The customer is your biggest competitor
Posted: Thu Jan 23, 2025 7:09 am
Many times when I spoke to my retail clients, I noticed that one of their main concerns was their competitors. But who are these competitors? Are they colleagues in the same industry? Could this be their biggest concern?
In today's article, you will discover that it is not. The consumer is your biggest competitor.
Regardless of your industry or the product or service 99 acres database you sell, it’s important to think of yourself as selling a solution to a customer’s problem. That’s where I recommend putting your efforts. You need to understand how you can address the customer’s problem.
I spoke with Ermelino Espíndola, from Canal Falando de Loja, to discuss this important point of view in the world of retail. What do you think about learning more about the topic?
-> Continue here and follow this complete reading with everything you need to know.
IS CREDIT A NECESSARY EVIL?
No “necessary evil”. Credit is a payment method that should be used wisely.
Both Ermelino and I have heard shopkeepers say that credit is a necessary evil. However, before anything else, I can already say that credit, when used well, is a great ally for all revenue in a store.
During our conversation, Ermelino stated that one of the biggest problems currently faced in relation to credit is precisely the way it is seen by professionals, as if it were just a supporting role, with little space. It is essential to understand, however, that it only works when it is seen as part of a good business strategy.
By understanding this, it becomes easier to see that when you understand the benefits that credit can offer to the retailer and the customer, you finally understand the importance, the need and the strategy behind this form of payment.
To improve your knowledge on the subject, check out the first video below and learn all about the customer being your biggest competitor!
YouTube video
SO, WHO IS THE RETAILER’S REAL COMPETITOR?
Many retailers think that their biggest competitor is probably the store that is located near them, or that has a product or service similar to theirs. However, in reality, your biggest competitor is the customer. This is because you are, even if indirectly, competing with the expenses that your consumer already has in their daily lives.
For example, you need to convince your client that, even with fixed expenses, your product or service is essential and should be part of their monthly investments.
The truth is that, nowadays, many Brazilians have a large part of their salaries and even their credit card limits taken up by fixed expenses. This is where the importance and even the need for credit comes in. Because it becomes an inclusive means of purchasing for these people. So, it is interesting that the store has this understanding.
We can now say that credit is one of the most traditional sales methods in Brazil. So, in fact, it is much more your ally than just a necessary evil. It can be your right-hand man when dealing with the competition.
“When you stop to think about it, your main competitor is the one that competes with your consumer’s income.” This is a phrase from Ermelino that sums up much of what we have been talking about.
SO WHAT'S THE SECRET TO DEALING WITH THIS COMPETITION?
The secret is to have a strategy to offer purchasing power to your customer. Keep in mind that credit was created to make life easier for customers. And all of this can be done without fear. Nowadays, with the correct credit score analysis, you can prepare to sell in a healthy way for your cash flow and without having to deal with default .
Remember that the world is constantly changing. It is important to be aware of your customers' needs and the ways in which you can find solutions based on these needs. Therefore, the tip is to stay up to date and understand the power of credit.
In today's article, you will discover that it is not. The consumer is your biggest competitor.
Regardless of your industry or the product or service 99 acres database you sell, it’s important to think of yourself as selling a solution to a customer’s problem. That’s where I recommend putting your efforts. You need to understand how you can address the customer’s problem.
I spoke with Ermelino Espíndola, from Canal Falando de Loja, to discuss this important point of view in the world of retail. What do you think about learning more about the topic?
-> Continue here and follow this complete reading with everything you need to know.
IS CREDIT A NECESSARY EVIL?
No “necessary evil”. Credit is a payment method that should be used wisely.
Both Ermelino and I have heard shopkeepers say that credit is a necessary evil. However, before anything else, I can already say that credit, when used well, is a great ally for all revenue in a store.
During our conversation, Ermelino stated that one of the biggest problems currently faced in relation to credit is precisely the way it is seen by professionals, as if it were just a supporting role, with little space. It is essential to understand, however, that it only works when it is seen as part of a good business strategy.
By understanding this, it becomes easier to see that when you understand the benefits that credit can offer to the retailer and the customer, you finally understand the importance, the need and the strategy behind this form of payment.
To improve your knowledge on the subject, check out the first video below and learn all about the customer being your biggest competitor!
YouTube video
SO, WHO IS THE RETAILER’S REAL COMPETITOR?
Many retailers think that their biggest competitor is probably the store that is located near them, or that has a product or service similar to theirs. However, in reality, your biggest competitor is the customer. This is because you are, even if indirectly, competing with the expenses that your consumer already has in their daily lives.
For example, you need to convince your client that, even with fixed expenses, your product or service is essential and should be part of their monthly investments.
The truth is that, nowadays, many Brazilians have a large part of their salaries and even their credit card limits taken up by fixed expenses. This is where the importance and even the need for credit comes in. Because it becomes an inclusive means of purchasing for these people. So, it is interesting that the store has this understanding.
We can now say that credit is one of the most traditional sales methods in Brazil. So, in fact, it is much more your ally than just a necessary evil. It can be your right-hand man when dealing with the competition.
“When you stop to think about it, your main competitor is the one that competes with your consumer’s income.” This is a phrase from Ermelino that sums up much of what we have been talking about.
SO WHAT'S THE SECRET TO DEALING WITH THIS COMPETITION?
The secret is to have a strategy to offer purchasing power to your customer. Keep in mind that credit was created to make life easier for customers. And all of this can be done without fear. Nowadays, with the correct credit score analysis, you can prepare to sell in a healthy way for your cash flow and without having to deal with default .
Remember that the world is constantly changing. It is important to be aware of your customers' needs and the ways in which you can find solutions based on these needs. Therefore, the tip is to stay up to date and understand the power of credit.