To Beat Your Competition You Must Be: 'Twice as Good or Half the Price.'
Updated: Oct 27, 2020
Every business is, or should be focused on increasing its market share as part of an overarching strategy for growth. But how do we really do this? I mean, most of us want to increase our market share, and think about ways to do it, but is it really possible?
The truth is, despite what marketing books or gurus may try and tell you, increasing your market share isn't easy. And most of us give up on trying before we even get started. So here is a simple principle to consider. To gain market share,
"You have to be twice as good, or half the price."
Changing the buying habits of customers and consumers is hard. So do be successful at changing their decision making process, you need to present yourself or your product as being "twice as good, or half the price."
So what does this mean in practical terms when we are trying to create a marketing strategy for our product or service? It means that you have to do something significant that will move your target market to make a different buying decision. You need to create something compelling to move the needle in your favour. That means, to put it in mob terms,
"You have to give them an offer they can't refuse!"
Just what is that type of offer I can't say in precise terms. It's different for every business. But what is the same, is that if you want to acquire new customers and increase your market share, you have to do something different. Something that your competitors aren't doing. Or you need to do it better. You need to make the consumer think, "I normally by X, but this offer from company Y is interesting and enticing.... Awww heck with it, I'm going to buy Y, I just can't pass this deal up!"
A word of caution. These types of 'offers' need to be well thought out. You need to make sure that they are affordable and viable. They should be part of an overall marketing strategy that gets a new customer to take a long and mutually rewarding journey with your business. They have to be time sensitive to make them special. If they are perceived as not being special, unique or limited, they won't be very successful.
So go out and buy a pizza and sit down with your team and hammer out how you can present your product or service as being,
"Twice as good or half the price."
All the Best!