In today’s landscape, there is no such thing as a market without competitors, regardless of industry.
Due to increasing competition with seemingly limitless resources, gaining brand awareness and share of voice can be a challenge for even the most seasoned marketers. However, competition does have a silver lining — it means that customers value the pain point your company is solving.
Growing competition allows customers to research online and perform comparisons, meaning you’ll have to be more conscious of your marketing efforts. This is why many companies are investing more resources in order to better understand their customers’ challenges and create content that is better-equipped to address those challenges.
Developing quality content means taking an active approach to educating customers; guiding them along their journey and hopefully providing them with a viable solution.
Quality content leads to a stronger market presence, more credibility, and brand awareness. Instead of worrying about what your competition is doing, focus on solving your customers’ challenges through content.
But what is the best way to deliver your quality content to them?
The Competitive Advantage of Trust
It’s often said that people buy from people they like; however, there’s one element missing, trust.
This is the same trust we reflect on in our personal buying decisions, especially on a peer-to-peer level with reviews. According to Nielsen, 83% of consumers trust recommendations from their peers over advertising. People trust the opinions of their peers because it’s perceived to be unbiased. Trust is at the center of every customer relationship. It is this trust factor that companies attempt to establish through content marketing.
By creating quality content that addresses your customers’ challenges, you can foster a sense of trust.
Employees Build Trust
In a competitive market, trust is the currency of today’s customer. Peer-to-peer reviews and recommendations are a reflection of how relationships influence purchase decisions.
By enabling employee interactions through social media, companies can further harness their workforce as their best marketing asset. As a result, brands can gain a higher level of engagement by leveraging the established trust, network and reach of their employees. This is evident in peer-to-peer marketing today:
- 81% of consumers report social posts from their friends and peers directly influencing their purchasing decisions.
- 65% of social media users indicate using social networks to learn about brands, products, and services.
- 49% of consumers indicate friends and family as their top source of brand awareness.
Peer-to-peer trust can be established on social media since it is often the most efficient and effective way for people to connect. At PostBeyond, we’ve seen first hand how employee advocacy can further enable organizations to build trust through the credibility of their employees.
Competition Is Necessary
Competition is necessary for innovation because it pushes companies to step out of the status quo. The advantage you have is not an unlimited budget or capital funding but instead, it what’s right in front of you, your employees. By enabling them to connect with customers, you can leverage the trust that’s been built over years.
Remember, competing in a highly competitive market is a fact of business. What matters most is how you build trust with customers as these relationships will help to ensure your company’s long-term growth.