“In the new business game, the winners are not the best, but those who master the game,” says Argentine marketing expert Roberto Serra; and his phrase perfectly captures the question many people ask: “If my product or service is the best on the market, why do they choose the bad one?
Knowing for certain what influences purchasing decisions can be interesting and varied, as well as a real challenge for marketing experts and enthusiasts. So, it's necessary to stress that there are no fixed rules, and that everything will depend on various factors that, together, determine the public's preference.
If you've spent a few minutes of your busy day watching how your staff interact with a customer, analyzing the criteria they use to set the value of your product/service against the competition, or run a brief survey on brand recall, then you may find some answers to clarify the picture.
Knowing your product is appealing is, in these times of fierce competition, no longer enough, so carefully review these causes that drive the growth of your competitor, who isn't always the best, ahead of your brand.
• Communication and public relations strategy. Every company longs for the success of the big brands. And these companies wouldn't have lasted over time without a solid communication and public relations strategy. Your competitor is likely on the rise, and behind them is a communications team or agency carrying out creative strategies to attract more customers.
• Brand reputation. “Better the devil you know than the devil you don't,” says the saying. And it's clearly not wrong, because many times the brand that isn't perceived as the best, but has been in the market for many years and delivers on its promise, is the one chosen by that audience that slips through your fingers month after month. To counter this situation, permanently manage your brand reputation, get closer to your customers and potential customers; use social media to engage with them and get to know them. Remember that everything that happens offline affects the online world and vice versa. Strengthen your strategy in both directions to reach your goals.
• Cost-benefit ratio. Many consumers prioritize price over the quality of a product and/or service, because it can solve a problem right away without taking into account that cheap can end up costing more. It's not advisable to put your profitability at risk in exchange for very little. Communicate your qualities effectively, and based on that, set a fair price range. Offer discounts during special seasons or use social media for giveaways or trivia contests.
• Customer service. In business, attitude is everything. Spend some time with your staff and assess their performance when interacting with a customer or a prospect. Good treatment, courtesy and speed in resolving conflicts can be that area of opportunity they need to strengthen. Customers appreciate quality and warmth, and they're willing to pay a bit more for better service. Don't hesitate — create space through training sessions to improve your sales team's skills. With a small investment, you'll help reach that top spot you want so much in your consumers' minds.
• Diversity. Look at your product offering. If your product line is limited and focused, your marketing efforts should follow the same line. As your business grows you can expand your product line, as long as you keep the new products compatible with your type of business, its location and its market.
• The loss of a sale in service. A product can sit on the shelf for many days, because if it isn't sold today, it will be sold tomorrow. However, the service we didn't sell today will never be recovered. If your call center is always busy, or it's simply impossible to reach a company representative, the customer won't hesitate to look for another service provider.
It's time to analyze those aspects that can become a great growth opportunity for your company. Sales happen from one moment to the next; you have to stay alert and ready to close them, because if you lose one, your competitor will thank you for it.