways you can go about achieving this.
By fine-tuning your product, the services you provide and your overall business, you could bring the right spin to a product that the other company is lacking. They may have beat you to market first, but that does not mean that they have won. Consider the below adjustments and you will be sure to have a product that your target market simply cannot ignore.
What Makes Your Product Better?
- Make it high quality and long lasting. Making sure that the quality of your product is top of the line will help customers to feel justified when giving your their money. What can make the quality a little better than your competitors?
- What makes it rare? Though your product is similar to the other company’s, there are still ways to make it unique. Find a way to add that little extra flare that your customer won’t be able to find anywhere else.
- Make it simple and easy to use. The easier it is for someone to figure out, the better they will feel about using it. This will make them want to use the product all of the time.
- Make it safe. The safer a product is, the broader the customer base. People are less likely to buy things that come with a long list of warnings.
- Efficiency. How does the setup and speed of your product cut down the time it would take to use your competitor’s?
- Make it visually appealing. Give your product packaging and a design that catches the eye and makes people feel cool and classy just by owning it.
- Have a celebrity endorse you. Never underestimate the power of pop culture. The second a celebrity is sporting something no one has heard of, everyone will be scrambling to figure out what it is.
- Make it better for the environment. This does not only show that you have a heart and you care about the right things, it makes those with a conscience feel good about buying your product. They can be a consumer and save the planet at the same time.
Your Customer Service
- Make sure your customer service is the best it can be. Be considerate of your customer’s needs and build relationships with them. Happy customers mean positive reviews that lead to more customers. Knowing what your customers like and dislike about you will help you to refine your product into something that is more desired.
- Have flexible availability. Keeping stores open 24/7 or even just having longer hours on the weekends will make you more accessible than other companies and consequently more popular.
- Provide fast delivery. Make sure your shipping services are speedy and your customers will view your business as dependable and easy to use.
- Make your website user-friendly. People will go to your website to learn more about your product, make it as straightforward and easy to use as possible.
- Offer free options and bonuses that the other company doesn’t. This can be anything from gift cards with your first purchase to offering hot chocolate to customers in your stores. People just love free stuff.
Fine-tuning Your Business
Give a wider range of products. Provide your customers with a great product and then pair other products to go along with it. Broaden your horizons and give your product more variety.
Offer flexible payment options. If you have room within your bank to allow your customers to pay in installments they will consider you the more affordable option. This will give you a huge one-up with your competitors.
Pick convenient locations. Pay attention to where parking won’t be an issue and try to pick a location that is close to other stores that attract the kind of people that will want your product.
Be charitable. Donating at least 5% of your profit to a charity will win over the hearts of customers who have a hard time justifying buying into consumerism.
In other words, think outside of the box and don’t give up. See what your competitors are doing and find a way to do it better. What is missing that your target customer simply will not be able to say no to? Make it your job to provide it for them. Show them there is a new and more fitting product for them in town: the one they have been looking for, the one that will solve all of the issues that the others can’t.