6 Tips to Turn Your Competitor’s Customers Into Brand Loyalists
If you operate in a crowded or competitive industry, this is the guidance you need to win over the competition's customers.
1. Study the competition’s marketing tactics
First things first, learn how your competitors are attracting customers to their business. You probably won’t be able to gain a true insider’s view into their operations, but some public-facing tactics are easy to spot:
- Does the competition have an awesome content marketing strategy? Sign up for their email newsletters, read their blogs and website and follow them on social media to learn more about what they’re doing that resonates with people.
- If your company and the competition use similar vendors, develop a relationship with those vendors. You don’t have to be nosy or invasive, but tactful questions can lead to a goldmine of information.
- Study the competition’s ads, billboards and other marketing materials. What type of language do they use? What stands out about the design aesthetics?
Then, use this information to reevaluate your prospecting tactics.
2. Study your competitor’s online reviews
Read online reviews to see what customers are saying. Take note of positive and negative feedback.
Negative feedback is particularly helpful. If your company does things differently (meaning your customers don’t experience the same frustrations as the competition’s customers) use that information to differentiate your business.
3. Reevaluate your pricing
This doesn’t necessarily mean you should lower your pricing, though that can be a great strategy for certain companies. However, remember that too-low pricing can also devalue your overall brand — a product or service with a rock bottom price can easily be seen as inferior.
Pricing can absolutely play a part in winning over the competition’s customers, but purchasing decisions are complex and multifaceted.
4. Think about how you can deliver more value to customers
Perceived value also plays an important role in which company a customer chooses. With that in mind, brainstorm new ways that your business can add more value to the customer’s purchase.
For example, does your business provide top-notch customer service and support? This can be a massive value-add to prospects.
5. Once you’ve identified your company’s value-add, shout it from the rooftops
No matter how you add value, be sure to highlight those benefits in your sales and marketing materials… and be specific.
It’s not enough to say, “We deliver excellent customer service.” Instead, highlight exactly how customer service is delivered: Do you have a dedicated customer service team that responds within hours, for example? (Virtual assistants make it possible to deliver this type of exceptional support at an affordable price.)
Or, perhaps your product or service includes additional features that make the customer’s life easier. No matter how you add extra value, refine your messaging to appeal to the customer’s needs.
6. Reward customers who choose your business
Make the decision to go with your business easy for the customer by offering discounts:
- When a customer brings in a quote from the competition, offer a discount. This can be a monetary incentive or a value-add incentive.
- Give a discount to anyone who switches from a competitor.
- If the competition botched a job, offer to fix it at a discount.
At the end of the day, your company needs to offer an improved experience, a better deal or both. Think about how you can make this happen and be prepared to earn loyal new customers.