TDo you have a great business plan and an excellent product or service? Even with the best intentions and products, standing out from the competition can be a struggle in a competitive industry.
If you want to beat the competition, here are some tips from a business owner thriving in a very competitive industry — the claims management market. Kamran Mirshahi is the director of Canary Claims, a leading PPI claims company. Kamran has experience of working in a highly competitive market, with many of his competitors having given the industry a bad reputation by excessively cold calling and charging high fees.
Despite this, Kamran has successfully marketed Canary Claims as a leader for PPI claims and knows how to keep his customers happy. Below, he shares his insights for future business owners and startups.
Transparency is key
Any business, whether B2B or B2C, should clearly state the costs of its services or products upfront. In a survey by Shopify, 56% of online shoppers leave a website without paying because they are presented with unexpected costs. Being transparent about how much your service or product costs is critical.
Have this information above the fold on your website so that people can immediately see it. This prevents cart abandonment or the loss of a lead later down the line and helps cultivate trust — you don’t want to be perceived as a company that deceives consumers by slapping on hidden costs.
Offer competitive prices
Why do customers return to Amazon time and time again? For many, it’s the price point. Consumers don’t want to pay more for a product they can get elsewhere for a lower amount, and if you’re charging more than your competition, it’s likely that people will look elsewhere.
If you’re charging more, ask yourself what additional value the customer gets for the marked-up price? If it’s a superior product or service, then you need to justify it. If you have a near-identical offering, consider cutting your costs — this will make you stand out in a saturated market and send more customers your way. Offering a low fee compared to the competition is one of the driving factors of Canary Claims’ success.
Create a standout website
There are many components that make up a great website, from rapid loading speeds to clear branding. This is undoubtedly true for all businesses in a competitive market. You need to make sure that your website serves its main purpose — to get visitors to become clients or customers.\
In addition to making any fees and costs transparent, and ensuring that the webpage is secure for people inputting personal details, make use of bold calls to action to tell visitors exactly what you want them to do and encourage them to take action.
If people are hesitant, explain on your website why you’re the best choice. As a claims company, we know that some people may have had negative experiences in the past. On our homepage, we state that we are UK-based, don’t cold call and will never sell a client’s information. Find out what your customers want from a business — or don’t want — and address these clearly on your website.
Cut costs wherever possible
If you want to lower your prices to encourage more people to purchase your product or service, you may need to look at areas where you can cut costs so that you can retain a high profit margin. Firstly, reducing manual labour of repetitive tasks should be a priority. For this, you should use effective software systems designed specifically for your industry to automate daily mundane tasks.
Secondly, consider whether you can reduce hours, for example, by slashing time spent operating phone lines. At Canary Claims, we man our phones just three days a week, allowing us to reduce staff costs. Many of our leads are generated online, which enables us to automatically generate a response without requiring a real person at the other end. Could your business do something similar?
Show your authority and expertise
Customers want to work with businesses they can trust. How are you an authority in your chosen industry? It’s important to explain why you are the best person or business for the customer. Consider creating an about page on your website to show potential customers your authority and experience in your field and outline your USP.
If you’re in a competitive market, don’t be disheartened. With enough time, investment in marketing and a real passion for your business, you can succeed.