Sometimes a company is just too small or new to effectively compete against larger, better-known brands. This doesn’t mean that you can’t capture a good sized portion of the competitor’s market share. What it means is that you need to work ‘smarter’ to identify which segments of that market you can win over by giving them what it is they really want. Here, direct marketing group Glowing Global discuss how to identify those segments and what it takes to win them over to your brand.
Director Ricco Katona explains that “Ultimately, research is going to be your best friend when trying to win new customers to your brand when a well-known business seems to own the market where you are trying to compete. The first thing you need to do is analyse the market to see what it is that consumers are looking for, what makes them buy. Is it a better discount? Perhaps they are looking for other benefits or features the competition offers but could be improved without hindering profitability for your company. It will take getting out there and talking to people. Find out what it is they want and what it would take to give it to them.”
This is where Glowing Global excels. As a direct marketing firm they are out there day in and day out talking to consumers at live events. When showing products for their clients they have the opportunity to go one-on-one with a potential customer to see what it is that person is really looking for. Not only does this give them a chance to close a deal right then and there on the spot, but it also is an invaluable research tool.
“The point is,” Ricco continues, “today’s consumer wants to be engaged. They are hungry to discuss their wants and needs with any business they are contemplating buying from. This personal approach enables the marketer to learn what makes people buy in any given market. So then, not only can we direct our pitch to that consumer’s needs but we can catalogue, track and analyse responses to design our marketing accordingly.”
Direct marketing provides the surest way to research and analyse segments within a market because the members gets up-close and personal with the buying public. Not only can they more easily close a sale but they can find what it is that motivates consumers to buy. When all that information is collated during and at the end of a campaign, they can use that data to continue expanding their clients’ market share and also to retain those they win over. Identifying key segments within a market is of vital importance to win new customers over to a brand but also to learn what it takes to keep them.