How To Sell A Product In A Competitive Market

Author: Godswill Iboi No Comments

The market is more competitive today if we choose to compare our present moment to 10 years ago. Back then, it was very easy to sell a product because there was low market competitions, high demands and low supplies. Also, money had not lost it’s purchasing power 10 years ago as it is today.

Hence, business owners and entrepreneurs did not need too much strategy to sell a product back then.

It was so easy to sell as long as the product was unique for customers, it will be sold off with speed.

However, that story has changed today.

Today, it takes some good level of entrepreneurship, marketing and sales skills to sell a product in this jet age.

This is because of the presence of multiple competitors, tens and hundreds of similar products from different brands solving the same problems.

Today, many new brands are coming up and everyone wants to sell their products.

Hence, creativity is now leading because businesses are now innovating and creating brand awareness.

Anyone might be able to create a product. However, not every one knows how to sell.

Therefore, one characteristics of a good entrepreneur is in his/her ability to sell.

Successful entrepreneurs are successful because they know how to sell not minding the challenging competitions in the market.

Entrepreneurs like Steve Jobs, Elon Musk, Jeff Bezos have shown that selling a product is far easier than people think.

This is because they have succeeded in building businesses that sells on an industrial scale.

Therefore, let us check out some basic tips to help anyone sell a product even in a most challenging market.

Table of Contents

1. Do A Good Product Market Survey:

A good market survey will help you answer the most critical questions about your product.

This will help you know if their are existing products offering the same solutions you intend to offer.

The truth here is that their is a big chance someone else is already doing what you’re about to do.

However, conducting your market survey will help you gather more information’s about the current loop holes in the market.

You’ll find out the complains in the market and how best to solve it?

It will also show you the strength and weakness of similar products in the market.

2. Map Out Your Target Market:

Now, what class of people will your product be sold to?

Is it for children, teenagers, youths or elderly people?

Next, what is the income class of your target market?

Can they afford to buy at the price you want to sell? Oh yes if they can, how do you intend to get them to buy more?

If they can’t afford your set price, how will you reconsider it to suit them?

Also, what will you do to make sure they don’t ignore your products for your competitors products?

This should be covered in mapping out your target market.

3. When Seeking To Sell A Product, Speak The Language Of Your Audience:

Communication is key to success in every aspect of human life.

It is a tool to build good relationship between businesses and customers.

If you can speak their language, there are more chances you will get them to buy from you.

This is because the brain responds to familiarity.

In this context, speaking their language does not mean being tribal.

It means being able to communicate in a manner the people understands.

That is, being able to relate with them and pass your message to them in the most simple and polite manner.

Also Read: 5 Killer Tips To Increase Sales For Small Business Owners.

4. Avoid Creating Duplicate Products:

There is no point in creating exactly what already exists in the market.

In simply terms, I will say, “don’t add to the crowd”.

The market is already too congested with products from different brands, hence there is no point adding to it if you’re not coming to add value.

One of the major reasons why product creators suffer to sell is because they have only succeeded in creating a duplicate of what already exists in the market.

Now, everyone wants to see what they haven’t seen before.

Hence, if you must sell in a competitive market, then don’t add to the crowd.

You might fail at the course of innovating, however, if you win, you win bigger and become wiser and stronger.

Failure is an option here. If things are not failing, you are not innovating enough.
Elon Musk, CEO and Product Architect of Tesla

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5. Aggressive And Crazy Marketing Can Sell A Product In An Unusual Manner:

Do you know that even if you’ve the best product and still do not market it, you’ll likely not be able to sell it.

For instance, I once saw a coffee shop with a signboard written “come in and taste the most crazy tea a traveller ever tasted”.

I think that coffee shop owner understands the power of content marketing and used it to his favor.

Put efforts in utilizing digital marketing to reach people from far and near.

This is one blessing the internet has given mankind in the field of business.

The internet has made it easy to connect with people a million miles away without any form of struggle.

Hence, take advantage of this mass opportunity and use it to the fullest.

Social media marketing also works wonders.

If you’ve huge followers online, you can use your social profile to reach them, market and sell your products.

6. You Can Sell Any Product Faster With The Power Of Branding:

Never play down on the powers of branding.

Most of the big brands today are growing their revenues not because they offer the best products, but because they have a stamp of interest on the minds of end users.

This is because they have a good business brand.

Good business branding can help you sell more products with less paid advertising.

Here is an article to guide you on 16 powerful strategies for brand awareness your business needs today.

For instance, I had to severally buy lunch from a road side food vendor during my four months digital trainings because of her sense of business branding.

7. Create A Product Review That Answers All Potential Questions Your Prospects Will Ever Ask:

In most cases, people want to ask questions concerning the authenticity of the products they want to buy.

If you can succeed in getting sincere questions about your products from 10 or 20 users, then you can easily write a sincere product review.

Nobody wants to work hard and spend their money on stuffs that will not give value.

This is why you must create a product review like a FAQ (frequently asked questions) guide.

This will also help you know the possible areas of improvement you did not spot out in your initial product survey.

Hence, giving you the chance to serve your customers better and get more incoming sales.

Also Read: 6 Outstanding Qualities Of An Hub Investor.

8. Take Advantage Of Your Competitor’s Weakness:

Most of the big businesses we see around still have their own weaknesses.

So to compete favorably, why not find out what exactly your competitors are not doing well.

It might be late replies to customers dispute or inability to engage with people on social media pages and groups.

Improving on customer’s service could go a long way to scale your business to the top.

The truth is that most of the big brands today have little or no time to do those little things that matters to customers.

Hence, if you succeed in building a brand that responds to customers quickly and interact with them directly on various social media channels, you will surely sell more inspite of the market competitions.

This is because people will always prefer to buy from who they can always reach out to for answers when they need to ask questions.

Also, most big busineses do not have the required time to send random weekend messages.

It might not necessarily be all weekends, but reminding your customers you appreciate their patronage will go a long way in giving you an edge in the competitive market.

This will also make them refer more customers to your business for free.

Hence, your business will further enjoy greater customers lifetime value.

I hope you apply these strategies to your business and win your full market shares.