Business competition can be unforgiving, to say the least. This is especially the case if you are working in a fast-moving market, where customers shop around to get the best price. If you want to get that competitive advantage then this is the guide for you.
It’s Time To Move Past Your Competition
Identify Your Competition
The first thing that you need to do is understand who your business competition is. You need to know what they are offering and what their strengths are. By doing this, you can then exploit their weaknesses. If you can capitalize on this, you will soon find that it is easier than ever for you to differentiate yourself. If you see that another company is doing better than you, look at what they are offering and then find out if you can learn from it. Evaluate as much of their activities as possible, from their sales and marketing initiatives, to their customer service processes.
Know Who Your Customers Are
At the end of the day, you are competing to gain and retain customers. You need to understand who your customers are, for this very reason. This goes beyond demographics and psychographics. Your also need to understand their pain points, and why they choose you over the competition.
As time goes by, you may find that customer expectations change, so you need to make sure that you are adjusting to fit your customers’ expectations.
It may be that your customers now want lower prices, or that they are seeking a more premium product. If you can use what you know now about your customers, then this will help you to gain a much better understanding of what they could be looking for.
Differentiate
It is so important that you give your customer a reason to choose you, as opposed to a rival. If you can develop a unique selling proposition (USP) that actually taps into what your customers want then this will help you.
Ideally, your USP should be both clear and concise. If you are able to stand out from the competition then this will make it easier for you to promote your business. You can then win customers over because you are giving them something special, or different, rather than trying to constantly compete in terms of price. Competing on price alone is usually a losing battle.
Step Your Marketing Up
This one sounds obvious, but how are you doing it? Step your marketing up, and make an effort to let people know who you are, and why they should buy from you. What does this look like?
It may be that you look into video production services or that you explore traditional marketing methods. It could mean investing in paid ads or influencer marketing. No matter what you choose to explore, you should be actively promoting your company’s products/services, and you should also be trying to put out a solid message to your customers.
If you can do this then you will find it easier to give your audience a clear picture of what you are offering and why you are better.
Image is Important
Brand image is paramount, especially as you’re trying to differentiate yourself from the competition. It’s easy to update your image. For example, a simple thing such as painting the outside of your business premises can make your company look more modern, not to mention that it can also help you to get the customers you want.
Don’t ignore your digital image. When’s the last time you refreshed your website? If it’s been more than a couple years, you may want o spruce up the visuals.
Does your social media reflect your current brand image? If not, it may be time for redo your graphics and aesthetics.
This is especially important if you haven’t updated your brand in the last decade or so.
Bottom Line
No matter the industry, you have competitors. As you’re looking to gain and retain customers, it is important to keep your eye on the competition, and present your best face forward.
Ciao,
Miss Kemya
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