How to Remain Relevant in Your Marketplace

Are you stuck?

Are you feeling marginalized by the marketplace?

When you fail to set yourself apart from other competitors in the field, your business inadvertently ends up marginalised. In times like this, you need to change how you sell your product or service.

A firm is said to be stuck in the middle, in a state of maketplace limbo,  if it does not offer features that are unique enough to convince customers to choose their product/services.

Your offerings might not be valuable enough.

Your prices might not be competitive enough.

Firms that are stuck in the middle might be in such a state because they lack a clear market understanding or competitive pricing.

You need to have a clear vision of what you want to achieve so you can easily make a distinct name for yourself in the marketplace.

Here is what you need to do to get unstuck.

Be Different

Every business wants to set themselves apart from other businesses and they can do so by striving to make an impact to the industry or marketplace. You need to develop your own unique selling proposition.

It is then essential that you have a clear vision of what you can bring to the table in your business. If you care more and do more, you will naturally attract clients as you are proving that your business provides more than what others can.

With this mindset, you will not be competing with other businesses in the marketplace. Instead, you are competing with yourself to see how every transaction can be better than the last – before the transaction has even taken place. Your service or product should provide your client with much-needed clarity, certainty as well as support.

Next, your goal will be to become your customer or client’s most trustworthy source of advice. You will be given the responsibility of sharing potential solutions with your client as if you were facing the same situation. If you are not familiar with the issue at hand, it is vital that you admit what you lack straightforwardly and that you do proper research before providing advice.

You should be confident – the clients chose you for a reason. Maintain a sense of integrity and have faith that you are the most optimal choice for them to pick. However, while you may aim to make the greatest profit and eliminate your competition, you should first overtake others in two aspects – empathy and value.

When interacting with your clients, always see the problem from their eyes. This helps to value-add to your advice significantly. Sharing about your product or service is something all businesses can do, but clearly explaining how it can benefit your client is what sets you apart from others.

When it comes to achieving preeminence, make sure you have a solid system or strategy to reach your goal and maintain it. Your strategy should be focused on your client’s needs, instead of your own.

Be Pre-emptive

A common but effective method of pre-emption is to be honest about your product or service. Ask your client about what alternative choices they are considering besides your company. Draw out a list of advantages and disadvantages, then show how you are the superior choice. Be confident about this, especially if you know you are the best in the market. Pre-emption means handling and discerning the factors that prevent a client from making a decision, which other companies may fail to do.

You can also pre-empt your competitors.

Firstly, you acknowledge your client’s worries and concerns, then overcome it.

Secondly, you clearly describe and demonstrate the results of your product or service so as to overcome your client’s lacking confidence.

Thirdly, you set clear goals such as purchase criteria to establish the advantages your clients are gaining from this decision.

Be Proprietary

Proprietary means possessing ownership of the industry’s highest level of awareness that other companies cannot easily emulate. As mentioned earlier, one of the largest threats a business can face is becoming a commodity. When a business becomes a commodity, their products and services become widely distributed and interchangeable with other companies’ products and services.

It is vital that you shift from being a commodity to a proprietary. Be swift in claiming ownership of the top product in the marketplace and build extra add-ons to the product to make it incomparable to others. What you are offering then becomes more attractive to the more generic alternatives that your competitors are providing.

When it comes to business, a particular part of your brain, known as the reticular activating system (RAS) becomes important. The RAS determines what you notice and what you do not. This decision is made in a millisecond, based on information you already store in your brain. Tap into the RAS to further your marketing, and you will always be remembered as the most important choice in the industry.

If you build a name with a good reputation and your clients acquire better results, this will in turn attract more clients, which will create a positive cycle that extends your marketing for you.

Be Empathetic

As a businessman, you can improve your opportunities and chances of joint ventures by walking in the shoes of others. Think from the perspective of your partners.

What can you offer them that others are unable to?

What form of value can you provide to ensure a stable and pleasant working relationship?

Inside the company, empathy helps with management and collaboration by helping to understand the other person’s perspective. Putting yourself in someone else’s shoes can make it easier to find a compromise between two different points of view.

Learn to lift your employee’s morale and motivation levels. Build company loyalty among your employees through understanding their needs and wants.

With the clients, being empathetic goes a long way in selling. Be sincere in engaging your clients and providing help for them through your product or service. This sincerity will reach them and make them feel special and heard. Instead of asking yourself about how you can make the highest profit, change your focus to how you can value-add to your client’s lives.

Traditional sales methods involve salespeople highlighting the benefits of the purchase to prospective customers. They usually focus on the prospects personal needs. But the game has changed.

Needs-based selling needs to become the focal point of the sales process, rather than the traditional benefit-based selling.

Rather than convincing them based on the benefits, you need to convince customers based on their needs.

Consultative selling refers to this type of need-based selling. It is established based on the development of personal relationships and open conversations between the two parties.

Salespeople need a reliable framework for making the best use of limited opportunities across numerous pitches and multiple prospects. The answer to that problem is a consultative approach.

Be Patient

You need time to build your foundations.

Small changes can lead to huge and remarkable results.

A small increase in strength of each of the supporting pillars to the Parthenon leads to a stable infrastructure. That is the architectural concept of the Parthenon principle.

Similar to architectural engineering, digital marketing shares similar key aspects to the classical Greek sensibility. You need a harmonious group of elements, in the form of digital marketing aspects and pillars.

  • You need to optimise your website for search engines.
  • You need your social media and email list to be directed to your landing pages.
  • You need your ad copies to be optimised to bring them to your website.
  • You need your website to be ready to receive, collect and entertain your customers.
  • You need your content to be engaging, informative and valuable for your readers to want to revisit you.

These are examples of the marketing pillars that your business require to have a stable footing in the market place.

Be Productive

Productivity isn’t just about simply getting things done.

It’s about spending less time on the things you have to do so you can spend more time on the things you want to do.

Productivity can come in the form of outsourcing your digital marketing needs to us. Here at The Leading Solution, we aim to be your lifelong advisor in Digital Marketing.

We analyse, examine and optimise your company’s current strategies and operations to bring better results, then implement more successful marketing and branding strategies to your company. We want to make your website and company more effectively digitally, to bring you better results and more profits.

Enjoy higher margins with optimisation.