For your brand to survive and grow, it has to be competitive. Being competitive, in this sense, means have the capabilities to capture an increasing portion of market share.
The competitive strategy has to do with knowing that market and the consumer, defining segments in which they intend to compete and designing strategies for differentiation and positioning.
We suggest that you take into account these five points to define the competitive strategy of your online store:
1. Market research
In previous articles we analyzed the market from another angle, through :eThis perspective that we propose has to do with delve into the market of the goods you sell.
Depending on the age and the current needs of the brand, it will be necessary to investigate the product, the price, forms of distribution, advertising or social networks.. This research has to do with observe the actions of the competition and decipher their strategies.
2. Consumer conduct
What matters is knowing what are the customs and interests of your audience and the description, explanation, understanding and prediction of the purchase process. surely that the level of detail and clarity of the study will depend on the age of the brand and the consistency of its identity. There are many tools and perspectives for this study: from surveys and web analytics, to satisfaction statistics.
3. Segmentation
You will have to observe which segments are recognized a priori, and if a focus or multi-segment strategy will be used. In the first, you will target a single targeting base, while in the second, more than one.
It is necessary to know well the basis of that segmentation and establish as much as possible the link with the “ideal subject”. Over time, we will have to observe the needs of each segment and focus our efforts on satisfying their demands and requirements. If you are just starting out, we recommend establishing a first focus segment for your marketing campaigns. branding.
4. Differentiation
We recommend that you identify the internal and external factors that condition your differentiation strategy. These have to do with the thresholds between which your differentiation will dwell.
You will need to determine the relevant values and distinguishing characteristics and will have a close link to the distinguished market scope in the development of the generic strategy.
5. Positioning
Is related to those signs that you will use to position yourself in the mind of your consumer. They will manifest themselves through the brand strategy, which may include: brand components, such as name, logo, isotype, colors, slogan; and sign components, which refer to what the brand means and the appropriate context for its meaning.
Synthesis
to be competitive it is necessary to know in depth the environment in which you are going to participate; know its details, its opportunities, its niches and generate a different and consistent offer to create a positive and lasting image in the mind of your consumer.
Undoubtedly, a competitive advantage for your business is to have an online store. If you still don’t have yours, you have a 15-day free trial!
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