Price comparison websites (PCWs) are taking over. ‘There has been significant growth in the use of PCWs in recent years’, claims a report by the Financial Conduct Authority, and who can blame us? After all, if we’re in the market for a new TV, we don’t just pay full price. Instead, we’ll pick the make and model that we like and we’ll spend hours scouring the web for the very best deals. But we don’t want our customers doing that, oh no! A bit hypocritical? Absolutely. But that’s how these things work.
So how can we stop our potential customers from abandoning us for our competitors? Well, perhaps not surprisingly, it all comes down to marketing, and how we advertise our brand via online channels.
Prioritise Brand Exposure
Price comparison websites have become more popular because there are simply too many products to choose from – we need help. Through greater brand exposure, your product could become one of the ‘defaults’ – one of the products that instantly comes to mind when triggered. Like ‘vacuum cleaner’ and ‘Hoover’, for example – the two are practically interchangeable. What are the best ways to improve brand exposure? Through multichannel marketing.
In creating a consistent message across multiple channels, and maintaining a strong multichannel presence, both exposure and brand loyalty benefit significantly. It’s this presence across all channels that negates the need for the consumer to search any further.
Examine Your Audience
Your customers are the backbone of your business, so it’s not crazy to want to know a little more about them. In fact, learning more about your audience could minimise their desire to shop around – it’s all about brand loyalty. Around 28 percent of us claim to be loyal to a particular brand, which means we’re more likely to shop at a specific store regardless of price. You want to know why a customer chose to shop with you, and play to your advantages.
Consider setting up a survey on your website and asking visitors to take part (perhaps offer a small incentive for participation, too). Why has that customer chosen you? Was it price? Geography? Range of products? Find out what makes you great, and use this going forward.
Offer A ‘Better’ Product
If you’re a reseller, offering a better product than a competitor is impossible… or is it? You may be selling the exact same item, but you have a great opportunity to market it differently, and this isn’t as difficult as you might think.
Consider that 61 percent of marketers say that content creation takes too much time. That 28 percent think it costs too much money. While content marketing is essential for success, it’s being thrown on the back burner because of obstacles.
Use this as a chance to create some kick-ass content that makes your product appear superior. Go in from a consumer point of view. What would you want to know about this product that your competitors aren’t answering? How can this product benefit you?
