For small or growing companies looking to take market share away from larger incumbents, it helps to find the customers in the market with no established loyalty. These are the customers that may have purchased from your competitors in the past, but there is nothing keeping them from jumping ship and trying something new.
The key question is, how do you find these people?
- Check online reviews on Yelp, Google, and Facebook for your competitors. Find the things that people are complaining about. That will help you determine where your company has an opportunity to better meet consumers’ needs.
- Consumer data providers can help you identify customers in the category who shop around and are more susceptible or offers and price. They will help you exclude customers with branded credit cards or on loyalty programs.
- Search Twitter, online forums, and discussion boards to find sets of customers unhappy with their current solution and make introductory offers to get them to switch.
- Research where your competitors are advertising and make sure your brand is showing up there as well.
The key for any new or small company trying to battle a larger incumbent is strong word of mouth. Once you find those initial customers who are willing to give your offering a try, do everything you can to wow them. They will be your greatest marketing resource going forward.