Every time consumption slows down; you should defend your position in the market while maintaining a competitive advantage. You are required to be better than your competitors in more ways than one. It does not matter whether you are a small or a large business, all you need is the right competitive strategy. The truth is that you may not beat the competition by just being cheaper. Your competitors may lower their prices and manage to stay in business, and it could be impossible to lower your too, especially if you are a small business or a new startup. However, if you can keep up with your competitor’s lowered prices, brilliant.
If not, here are ten tips for beating your competitors in business.
1. Strengths and Weaknesses
You can win even if the competitor has better products and is selling them at lower prices than yours. Your competitors have weaknesses, and these are the areas where your product can outperform. When done well, things such as extended product guarantees and domestic client service can greatly impact your business’ performance. All you have to do is identify the competitor’s weaknesses and use them to your advantage while marketing and making presentations.
You should also offer better customer service. This is not a difficult one. All you have to do is build a good relationship with your clients, be polite, and be quick and calm when responding to their grievances.
2. Step Your Marketing Up
Ensure that you are making a statement in the market. Focus on telling potential clients who you are, show and explain to them what it is you sell, and what benefits they reap by buying from you. Marketing can be cheap; you can stick posters on your walls or advertise through local media.
By targeting more markets, you will spread risks and increase your client base. Consider if it is possible to sell overseas or online, for instance. Look for groups that you have not targeted previously and introduce your product to them. Remember market segmentation but don’t waste your time marketing to individuals who will not be interested.
3. Take Care of Your Current Customers
Keep in mind that your current customers are the ones your competitors will be targeting. Also, it is easier and cheaper to keep clients than it is finding new ones. Therefore, do what you can to retain them. You can give them discounts, loyalty schemes, and better credit terms among others.
Whenever there are unstable economic conditions, the expectations of your clients can change drastically. Look for what your customers care about now -is its premium services, lower prices or more flexible services? With such information, you can revise your company’s sales and advertising strategies accordingly.
You also need to hire highly skilled employees to handle customer care plus other functions. The most successful salespeople know their area of specialty inside and out. As a new start-up, you can manage this one, as most likely, you will employ people with knowledge and passion for the things your business is doing. Train your staff to understand your product better. Be happy while explaining every detail of your business to the employees.
4. Make Your Purpose Clear
Once you know what your business is doing, the next thing is to decide why you are doing it. The purpose statement goes beyond industry, defines your product and creates a business culture. Look for ways to infuse these things into the daily behavior of your clients, the public, and employees. The “why” brings emotional connections so that your business is not defined by the industry, but by something more impactful.
Having negative energy can spoil a good deed. Give your talents and time wholeheartedly. Do not complain about it. A smile is free; share it generously. Everyone has something they are struggling with, so any assistance you give will be appreciated. You should show patience while assisting employees to work through complex processes or in handling difficult customers. By so doing, you will be leading by example, and your employees will look up to you as their role model.
If you are a person that others trust and seek help from, the workplace relationship between your and other colleagues will improve if you treat them well. Be there for them just as you would want them to help you through a difficult time.
5. More Attractive Premises
Customers like to shop in attractive premises. In addition to having good services, your building must be neat and attractive. Customers will always come back to a beautiful premise because it will be memorable for them.
Ronn Torossian is a public relations leader with over 20 years of experience