The Power of Comparison: Why Consumers Value Choice
Everyone wants to be the go-to name in whatever industry they’re in. If you’re selling something, you want to crush the competition and have everyone buy your product. If you’re aiming to become a font of knowledge and sell a service, you want everyone to value your words over someone else’s. Regardless of your interests or specialties, business is competitive, and everyone wants to win. Indeed, that’s why things like analytics and productivity apps are great for entrepreneurs. However, there’s something to be said for being part of the crowd. Far from standing out, many of today’s top business owners want to fit in due to the power of comparison.
This move towards collective success rather than individual dominance is a product of the internet. Specifically, it’s a product of comparison sites. Today, consumers have access to more options than ever. That’s made them more discerning when it comes to finding the best deals and products. However, the internet also tosses up more options than one person can conceivably handle. For example, type “diet supplements” into google and you’ll get 878,000,000 hits in less than a second. Now, not all of those are going to be sites selling you something. However, even a cursory look down the first page of options reveals names like My Protein and Holland & Barrett.
The Internet Has Given Consumers the Power
The internet has created a consumer market. To help the average browser filter through thousands of options, comparison sites have become big business. For example, MoneySuperMarket.com is valued at more than $670 million on the London Stock Exchange. Although these power of comparison platforms aren’t suitable for every industry, they are useful. Research by Oxatis suggests that comparison sites can increase sales by 30%. Add to this an IPOS poll that shows 48% of consumers now use comparison sites, and it’s easy to see why they can be a great tool for business.
Of course, knowing the value of comparison sites is all well and good. However, if you want to harness their potential, you have to know how to work the system. Take TopRatedForexBrokers as an example. This site highlights some of the best online brokers, and the listing criteria offers some clues as to the areas reviewers like to focus on. Things like company history, number of active users, and customer support are all things that brands noticed on comparison sites. Taking this is step further, introductory offers are also a good way to pique the interest of reviewers and, in turn, get listed.
Run With the Pack but Stand Out from the Crowd
Perhaps the most overlooked but effective way to become part of the comparison crowd is information. Going back to TopRatedForexBrokers, there’s an entire section dedicated to educating consumers. The best comparison sites go beyond the basics and actually give consumers information they can use to make better decisions. As a company looking to be featured on a comparison site, it’s important to address this. If you can offer context, digestible tips, and any other salient information about your product/industry, that’s considered added value.
Comparison sites can use this to not only bolster their own product, but as an anchor point for reviews. The better the reviews are, the higher on the recommended lists you’ll rank. In turn, this means you’ll have a better shot at being one of the go-to names within the crowd. So, while business is all about survival of the fittest, the way to win in today’s world is to run with that pack. Price comparison sites might not be the be all and end all, but they can be a powerful tool if you’re looking to stand out from the crowd.