Getting a good hold of your customers amid a stiff competition

[Alexandoy]

Usually when the business is going great there is no need for innovation especially when the profitability is maintained for year. But what happens when suddenly there is a new competitor in town that later on would give your business a stiff competition. What to do in order to maintain the hold of your customers?

Before anything else, it is not good to fight the competition with price cuts. That can lead to a cut-throat competition that can result in bankruptcy. One reason to invigorate the business with the old customers is to have a new product or service. I have seen the novelty products such as a new candy or new toy that attracted the kids. New household items can also be a novelty of sorts. What other means will you do to get hold of your regular customers?

 

[linneasandel]

If you wants to stand out your brand name in the market and challenge your competitors then use cost-effective promotional products for distribution purposes. You can customize these products with your brand name or logo and use them for your all promotion & advertising activities. This will give you a good branding and recall the new customers at your shop.

 

[Mika]

If you want to survive a cut-throat competition, the only way to do this is to offer your product for a lesser price but at a higher quality. By doing this you will not only be able to hold your existing customers but even steal your competitors' customers. Keep your profit margin so that you can sell volume.

 

[Jasmine]

The only way to survive a cut-throat competition is by outsmarting your competitors. You can do this by reducing your price, improving the quality, and marketing aggressively. If you create a better product and sell for a lower price, you can easily attract a lot of customers. But first you have to tell your customers (marketing) that you have reduced the price and improved the quality.

 

[Augusta]

No matter how one try there will always be a new entrant into the market. people are always trying to start a business and they come in with their strategies which existing sellers need to adopt new methods too to be able to withstand the stiff competition that is thrown by the new business.

Business needs one being creative and innovative at all times. So as an existing business you need to always look for means to retain your customers to avoid getting out of business. New business would want to capture the market share and this means that it would collect some customers from the existing businesses. So old business need to look for ways to keep their customers

it can be from cutting the price : Old business can use the strategy of cutting price so that their price would be lower and this will help to retain the customers. Another avenue is to package the product in a new wrap so that it will be attractive to the buyers. The new business will want to wrap their products in attractive package and the old business can do same.

Lastly, the old business can go on a persuasive marketing to let customers know their products are still the best.

 

[Good-Guy]

There are several different ways you can secure your customers, but first of all I would actually like to congratulate you as a businessman if you have successfully managed to gain customers in the first place. this is because due to very tough competition, it is really hard to gain regular customers in the first place! So, let's come back top the main topic. When it comes to securing the customers, you must know that the price of your products matters a lot. If you are selling great products at cheap rates without compromising ion the quality, then you will not only be able to secure regular customer, but you will definitely attract many more and new customers as well.

Secondly, you can also offer your regular customers some extra services like free shipping or delivery on products, special discounts, and other kind of offers that could entice your customers. Moreover, you must never lie to your customers and deal with them fairly. Always remember that being honest with your customer will make him secure a special place in their heart for you and your business. These are some of the basic thing you must do in order to secure your customers during competition.

 

[JulietaRizas]

Creating your own brand is a very interesting option for promotion.