We get your frustration. You have the best product and customer service, but yet your prospects are still picking your competition.
Is it something that you’re doing wrong?
The fact of the matter is, it could be.
In this brief, we take a look at the possible reasons why your potential customers are purchasing from your competitors instead of you. And, we’ll even give you tips on how to move them over to your side!
Your Competitors Provide More Affordable Solutions
Price remains to be one of the most important considerations that a potential buyer will have when it comes to choosing different solutions. Sometimes your organization will have the edge when it comes to technology, but if the price isn’t right, it could become a barrier to a sale.
The way to go about this is to be able to price competitively.
However, what happens when the price that they’re demanding is just something you won’t be able to afford?
Then, maybe it’s time to create different versions of your packages with limited and extended features to take advantage of different markets that you have. Remember, by being able to fix up your packages; you can make adequately target different market segments.
You Take Too Long to Answer
Here’s something that happens from time-to-time, say a prospect posts a question to you or the sales team and you take too long to respond, as the prospect is waiting for the appropriate response they’re probably already transacting with another provider with faster service.
If another provider can provide solutions to the questions that the prospects’ needs, there is a higher probability that they will go after that provider.
Organizations should be able to provide swift responses to inquiries to provide information. The faster you can provide the information before your competitors, the better your positioning.
This includes being able to have auto messaging functions integrated within your websites, a proper follow-up system for marketing, and dedicated people on hand to answer questions.
They Are Unaware of Your Product
If people don’t know your product exists, then they won’t be able to buy it.
Now there are a lot of things that you can – and should be doing to maximize your product’s exposure. This includes (but is not limited to):
- Social media marketing
- Search engine optimization for your website
- Event marketing
- Cross promotional campaigns
- Guest blogging
- Industry partnerships
- The use of influencers
Now if you find that people don’t know about your brand, it could be that you’re missing out on a couple of these methods of exposure.
You need to be able to present wherever your competitors are and focus on winning people over not only on the sole basis of quality but also on the added-value that you give them for switching over to your side.
They Are Unaware of Your Product’s Other Features
You might have upgraded the capabilities of your product or service, but if you are unable to communicate these changes to old prospects or new leads, you won’t be able to go far if they are unaware of the new features that they need.
This is especially true if you are known to have a product that hasn’t changed much or if people don’t know that you have updated to a must-have feature that is now present in services that they use daily.
You need to be able to communicate what you offer well. Communicating new features of your product should be treated in the same way as it would be if you were launching something new.
Your Competitors Have Better Customer Service
One way to step ahead of the competition is to offer excellent customer service. Everyone is expected to provide a good quality product and conventional systems fo delivering their products and services, but sometimes all you need is an excellent human connection, and that lies within your customer service.
Customer service can make or break a company, and more often than not, you can boost your company’s revenue by just investing in excellent customer service.
Remember, the customer is always right, and you need to make sure that they experience the best from your company to win them over. Excellent customer service is something that a lot of people crave because good products are a dime a dozen, but excellent service is rare.
Good customer service is one of the fastest ways that you can improve your offering and lineup without even having to touch your product itself.
By being able to understand your competition, you may be able to strategize your offerings for maximum growth and scalability.
The great thing about markets is that they are dynamic, and you can always disrupt them and work your way towards the top. Remember, with just proper appointment setting and lead nurturing, you can make sure that you’re set for the future!