Shark Week: How to Survive in A Competitive Marketplace

 

It’s the most wonderful time of the year! No, I’m not talking about Christmas, but Discovery Channel’s Annual Shark Week. With the most-watched week beginning this past Sunday, this marks the 30th installment for Discovery Channel.  Since its debut in 1988, “Shark Week” has enticed millions of viewer around the world, making the TV channel a top predator in the media business. In 2016, “Shark Week” averaged 1.6 million same-day viewers on prime time. The annual event is discovery’s main social programming event today. In 2014, 13 million Facebook users had more than 21 million interactions around Shark Week content. Effectively navigating the waters of the world wide web in today’s marketplace determines if your brand will sink or swim. Whether you run a retail company, TV channel, or an office supply business, there are several ways for you to survive in a competitive marketplace.

 

Shark Week

 

 

 

­Build a trustworthy ecosystem with emails

 

Competitive Marketplace GIF

 

MarketingSherpa reports that a third of ecommerce businesses’ website traffic consists of returning visitors. The main way to target these returning visitors is through an email campaign. Nielsen reports that 66% of online customers prefer buying products from brands they are familiar with. These emails provide incentives like discounts, insightful content, and new products to motivate customers to return to your website. Direct Marketing Association discovered that the ROI of email is a whopping 3800%, while 38% of customers subscribe to email lists for special offers. Emails are a great way for content marketers to create original content for an audience who finds the information valuable. So, dive in and don’t be afraid to promote email campaigns!

 

 

Know who are your competitive predators

 

 

The only way you will be able to stand out from your competitors is by learning from your competition. Acknowledging what they do right and what they do wrong is a good strategy for understanding your market and avoiding mistakes. Analyzing how competitors are advertising and selling their product lets you see how they are differentiating their brand. You should do the same with your company as well. View your website as your potential customer would. This technique allows you to circumnavigate your website through the customer journey.

 

 

Smile! Show your teeth to customers

 

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One way to stand out in competitive waters is to have better customer service and incentives. Having better relationships with customers lets your company surpass ecommerce competitors. Guiding interested customers, incentivizing their buy, and following-up with past buyers are good ways to boost your testimonials. Better customer service leads to happier customers, and happier customers convert to free word-of-mouth advertising. Positive accolades from friends and colleagues lead to desired purchase actions and loyal customers.

 

 

 

Design a place for your community to bond

 

 

As of 2017, ecommerce brands utilize Facebook Groups to build communities and spaces for customers to join a speak about the company product. Connecting and conversing lets consumers not just be customers but part of a movement. These groups and portals let customers buy, sell, and review your company and its products. You can even utilize the portal to observe customer traits, behaviors, and reviews.

 

 

Stand out and blow customers out of the water

 

 

Customers navigated to your site for a reason. Capitalize on what makes you different. During the buying process, customers want to know why they should purchase from you and not another brand. Is it your company mission and values? Your customer loyalty package? Your great prices and product quality?

 

 

Fun Fact: sharks have the largest brain of any fish, so be one in your industry. Utilize the tools and resources you have to constantly keep your company growing. Whether you are on the couch binge watching Shark Week or creating various community portals, know you are at the top of the food chain with these tips to survive a competitive marketplace.