Deepak “Dee” Agarwal, a C-suite executive of multiple successful businesses, shared his thoughts on how businesses can stand out in an over-saturated industry.
Atlanta, GA, 18th June 2022, ZEXPRWIRE, Growing your business in a crowded marketplace can prove to be a challenge. Statistics show that of the estimated 12-24 million businesses with eCommerce sites in 2020, less than one million earned over $1,000. Why are there so few businesses turning a meaningful profit?
There are a variety of logistical and financial reasons that can cause businesses to underperform. However, businesses that don’t take the necessary steps to capture the interest and attention of their target audiences can easily be overlooked in an overpopulated market.
We spoke with Deepak “Dee” Agarwal, a C-suite executive of multiple successful businesses, including NoMoreRack.com, a prominent online retailer. This established entrepreneur shared thoughts on how businesses can stand out in an over-saturated industry by identifying their potential customers, providing quality products, and innovating around competitive gaps or pain points.
1. Know Your Target Market
When positioning a brand, it is essential to identify the target audience and clearly articulate how they will benefit from or find value in your products or services. By understanding a challenge the target audience faces and developing products and solutions that address those challenges, businesses can create real resonance with key consumers in a value-driven and more authentic way.
Deepak Agarwal adds, “Your customers just aren’t buying the product, they’re trying to make their lives easier or better. If you can understand a challenge that your target audience is struggling with, and position your offering to fulfill their needs in a way competitors can’t, your business is likely you’ll see growth.”
2. Commit to Quality
One of the most effective marketing methods for generating repeat business is to improve the quality of your products, as it not only supports revenue growth but also the expansion of potential clientele.
“A product must not only meet customer’s expectations for quality, but they should exceed them,” noted Deepak Agarwal.
“When your business creates quality products, it builds trust and establishes a connection with its customers”, said Deepak Agarwal.
Quality products that exceed expectations often encourage customers to positively review the business — further broadening its reach and resonance with potential customers. According to Big Commerce, 88% of consumers trust online reviews written by consumers as much as recommendations from personal contacts. In addition, when consumers have a positive experience with a brand, they’re likely to share about it online, or to their friends and family. Ninety-two percent of consumers trust recommendations from friends or family more than sponsored advertising.
Deepak Agarwal adds, “There are different tactics to get people to talk about a business, but the most important is obvious – making sure customers are satisfied with the product or experience from start to finish. The word-of-mouth advocacy created from exceeding customer expectations can have a huge impact in helping a brand cut through the clutter.”
3. Create a Competitive Advantage
Understanding the competitive landscape for your business is another best practice to stay ahead of the game, as it uncovers potential gaps and weaknesses in competitor offerings. “Identifying your competitor’s mistakes in one area and using that information to innovate a smarter solution can help create meaningful competitive differentiation”, states Deepak Agarwal.
This tactic can be surprisingly simple. For example, if a company has trouble communicating with its clients, consider implementing a customer care chatbot, an artificial intelligence-powered tool that can be used to simulate and respond to human conversation, empowering customers to instantaneously have their questions answered. If you have the opportunity to remove barriers to consideration and purchasing, do whatever you can to make your customers’ lives as easy as possible.
To stand out in a marketplace, it’s critical to understand where your business sits in the market, along with who your target audience is and what value you’re providing them. Once you’ve identified who you need to reach, your business needs to stand out from the crowd in terms of quality of your product or services, and by filling the gaps your competitors are leaving.