58% of consumers are not brand loyal. That means you are constantly in competition for your customer’s dollar. In today’s competitive market, you’ve got to stand out in order to succeed. Here are our top 5 tips to help you stand out from your competitors.
How To Stand Out From Your Competitors
1. Phenomenal Customer Service
33% of consumers say they will take their business elsewhere after a single bad experience with a company. In today’s competitive market you can’t afford to lose customers over poor service. Excellent customer service needs to be at the core of your company’s focus. 76% of consumers consider customer service to be a true test of a company’s adequacy.
According to a 2017 survey by Talend, 57% of respondents listed “unaddressed negative reviews” as the top reason to ‘break-up’ with a brand. If you fail to give perfect in-person customer service, you must attempt to resolve the issue by responding to a customer’s negative reviews. Monitoring and responding to both negative and positive reviews is essential for customer retention. Studies show, customers are 14% more likely to return to a business that responded to their feedback.
84% of Americans weigh online reviews before they decide to buy. If your customer service strategy doesn’t include review management, you could be losing customers to competitors before they even get a chance to experience your product or service.
2. Branding That Stands Out
First impressions of a brand are formed within the first 10 seconds. That’s why it’s so important to get your branding right. When it comes to recognition, you’ve got to stand out from your competitors. Take Starbucks, for example, the largest coffee chain in the world uses a mermaid for their logo. What does a mermaid have to do with coffee? Nothing. But it differentiates their brand from competitors.
Another key factor in branding is color. Color increases brand recognition by 80%. Sticking with consistent branding color and font will help to improve brand recognition. Think of McDonald’s golden arches or Coca Cola’s vibrant red. When 90% of purchasing decisions are made subconsciously, brand recognition matters.
3. Build A Strong Online Presence
97% of consumers find local businesses online first. Because of this, building a strong online presence is essential to your company’s success. We have a ton of information on our blog about how to improve your online presence so I’ll keep this short, if you have a weak online presence, your losing.
These are the main areas your brand needs to focus on to build a strong digital presence:
4. Reward Customer Loyalty
Consumers spend 66% more on brands they are loyal to. How do you keep a loyal customer? Reward them! 83% of customers say loyalty programs make them more likely to keep doing business with a company. Let’s go back to that starbucks example. Personally, I think my local coffee shop tastes better, but the Starbucks rewards program keeps me coming back. From points on every dollar spent, free drinks and refills, an easy to use mobile app and many other perks, it’s really hard to take my money elsewhere.
Why reward customers who already spend money at your establishment? A loyal customer is 17 times more likely to recommend your company to family and friends. We all want new customers but the reality is keeping your current customers has a greater ROI. Existing customers already know and trust your business, therefore you don’t have to spend as much on marketing efforts to get them to buy. Why not reward them instead?
5. Give Back
Want to stand out from your competitors? Do better than them. 92% of consumers say when a company supports a social or environmental cause, their image of that company is more positive than those who don’t give back. Giving back to your community is a great way to show your customers their money is being well spent.
The key here is finding a cause that fits your brand. Just because you love dogs, doesn’t mean supporting an animal shelter is right for you. Find a cause that fits your brand and your customers well. 64% of consumers say that “shared values” are the main reason they trust a brand. Find those shared values and optimize them.
In May, we went to Mexico to help build a home for a family in need. Take a look at some of the photos from our trip below:
REMEMBER: Competition Is A Good Thing
Don’t forget, there are positive aspects of brand competition. Competition is a sign that there’s a demand for your service or product. If you don’t have any competitors that’s a good indication your business might not last.
Another benefit of competition is that it makes you better. Competition gives us the drive to constantly improve and be better than our competitors. Do you think Apple would be where it is today without Microsoft?
Standing out from your competition is no easy feat. It’s less about what your competitor is doing and more about understanding your consumer and appealing to their needs above all. Need help listening in on your customer’s needs? See how our review management platform can help you stay up-to-date with your customer’s needs and concerns. Click here for a free demo.
What is your business doing to stand out from the competition? Comment below: