Lower your prices
Simply being the cheapest supplier can be an effective way to attract new customers, but what your business sells will have a major impact on how effective this technique will be. If your business sells commodity items such as books, CDs, DVDs etc., which are identical no matter which retailer sells them, consumers will look for the cheapest price. Value, however, is often related to price.
Offer a discount to anyone who brings in a competitor’s ad newspaper ad or gives you the competitor’s product literature. Test staying open on days or during hours your competitors are closed. Run Internet remarketing campaigns to make to show your ads to potential customers after they’ve left a competitor’s site. To borrow a cliché, think outside the box.
Be faster. Much faster
For some customers, time is of utmost importance. This kind of customer doesn’t like to wait. She wants the product or service now. Right now! Speed is one of the most interesting ways to outdo your competition. Big companies can be very slow. Some small businesses are often lazy. But if you can provide the same service in less time, there’ll be customers who will be specifically interested in you. Today, we live in the age of the internet. Everything moves fast and customers are becoming increasingly impatient with standing in queues and waiting for an order that takes forever to fulfil. If you can deliver quicker than your competition, then you’ve carved a niche for yourself.
Build Your Authority and Create Trust
How do you describe your business and business ideas online? Before you can be widely acknowledged as an expert or an authority in your space, you’ll need people to trust and respect you. One of the most effective ways to build your reputation is by getting your customers to speak for you. It’s much better to let your customers sing your praises than to toot your own horn about your incredible results and innovative services.