How do you sell products where there is a lot of competition? E.g. selling a particular product where most of the market share is dominated by big brands and their marketing budgets? Is creating your own brand the way forward?
Good question, you've got a ton of options ill give you a few
In a retail space
If you're in the retail world the key is to followup. A lot of walk in traffic is coming for information or interest. Take down their info and follow up with them. It takes an average of 8-12 follow ups to close someone more info down below. Did they call you? Before you answer anything get their name & number. Did they walk in? Have a little display setup where they can win a free X. DONT FORCE THEM TO SIGN IT, YOURE GONNA GET BAD LEADS LOL.
I was a sales manager for T-Mobile, one of our stores in Miami beach was next door to an AT&T & across the street from Verizon Wireless. We had literally just opened up that store in October of the year, and we crushed them by December. Here's what we did:
1) Observe walk in traffic, we noticed A LOT of people were tourist in this store so we would automatically pitch the No-Contract, Prepaid Plans. We made it easy for them to use their unlocked phones and we had good cheap phones they could purchase to use on our network now & whenever they returned to the US.
Lesson: Learn who your customers are & make your product better suited to them
2) Talked to nearby businesses and cut them a deal, in our case Hotel Services. The hotel concierges would recommend us/bring us biz.
Lesson: Engrave you & your brand in their mind. What niche does your product relate to? Advertise there. Youll be peoples first impression and can make an easy sale. For example, I know NOTHING about lawn mowers. But If someone mentions a certain brand like Husqvarna, I'm always going to remember that and relate lawn mowers to Husqvarna & vice versa.
3) Know everything about your product. When that store opened I asked for the most tech savvy reps, not the best sellers. I knew that with so many different kinds of phones we would be working with it would be hard for a regular person to keep up. Its easier to teach sales than tech anyways LOL. Now when customers come in AT&T & Verizon might say something like "what is that?? is that unlocked?? ugh idk do you wanna risk it??" and my reps were "oh cool thats model number A117 thats factory unlocked we are good to go youre gonna get high speed too."
Lesson: KNOW YOUR PRODUCT.
In an online space
There's not that many differences between retail selling & online selling but heres some worth mentioning
1) make your website a 1 stop shop. Where your customer can do everything from Learn the basics about your product, how to use your product, etc. If you sell F*cking t-shirts tell them what color jeans they go well with, better yet make a bundle & sell the jeans and a belt too. If you are selling scooters make sure you have videos on how to turn it on, how to ride, stop, etc. Basically you dont want them to leave your website. The more time they spend the more likely you are to buy, if you are a buyer.
2) advertise, advertise, advertise. In the book "as a man thinketh" the author mentions something about that if you only had 20 bucks your gonna die in the advertising space because it take 7-8 times of seeing your ad to buy.
He says something like
the first time they see your ad they dont acknowledge it
the second time they see your ad they acknowledge it but dont read it
the third time the read it
the fourth time the wanna know the price
the fifth time they tell their wife/significant other about it
the sixth time they are ready to buy
the seventh time they buy
I laughed when I read that its so true.
A general sale goes through the following points
Interest (thats cool)
Education (how do I use it)
Suitability (is it for me)
Economy (can I afford it)
Do I really want it? (reinforce interest)
Sale
Thats why I mentioned making your website a one stop shop, where they can go through all of those and be ready to buy. In a retail world this is done in a systematic order to be effective in sales.
Thats just a few of the ways you can differentiate yourself, but theres literally a ton more just think outside the box