Whether you’re looking for an uptick in sales or you feel that your business is able to provide better services and products to customers, there are many reasons to steal customers from your competitors. Once you’ve got a handle on how to utilize data modeling to your advantage, luring customers away from your competitors and into your open arms is a great way to increase your sales and boost your visibility.
Using Look-alike Modeling to Your Advantage
Look-alike modeling results in double or even triple the results of standard targeting, according to the 30 percent of advertisers and more than half of agencies who reported using the tactic. The Look-alike modeling technique is definitely an established and well-proven strategy that can help you steer your competitor’s customers towards your business.
How Does it Work?
Look-alike modeling works by utilizing data enrichment to expand the set of attributes that are used to create a modeled audience. This means that look-alike modeling uses enriched, third party data to analyze patterns in an audience. With this analyzed data, look-alike modeling techniques can find new customers that behave in similar ways to the old ones. More importantly, look-alike modeling can be used to find new customers that behave like the customers of your competitors.
The only caveat is that look-alike modeling needs to be used with relaxed criteria in order to reach a wider audience and have a better chance of succeeding. But if you can utilize look-alike modeling correctly, it can yield great results in terms of gaining new customers and stealing existing ones from your competitors.
Implementing Conquest Marketing Techniques
Conquest marketing is the art of convincing a customer to buy the same brand product from you as opposed to your competition. Implementing conquest marketing techniques can help you steer their customers away from other businesses and towards yours. Here are a few tips in order to start implementing conquest marketing techniques in your business’ marketing strategy:
- Understand Your Customer—The key to understanding the customer is knowing their struggle. What do they want? What do they need? Regardless of demographic, your customers should share a common problem that your product or service can solve.
- Understand Your Competition—Do your research when it comes to your competition so you can know what you’re up against. Understanding your competition can also help you understand the customer and why they chose your competitors in the first place.
- Understand Your Problem that Your Product Solves—Lastly, you need to have a clear understanding of what the problem is and how your product solves it. Understanding the purpose behind your product can help you when it comes time to sell your product to your customer again with conquest marketing.
Whether you use look-alike modeling or conquest marketing, (legally) stealing your competitor's customers can be easy if you utilize the right strategy for your business. Take some time to understand your target customers, your own product, and the competitors you’re working against. After that, choosing the right marketing technique to increase your sales and revenue becomes easy.