(#27) Business: How To Compete With Temu & Other Low Cost Retailers

In this episode, Iyia discusses how small businesses can compete
with low-cost retailers like Temu and Shein. Iyia explores the
reasons why people buy from these retailers, such as fast and
free shipping and low prices. She also provide strategies for
small businesses to differentiate themselves, including
identifying niche markets, focusing on brand building, and
offering personalized experiences. The importance of effective
advertising and marketing is emphasised, with a focus on social
media advertising and creating compelling ad content.











Keywords


low-cost retailers, Temu, Shein, small businesses, competition,
niche markets, brand building, personalised experiences,
advertising, marketing, social media advertising, ad content,
sales funnel, brand loyalty, customer relationships








Takeaways


Identify niche markets or customer segments that are not
well-served by low-cost retailers and tailor products or services
to meet their specific needs.



Focus on brand building and differentiate your brand by
emphasising unique qualities, superior quality, unique designs,
eco-friendly materials, or exceptional customer service.



Invest in digital marketing and advertising, with a focus on
social media advertising and creating compelling ad content that
addresses the target audience's problems and showcases the
solution.



Regularly analyse and optimise your sales funnel to identify
points of improvement and ensure a seamless customer journey from
prospect to purchase.



Build brand loyalty by offering loyalty programs, rewards,
exclusive offers, personalised emails, and exceptional customer
service.



Compete by excelling in areas that low-cost retailers cannot,
such as building brand loyalty, providing exceptional quality,
and offering personalised experiences.






https://www.makeithappen.org.nz/











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