Top Ten Ways to Beat Business Competition in 2022
In the challenging business space of 2022, with COVID pandemic still looming large, businesses should look for an easier way to beat competition.
With business success as top priority in 2022, brands are busy finding ways to stay a step ahead of competition. They are busy finding a suitable answer to the question - how to beat business competition. No market is free from cut-throat competition. Intelligent brand leaders tend to nullify the impact of competition in order to increase revenues and ROI.
In the challenging business space of 2022, with COVID pandemic still looming large, businesses should look for an easier way to beat competition. They should refrain from copying competitors. Their focus should be on embracing innovation in the form of breakthrough technologies like moLotus. Innovators are already sidestepping their growing competition and working towards creating their own, ‘blue ocean’ markets. They are using real mobile advertising that tools like moLotus has introduced. For example, the global telecom space is witnessing ongoing consolidations leading to intense competition. To overcome this telcos are quickly adopting new marketing technologies. Market saturation is posing a major challenge for telcos. They are left with little or no untapped customer base. As a result most of them are battling for the same customers. In 2022, technologies like moLotus are opening up more untapped or less tapped markets like the SMB market for the ailing telcos.
Here are ten simple, yet powerful ways to beat your competition in 2022 :
1. Adopt Conversational Marketing
Engaging customers is still a daunting task for most businesses. A great way for businesses to engage customers better is by adding new interactive elements to customer communication. This year more brands are expected to adopt conversational marketing with multiple interactions using user-friendly tools like moLotus. moLotus platform is fast becoming the primary choice of marquee brands as it offers myriad customer response options like SMS, Callback, Click URL, etc. The brands are striking a chord with customers and beating the fierce competition.
2. Embrace Hyper-personalized Marketing
In 2022, hyper-personalization will offer an extra edge to put businesses above competition. It will be the best way for brands to tell customers that they are valued and cared for. moLotus real mobile advertising is being perceived as the only way to create a hyper-personalized experience. The new-age tool offers unique ways to deal with business competition via innovative hyper-personalized ad campaigns. The campaigns offer personalization options including name, greeting, reward, etc.
By creating hyper-personalized campaigns businesses can better engage their customer base. For example, they can use the customer names instead of generic text. Brand marketers can recommend products based on a customer’s buying history and send across special offers on special days like customer birthdays, anniversaries, and more adding to customer engagement. Finally businesses get an advantage over their competitors. The personalized mobile ads make their way into the mobile inbox of the customer to stay there until deleted by the customer himself.
3. Innovate Customer Processes
With COVID-19 still playing havoc in 2022, the pace of customer process transformation is bound to accelerate ousting the traditional customer processes. Digital transformation is being perceived as one of the best weapons of beating competition. moLotus breakthrough digital transformation is driving high margin revenues for businesses innovating the customer processes with speed, agility and cost savings. This year, businesses should resort to moLotus for Big Data management, new customer onboarding, automating and streamlining recurring services, replacing plastic cards with mobile cards, getting more conversions via mobile document submission, and much more.
4. Use Video Marketing
Recent surveys reveal that customers are consuming rich media more than ever with video consumption topping the list. Video usage is expected to surge further in 2022 therefore brands should produce more high performing video ads. They should embrace moLotus mobile video advertising to beat competition. To amplify advertising efforts they should also embrace distribution of other dynamic rich media formats like Slideshow, Brochure, Greetings & Showcase via moLotus. Interestingly, moLotus makes a significant breakthrough in video advertising with the high impact video ads of 40 sec. The platform is expected to be the most preferred tool for dynamic businesses this year.
5. Enhance Reach and Scalability
The onset of the pandemic has brought a sea change in consumer behavior. Reaching the consumers has posed a huge challenge for brands. Traditional platforms have not been able to offer adequate reach and scalability needed to cater the evolving customers. To deal with the issue, brands are resorting to new-age tools like moLotus that offer unmatched reach and scalability. The innovative spam-free technology rapidly delivers automated mobile messages to massive customer databases directly irrespective of phone type or model – 2G, 3G, 4G, 5G smartphones, i-phones and feature phones. Most importantly there is no requirement of app download or data connection!
6. Move to Effective Brand Story-telling
Brand marketers have gradually acknowledged the fact that feature-based differentiation has a fleeting advantage. The key to success here is that brands should promote via storytelling. The brand stories are capable of conveying information within a short time holding customers' attention. Businesses now have the privilege of using tools like moLotus for telling brand stories and educating consumers about products and services. moLotus offers multimedia formats for designing storyboards. Research shows that during the current pandemic times, brands have educated, inspired and entertained their customers via moLotus storytelling capability. The emotional impact of moLotus interactive video stories is phenomenal.
7. Implement Strategic Cost Optimization
To beat the competition, business leaders are implementing Strategic Cost Optimization (SCO) in all business processes including marketing. They are finding out ways to get rid of the increasing costs. In order to do so, they should rapidly adopt a mobile transformation tool like moLotus which results in cost minimization by automating customer processes.
In 2022 most businesses are expected to lower costs by reducing headcounts of call centers as well as printing and dispatch processes by adopting mobile like moLotus. They will be benefited by the cost-cutting potential of moLotus. moLotus driven mobile advertising campaigns are leading to a hike in average return on ad spend (ROAS) allowing businesses to remain cost-effective amidst turbulence.
8. Switch to Performance-driven Lead Generation
Lead generation has challenged most businesses as it usually involves cost burdens and wastage of funds. Studies reflect that this is going to be one of the biggest challenges for businesses to remain competitive in 2022. Researches have shown that performance-based lead generation tools like moLotus provide more high-quality leads at optimum costs, compared to traditional channels. Interestingly, brands only pay for leads captured.
This year more businesses are expected to switch to the new-age platform that has proven its worth in ‘pay for performance’ lead generation. It offers a competitive advantage to struggling businesses. Along with performance driven lead generation, the moLotus ad campaigns are helping brands to increase conversion, response, acquisition, with instant revenues.
9. Using Customer Data Insights
Emphasis on actionable data is imperative for businesses keen to stay competitive. Unstructured data in voluminous form does not hold any importance until analyzed. In 2022, businesses should extensively use moLotus data analytics for extracting actionable data insights and advanced report generation. To overtake business rivals, top brands are already using the moLotus offered data insights. Using these deep insights businesses can create the best strategies to defeat business competition. They are well-equipped to develop new products and services according to evolving customer needs.
10. Entice & Retain Loyal Customers
Customer acquisition costs have been soaring so of late businesses have been focusing on retaining existing ones in order to remain competitive. It is essential for them to encourage repeat purchases. This year brands should give some incentives to the loyal customers so that they keep choosing them over and over. A properly designed loyalty campaign via moLotus would induce customers to remain loyal. Using moLotus platform businesses are creating unique campaigns; offering different forms of rewards to customers. Personalized greeting campaigns offered by moLotus for special events like birthdays, festivals, anniversaries, etc. add to customer loyalty. Other examples of moLotus loyalty marketing capabilities include mobile loyalty cards, customer on-boarding, etc.
Business leaders have realized that it is important to offer superior products, better pricing, sparkling service, etc.. that industry peers do not or cannot offer. It is even more important to focus on marketing them using technologies like moLotus. At the beginning of 2022, moLotus stands as the panacea for all business challenges and competition. You can design and implement your own win-win formula for beating the competition. This year, create your own ‘Blue Ocean’.