Competition is a key part of business. You can’t escape it! No matter what sector your business is in there will always be someone in the same trade who could steal your potential customers. You need to defend your market position and maintain a competitive edge on those who want to nab your sales from underneath your feet. In this article, Angle Studios shows you how to stay one step ahead of your rivals.
Know your competition
It’s of great importance that as a business you need to identify your competitors and find out their unique selling point. By figuring this out you will have a better idea at what areas you will need to compete in, as well as giving yourself a platform to differentiate from competitors.
Know your customers
Customer’s expectations can differ depending on the economic climate. You need to find out what they want and what they find important at that particular time. For instance, they may be looking for a lower price, a more valuable service, latest products, or something else entirely. You must revise your sales and marketing strategy accordingly to assure you are offering the best possible service.
It’s imperative to give your customers good reasons to use your company opposed to a competitor. Your unique selling point should tap into what customers want and should be clear and obvious. No one should have to ask what makes you unique.
Step up your marketing
In business you make it a primary task to let more people know who you are, what you do, what you’re up to and most importantly why they should go to you opposed to a rival. Not all marketing is expensive and in this day and age a lot of it relies on digital marketing which in some cases is free. However, it can also range from posters, banners, advertising campaigns and many more mediums.
Get a makeover!
Having a complete rehash of your brand to give yourself a trendier look can only be a good thing, as long as you don’t stray too far from your original image, so customers can still recognise your business. This can mean new business cards, stationery, website, packaging and many more.
Take care of your existing customers
These are the ones who are essentially your competitors target market. You need to treat these customers with as much care as you would new customers, as customer service is always an important factor to people. You could treat them to loyalty schemes or special discounts to those who use your services again. Remember the key point; that its cheaper and easier to keep customers than find new ones.
Target new markets
Selling into a greater number of markets can both increase your customer base and spread your risk. It’s important not to market to sectors that won’t be interested but consider when you go overseas there may be groups you haven’t even thought of targeting which may completely buy in to what you’re selling.
Expand your offer
Find out what related products or services your customers may be interested in! Depending on your sector you may be able to expand into a great number of different services and offer a comprehensive amount of diversity to your customers. An example of this is that, café’s now offer Internet access and also Electricians may take courses to be able to offer plumbing and so on.
Be the best employer
A skilled motived set of staff leads to a vibrant growing business. However, there is more to it than paying a competitive wage. People are often more impressed by a nice working atmosphere and benefits like flexible hours and a structured career development.
Look into the future…
Every business should plan for growth as those that do obviously end up more successful than those who are comfortable staying still. You should follow consumer trends, keep up with sector developments, invest in new technology and have a solid idea of where you want to be in 5 years and how you plan to get there.