Let’s look at 4 effective ways to leverage your competition to improve your sales:
#1: Conduct Free Value-Driven Webinars
Free webinars are gaining popularity nowadays. Many online businesses are using them to connect to their target audience, win more sales and get more leads.
So why not partner together with your competitor and host a webinar?
The reason why webinars work so well is because they will have a high perceived value and lead to better conversions.
By doing a webinar with your competitors, you’ll be able to tap into their assets – more specifically, their list of customers.
Imagine being able to instantly reach out to a pool of qualified prospects that are willing to listen to you and just take action on what you must say. If that doesn’t get you more sales, I don’t know what will.
When it comes to convincing your competitor to host a webinar with you, you need to create a win-win situation. Here’s how:
1. Persuade them that you know your game. Give them a preview of the kind of quality that you can deliver. Make it clear that your aim would be to give solid value with their list and nothing less.
2. Offer a percentage of the profit that would be generated through the webinar. Provide them with a bigger share if needed. By no means should your deal look weak. Make them an offer they can’t refuse.
Your aim here is never to only strike a deal, but also create a strong foundation for your webinar.
Once you successfully convince your competitor to accomplish a webinar with you, the ball is in your court. This is when you’ll have to decide on this issue and content.
Let’s consider some webinar ideas you could go with…
Give Recommendations and Strategies: People are always looking for tips they can use. Ideas they can borrow. And strategies they can experiment with. By sharing useful content you’ll be able to prove your expertise and win trust.
Share Your Success Story: Nothing sells like success. If you’ve got a story to inform that proves your point and showcases your authority, then share it in your webinar. Remember, stories bring out emotions, and emotions lead to action.
Hold a ‘How to’ Session: Have a solution for a difficult problem? Show your attendees how exactly to solve it. Get into the facts but don’t give every thing away. Lead them towards your product and explain how it’s the better solution.
As long as you’re delivering value, rewarding and doing webinars can be fun. But ultimately, it all boils down to numbers, or just how many attendees you convert in to customers.
#2: Create Branded PDF Reports
Informative how-to reports have always been the rage in the Internet marketing world. Whether it’s getting visitors to join your email list or creating a bonus for the main product – PDF reports work.
However, there’s an underutilized way of using such reports to drive right back traffic to your site and score more sales. It involves creating high quality PDF reports which are specifically customized and branded for your joint venture partner.
Here, let me explain…
Just like you, your competition are looking for ways to reach out to their target audience, grow their brand and get more sales.
So technically speaking, if you help them do all that, they’ll be glad to help you market your product.
What you can do is create a PDF report with premium, high quality content, and add a ‘sponsored by’ page right in the beginning. This is where you put up a review of your competition product. If the product comes with an affiliate program, you connect to it with your affiliate link.
But wait, what about your product? How do YOU gain out of this tactic?
It’s fairly simple. You can:
Have your website’s link on the cover page
Display your website’s link throughout the PDF – in the footer
Recommend your product 1-2 times within the content
End with a call to action, soft-selling your product to the readers
When you’re done creating the report, the next step is to get touching your competitor. Email them the report straightaway and let them know you created it exclusively for them. Keep these things share it on their web log, Twitter, Facebook, etc.
The theory here is to get the are accountable to go viral. But that may only happen when you over-deliver on the value.
So concentrate on creating a report that you’re proud of. Something you know will spread by word of mouth.
The more useful your report is, the more exposure it gets. The more exposure it gets the more targeted traffic you achieve – traffic that converts into sales.
# 3: Refer Sales to Get Sales In exchange
Ever thought about building a successful relationship with your competitors? If not, you then seriously need to consider it.
The actual fact remains that a business can’t be everything to every one. You might have the best product on the market, but it most truly doesn’t solve every problem under the sun. The same applies to your competitor’s product.
If you look around, you will discover competitors who aren’t directly competing with you. They might be trying to sell products that are complementary to yours. And that’s where the opportunity lies.
Like if you sell web design computer software, you could refer prospects to your competitor who sells web design ebooks. This not merely helps you get a percentage of the sales you refer (as an affiliate), but additionally positions you as somebody honest.
As you start referring sales to select competitors, it gives you the opportunity to talk and persuade them to refer your product to their prospects.
Besides that, when you refer your prospects to quality products, you feel a trusted source. The next time they want something, they’ll come to you. So your honest referral can help you bring in more sales in the long run.
But this also means that you have to be choosy about whom you’re referring your prospects to. Besides a great product, the competitor you’re sending your referrals to should have:
A professional web site that makes a good first impression
A proven track record in delivering quality service
A proactive customer service that exceeds expectations
Testimonials/feedback from existing customers
Any such thing else that makes them look genuine and trustable
Growing your online business becomes simpler when you know how to partner with the right people – without putting your reputation on the line.
#4: Cross Sell Related Products
“Would you like some fries with that? ”
Sounds familiar? It’s a common cross selling method practiced by fast food restaurants.
Cross trying to sell is not new to the online marketing world. Many Internet marketers cross sell to get more sales.
Because the customer is already paying for one product, it becomes an easy task to convince him to add a different one to the shopping cart.
Just how do you go about using this tactic for your own business?
By finding competitors selling related services and products and negotiating with them to cross sell your product in return for a share in the profits.
Alternatively, you can also elect to cross sell their product if they cross sell yours. This way both of you can keep your personal profits and still get to leverage each other’s assets. It could not work with everyone you approach, but is definitely worth a shot.
The cross attempting to sell tactic can make a big difference to your sales, as long as you avoid these 2 mistakes:
1 ) Choosing the Wrong Partner
Your product may have the highest conversion rate, but it won’t do much if you’re pitching it to the wrong audience. Choosing the right partner is crucial to help make the most out of your cross trying to sell.
So don’t go in to partnership with just about anyone. You have to have exactly the same audience to ensure that you get sales. The more targeted the prospects are, the better.
2. Offering the Wrong Product
On the other hand, you may have found the best jv partner to work with, but if you’re cross selling something that’s not related to their audience, it’ll bomb. Just as it’s essential to have the right audience, it’s also crucial to offer a matching product.
Regardless of how many products you sell or who you choose to partner with, see to it that the product you’re cross attempting to sell is relevant. This not only improves your conversion rate, but in addition ensures a long term relationship with your JV partner.
If you’ve got an useful product with a fine reputation, you won’t have a hard time striking partnerships. Even a few good competitors cross selling your product can help you get in touch with a bigger audience.