Most likely you have heard so far that the existence of competition is a favorable thing for both your business and customers.
If you want to grow faster or if you have noticed a decrease in sales, you must analyze your competitors to identify what you can do.
What do you need to consider in your competition?
- Prices
Users are extremely sensitive to price fluctuations, which is why we recommend that you constantly monitor the prices that your competitors charge.
If you sell the same product, a small price fluctuation will make users choose the competitor’s product and not your product.
- The products
Products can make a big difference between how your business evolves from that of competitors. Always analyze the way in which the competitors value the products, how they present them, how they highlight the characteristics and what functions they have.
Also the variety of products, similar products or more developed products can create differences in sales.
- Presentation
The way the products are presented is extremely important. A blurry picture or a design that does not highlight the product can lead to a decrease in sales. We must mention the fact that Google and Facebook algorithms favor images with an attractive design.
Customers are also influenced by the way products are presented, images, videos, information and even user reviews.
- Promotion campaigns
Promotion is another factor that can take you by surprise. Over time we have faced competitors that have appeared overnight, and this is happening in business constantly.
Secure your business using an effective marketing mix that constantly brings in growing sales and builds user loyalty.
- Traffic sources
The traffic sources on which competitors rely are also extremely important. For example, if you focused on Google Ads and Facebook Ads, but did not take into account the rise of Tik Tok, and your competitor took advantage, it can take you out of the market share.
The things I mentioned above may seem trivial, but imagine that your sales are halved in one day just because a competitor has reduced the price so much that users have not even paid attention to your products.
Keep an eye out and work with professionals for top results!
Live A Reply