Every business today understands that today’s marketplace is a highly competitive one and that it’s important to understand who you competition is and what they are doing to keep ahead of the game. The big question is how to keep ahead of them. The most common approach is to make sure your prices are better than theirs and if your competitor is having a sale, you immediately launch a bigger sale.
Rather than having a solid marketing plan of your own in place, this method depends almost entirely on what the “guy next door” is doing then trying to undercut him in order to hopefully get some of that business. It is certainly an easy way out, which is why so many businesses rely on using this approach. Even if you manage to do this on a fairly regular basis, you are still always one step behind your competition rather than creating your own niche and unique brand.
While taking a proactive stance with regards to marketing certainly involves more work, your ROI (Return on Investment) yield will generally be a more positive one. Being proactive in your marketing campaign means that you need to be able to recognize and take advantage of both current and upcoming sales opportunities. It also means your marketing team must be able to think outside of the box and be able to come up with new and innovative ideas that will increase your market share.
Understanding who your clients are, what they want, and how quickly you are able to complete each sales process is vital as it directly translates to client satisfaction which in turn results in repeat and referral business. Paying attention to and satisfying your existing and potential customers as soon as they walk through your door or land on your website will always produce better results in the long run compared to holding an impromptu sale just because the guy down the street is having one.
Having a quality product is important but equally as important is how you present that product on your website. Visitors need to be convinced quickly that this is the product that they have been looking for. It needs to be spelled out clearly, must be visually appealing and any questions or concerns they may have need to be addressed in short order with the actual sales process being simple and quick.
The thing to keep in mind is that although it is tempting to take the path that gives you a quick burst of sales, it is exactly that, just a short burst. Taking the time to put together a professional marketing plan together with a great website may take a little longer but it will help you successfully grow your business and allow you to stay ahead of the game for the long term.