“Stealing” is not a word that is used very often on professional term. But, one way to grow a small business is to steal customers and market share from the competitors. I hope now you understand what is meant by stealing here, and this is always not so bad.
In this article, today I will share a few strategies for stealing the business from your competitors. These strategies will help you to generate more revenue through your customers, in comparison to your competition. Below mentioned are some tips that will help you in stealing business from your competition.
1. Identify your competition
The first and foremost step to start with is to understand who is your competition? Particularly if you are competing with design firms or freelancers, you have to understand about their volume of business and how they acquire the same. Such information will give you a better idea regarding your competition.
Your focus of thought should always be on who is taking the business away from you.
2. Identify their customer base
Try to gather information regarding their customer base and analyze what makes them gain on customers, how they increase their volume of business with existing customers and so on. Also it is important that you have certain information on the client’s feedback about your competitors.
Once you have identified their customer base, then target this segment and try to capture these audiences.
3. Research on how they find customers
The most significant tip that I can share is how to identify new customers. For this you have to do a lot of research. Research is an activity which can give you more information on the whereabouts of the customers, not only in the present, but also in the future.
4. Find flaws of your competitors
Whenever we talk about business, delivery points are bound to have some loopholes. Try to analyze the weakness of your competitor’s business and try to cash on it. For instance it may be the quality of delivery, they design only flash web sites and not a CMS based website, or might be that their prices are too high, or they might have problems in their after sales service team.
You have to take a note of these and such flaws can be replaced by your strengths, and you’ll be able to increase your volume of business. By turning the flaws of your competitors into your strengths, you can very well steal all the business in town.
5. Find a superniche
Try to concentrate in a small but potential market. We sometimes refer this to be a niche market. For e.g. you can use blogs as a tool to increase your design business. Create a superniche segment for yourself. You can be a proud designer who delivers for instance products and services related to catalog design exclusively.
Why people should come to you is because of your work quality, in spite of having other designers who can do a considerable good job. This is when you create a superniche target segment to operate on.
6. Do not steal just for the sake of stealing
It is very important that even after using these strategies, you should have some business ethics, and please do not fool around by giving false promises to your clients by the way of which you snatch other’s business. Please remember every client is unique, and have several requirements which might not be possible for you to meet.
You have to set goals i.e. have measurable targets in order to map your performance in gaining new customers on a daily basis. Please be careful that your customers are very important and you should concentrate positively on them to achieve your revenue targets. This is what we call by ‘stealing away’.
We want to hear from you.
Do you have some experience in stealing customers from you competitors? Or you have some new ideas to promote your business and website to win the competition? Please share with the community in comment bellow. And don’t hesitate to contact us if you need a help with design materials and website development to increase leads and conversion for your business.