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Data-driven Ways to Increase Sales in a Saturated Online Market

May 2nd, 2017 by | No Comments

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In a saturated market, online businesses are constantly competing with others to distinguish themselves, more so when the competition implements the same marketing campaigns to the same target consumers.

Although it helps if your products or services are cheaper or offer greater value compared to those of your competitors’, the challenge lies in attracting and converting social media followers and site visitors into paying customers.

Data offers huge opportunities for optimizing your business’s growth strategies and allowing you to stand out from the competition while increasing your sales in a saturated market. Here are a few tips:
 

Provide value, not lower prices
It’s harder to stay profitable if your team is constantly lowering or increasing its prices. Competing based on price also trains your customers to expect and avail of lower prices for your products and services. Thus, you earn a lower profit and your brand perception declines. In contrast, providing value-added perks such as free shipping, giveaways, loyalty programs, or more payment options let your customers benefit from a seamless, more worthwhile shopping experience.

To find out which value perks will resonate more with your target market, increase your social media engagement. The qualitative data you’ll gather from these engagements provides unique insight on what your audience likes and helps you discover new ways to offer value to your customers.
 

Create a new submarket
For some online retailers, providing value-added services will not be enough to gain more customers. If you’re one of them, it might help to carve a new submarket. This doesn’t mean selling new products or changing your image to meet the demands of a different target market; you can simply niche down and serve new customers by selling more affordable versions of products that you already sell, or an in-demand consumable or disposable product that will ensure repeat customers.
 

Improve your content marketing strategy
Unbeknownst to many businesses, content marketing can greatly help in attracting and engaging social media followers and converting them into paying customers. It’s also a great way to share relevant information and make announcements on new products and promotions. If your goal is to generate more sales, you can use content marketing as a tool to move people down the sales funnel. Use analytics to track your website activity and find out where your best customers come from, then create compelling content that will entice readers to buy your products. You don’t even need to limit your strategy to doling out only long-form content; it’s important to experiment with all types of content, including images, status updates, .GIFs, and video.
 
 

About the author:
Jehan S. Ismael is a full-time writer and editor for a leading Internet Marketing firm. She has a love-hate relationship with food, likes to listen to rock and rap music, and enjoys reading books by self-absorbed writers like J.D. Salinger and Anthony Bourdain.


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