“In the new game of business, the winners are not the best but those who master the game,” says the Argentine marketing expert Roberto Serra; and his phrase perfectly captures the question many people ask themselves: “If my product or service is the best on the market, why do they choose the bad one?
Knowing for certain what influences purchasing decisions can be interesting and diverse, as well as a real challenge for marketing experts and enthusiasts. It is therefore necessary to stress that there are no fixed rules, and that everything will depend on various factors that together determine the public’s preference.
If you have set aside a few minutes of your busy day to observe how your staff interact with a customer, analyzed the criteria customers use to establish the value of your product/service compared with the competition, or run a brief survey on brand recall, then you will be able to find some answers to clear up your picture.
Knowing that your product is attractive is no longer enough in these times when competition is fierce, so carefully review these causes that make your competition grow, which is not always the best, above your brand.
• Communication and public relations strategy. Every company longs for the success of big brands. And these companies would not have lasted over time without a solid communication and public relations strategy. Surely your competitor is on the rise and behind it is a communication team or agency carrying out creative strategies to attract more customers.
• Brand reputation. “Better the devil you know than the one you don’t,” says the saying. And it is certainly not wrong, since many times the brand that is not perceived as the best but has been on the market for many years and fulfills its purpose is the one chosen by the audience that slips through your fingers month after month.
To counter this situation, manage your brand reputation constantly, get close to your customers and potential customers; use social media to engage with them and get to know them. Remember that everything that happens in the offline world affects the online sphere and vice versa. Strengthen your strategy in both directions to achieve your goals.
• Cost-benefit ratio. Many consumers prioritize savings over the quality of a product and/or service, because they can solve a problem right away without considering that cheap can turn out expensive. It is not advisable to put your profitability at risk in exchange for getting very little. Communicate your qualities effectively and, based on that, set a fair price range. Offer discounts in special seasons or use social media to run giveaways or trivia.
• Customer service. In business, attitude is everything. Spend some time with your staff and evaluate their performance when they interact with a customer or a prospect. Good treatment, courtesy and speed in resolving conflicts may be the area of opportunity that needs strengthening.
Customers appreciate quality and warmth, and are willing to pay a little more in exchange for better service. Don’t hesitate: create a space through training or coaching to improve your sales team’s skills. With a small investment, you will help reach that first place you so desire in your consumers’ recall.
• Diversity. Look at your product offering. If your product line is limited and focused, your marketing efforts should go along the same line. As your business grows you can expand your product line, as long as you keep the new products compatible with the type of business, its location and its market.
• Loss of service. A product can sit in the store for many days, because if it is not sold today, it will be sold tomorrow. However, the service we did not sell today will never be recovered. If your call center is always busy or it is simply impossible to reach a representative of your company, the customer will not hesitate to look for another service provider.
It is time to analyze those aspects that can become a great growth opportunity for your company. Sales happen from one moment to the next, and you have to be alert and in the best frame of mind to close them, because if one is lost, your competition will thank you.
