If you’ve been doing your online business for some time, you’ll realize that the stronger the competition gets, the more difficult it will be for you to generate sales. For instance, if you have a product in the dating niche and there are 50 other products in the same niche competing with you, it will be difficult for you to get more sales for your product. This is true especially if your competitors are charging less for their products. But, there is a way for you to keep your sales coming even though the competition is so stiff.
Here’s how to keep sales strong when competition is fierce:
1. Give a competitive price: Study your competitors and see how they price their products. If your product is more expensive than theirs, then you should justify this price with abundance of benefits. However, if you think that your product is no different than your competitor’s product, then you should consider lowering your price. Giving a better price for your customers will always give you a better result in your sales.
2. Give more benefits to your customers: The success of your product will be determined by how you deliver. When you study various successful products, you’ll realize that they’re over-delivering what they promise to their customers. If you want your product to be more appealing, then you should give more benefits to your customers. Of course, those benefits should make your customers think that your product is worth more than the money they spend on it.
3. Always be better than your competitors: What are your competitors offering to their customers? What are the best features of their products? Study your most successful competitors and strive to be better than them. Give more to your customers. Never let your competitors to be better than you. If you let this happen, you will have many disadvantages in your business. You’ll be defeated and your product will no longer be seen as any better than your competitor’s.
4. Strengthen your USP: What is the unique selling point of your product? Understand it because it is the most appealing part of your product. Once you understand your unique selling point, you should strengthen it and make it apparent in your promotion. Always make sure that your customers understand your product’s USP. Improve your unique selling point to the point that customers become gladly satisfied in using your product. It could be the quality. It could be the effectiveness. It could be the presentation. Whatever your USP is, you have to strengthen it and make it apparent.
5. Improve your promotional materials: Once you’ve improved various aspects of your product, it’s the time for you to improve your promotional materials. A good product won’t help you to generate sales if you don’t accompany it with good promotional materials such as landing page, sales page, ads, banners, articles, and so on. So, you have to improve the quality of your promotional materials so that they can improve your product’s conversion rate more effectively.
That’s what you need to do to keep sales strong when competition is fierce. Never let your competition bother you. The key to survive in your business is to improve your product so that your competitors can no longer compete with you.