Three new ways to compete in a commoditised market
Commoditisation is something most businesses have to deal with eventually, and on the internet it can happen quicker than you might expect. We show you three ways to combat commoditisation of your business and compete in a crowded market.
When your market is full of very similar competitors, you’re quickly reduced to competing on price unless you have a key differentiation. In a commoditised market, one of the best ways to develop this is to look at your current ideal customer – their specific needs, industry and expectations. Narrowing your offerings may seem counterintuitive, but offering specific solutions to problems that you know your customers have can be what sets your business apart.
Identify key issues previous customers have had, or even talk to your current clients to find out how your solutions might be better packaged to suit any needs they have. Make this a key push in your marketing efforts and easy to pick up from your landing pages.
By concentrating on solving known problems for a subset of customers, you build a unique offering that sets you apart and can push prospective customers over the edge to conversion because you’re answering their specific needs.
Customer service is a great way to differentiate your business. Whether it’s adding live chat customer support or just setting up new methods of handling prospects and sales, a specialised customer service experience brings conversions and word of mouth.
Add personality to your web copy and to your customer service scripts. Make sure your potential customers feel as though someone is researching and solving their issues (by tailoring a package or experience to suit them, for example) and you’ll have die-hard customers who bring referrals with them.
Sometimes spending a bit of money on technical solutions is the way to go – whether that’s a better website, more intuitive user-interface design or just an improved hardware solution that scales more easily for your customers.
Improving your website, and especially the interfaces used for purchasing and managing your services and products, is a worthwhile investment. If your systems look easy to use and let customers get what they want done with minimal fuss, your conversions and subscriptions will increase.
Look into competitor offerings and see how you might be able to make your own better. The faster and easier a customer can get their questions answered, their solutions configured and their systems up and running, the happier they’ll be.
These suggestions are just the tip of the iceberg in terms of differentiation, but they provide a good starting point for any business looking to build a more unique offering. TPP Wholesale offers a range of different services and has the technology to help you grow in such a commoditised market, contact us on (02) 9215 6001 to find out more.