As a result of the effects of the pandemic, the market has become increasingly competitive. Today, consumers are conducting their own product research online, better understanding which offers are best for them. In fact, a Zendesk sales report showed that 50% of sales leaders surveyed say their customers are more informed.
Thus, consumers have become more demanding and not only look for quality, but the experience they have throughout the process becomes relevant when choosing a product.
This is shown in Zendesk's latest CX Trends report :
More than half of customers surveyed say their customer service standards are now higher.
In this new context, companies face a key question: how to take customers away from competitors ?
To know how to beat the competition in the market, it is necessary to understand several points. That is why in this post we tell you:
why customers go to the competition,
how to take customers away from competitors;
how to beat the competition without lowering prices;
how to differentiate yourself from your competition;
How to destroy the competition
Ready?
Why do customers go to the competition?
Before we look at how to lure customers away from competitors, you need to understand why customers go to competitors. The CX report mentioned above shows that due to today's high consumer standards, almost half of customers would go to a competitor based on just one bad experience.
If you understand the factors that make a customer switch companies, you can use them to your advantage to attract them to your brand.
Beyond quality and price, consumers don't want to waste their time on negative experiences or slow processes.
The CX report also highlighted that 92% of customers will spend more with companies that assure them they will not have to repeat information .
How to take customers away from competitors?
You've already seen the main reason why customers leave a company; now we'll show you 2 formulas that you should know to learn how to take customers away from competitors:
1. Focus on your competitors' customers who are likely to be loyal
Remember that there are customers who search and try out discounts from different brands just to take advantage of the promotion. That is the type of customer you do not want to attract.
82 % of companies agree that customer retention is cheaper to execute than acquiring new customers.
So, don't just focus on taking customers away from your competitors, but on taking away those customers from your competitors who are not 100% satisfied with what they get and who, for a good deal, would be willing to be loyal to your brand. You must keep an eye on and target those consumers who are willing to pay for the value you offer and stay with your company for a long time.
Learn how to build a valuable customer base and focus on your competitors' customers that you can retain.
2. Observe your competitors and identify the weak ones
To more effectively take customers away from your competitors, focus on those who are not yet at your level, as these customers are more likely to notice the difference in your offering. Here you will have several points to analyze which aspects of your company are superior.
For example, in this context of digital transformation, those companies that take time to adapt run a greater risk of being overtaken, so this is a good point to analyze.
A study shows that, although 57% of Latin American companies increased their investments in digital transformation, 70% of projects fail.
Make sure you're doing the right job in your company! Learn what digital transformation is and how to achieve it , and take the first step to face the competition.
These techniques are a good idea when you're wondering how to steal customers from your competitors. But you're probably wondering what to do when your indonesia phone number sample competitors sell cheaper and your company has no room to lower costs. Don't worry! We'll answer them below.
How to beat the competition without lowering prices?
When these questions appear:
What to do when the competition sells cheaper?
You should not forget that, although price may be one of the decisive factors for consumers, it is not the only one.
If you get desperate and lower your prices, you are likely to affect your finances and not get a positive result. So, to know how to beat the competition without lowering prices or how to face unfair competition, you must focus on making a difference in the market with your value proposition and impeccable service. Your offer must be superior in all aspects to attract customers who are looking for the quality you offer.
So, to know how to take customers away from competitors, you have to answer the following question:
How to differentiate yourself from your competition?