Competition is healthy for businesses – it forces you to innovate and stay ahead of the curve. However, that rivalry can also be intimidating.
Use these ideas to defend your market position and build your competitive advantage.
Know The Competition
Find out who your competitors are, what they are offering, and what their strengths and weaknesses are. This will identify the areas you need to compete in, and give you a platform for differentiating yourself. Where other businesses are doing better than you, what can you learn from them? Where the competition is weaker, what should you be doing to make the most of the opportunity?
Know Your Customers
You are competing to attract and retain customers – so you need to understand what your customers (and potential customers) value. Customer expectations can change dramatically. Find out what matters to your customers now – is it lower price, a premium service or the latest products? Use what you know about your existing customers to get a better understanding of what kinds of customers find your offer most appealing.
Differentiate
It’s essential to give your customers good reasons to come to you rather than a rival. Develop a unique selling point (USP) that taps into what customers want. It should be clear and obvious – no-one should have to ask what makes you different.
Step Up Your Marketing
Make more effort to tell people who you are, what you sell and why they should buy from you. It doesn’t have to be expensive – cost-effective promotional ideas include everything from leaflet drops to campaigns on social media.
Update Your Image
Simple steps such as painting the front of your premises can make your business look more modern and inviting. Look at your business cards, social media presence, your website, branded packaging and so on. Does your image reflect your Unique Selling Point?
Look After Your Existing Customers
It can be easy to take loyal customers for granted, but they will be your competitors’ target market. Don’t give your customers a reason to look for alternative suppliers. Improve customer service by being more responsive to their needs and expectations.
Look To The Future
Businesses that plan for growth are more successful than those that stand still. Keep up with developments in your sector, follow consumer trends, invest in new technology and business apps and tools that can scale as your business grows.
By Oyindamola Olawuyi With Agency Report
