Online Marketing - Its Crowded at the Bottom
By Michael Regan
Published: Jul 28, 2007
Author's Website: http://www.timr.ca
The Internet is full of sites doing 'Price Comparisons'. They let you find the 'lowest price' for almost any consumer item. From baby food to wedding gowns, enter a product category and instantly get links to countless businesses, all fighting to sell at the lowest possible price.
Whether you run an online or 'bricks and mortar' store, competing on price alone is a sure way to go broke. No matter how much you cut costs and trim margins there will always be someone ready to lose money faster than you.
Small 'bricks and mortar' stores have faced this problem for a number of years. They use service and added value to compete against the low price, 'big box' retailers. Their staff are, in general, are more knowledgable about their products. And, they offer better after-sales service, adding value in extended warrenties or free delivery and setup.
These same marketing strategies can be translated to the online market. Make your website the definitive source of information on your product. Post articles that people interested in the product can link to. Keep information current and informative. And above all, make your site friendly.
Adding value to your product might be as simple as shipping FedEx instead of Canada Post. Both will deliver your product but one is viewed as a premium service.
Or, try partnering. For example, an online store selling electrical supplies to consumers offers a unique free service. It allows customers to make an appointment with a local electrician to install their online purchase. Also, they allow electricians across the United States to register with the service. As a result, they have a virtual installation department that costs them nothing.
Remember to follow up after the sale. It is easier to get a repeat customer than find a new one. Sending out a questionnaire on product satisfaction not only gives you valuable feedback, but can go a long way to ensuring a satisfied and repeat customer. Move above the crowd at the bottom - add knowledge, service and value to your online marketing strategy.
