How to have the competitive edge in business over your competitors
Posted on 1st September 2021 at 20:00
All businesses have competitors and competition can be good for urging you to stay ahead in your industry.
Rivalry in your field can be healthy, but it can also feel intimidating. To avoid being overwhelmed by your competition, it is best to devise a strategy to give your business the competitive edge and attract customers. Here are our recommendations to enable you to be the best in your market.
Know your customers
When some business owners first launch their brands they come from a place of knowledge and experience in their field and they have a tendency to talk about themselves, but marketing experts will tell you that you primarily need a comprehensive understanding of your prospects.
You need to know the problems your customers encounter so you can market your products and services around solving their problems and meeting their requirements.
Once you truly understand your customers you will have a firm foundation for building your business by creating a great customer experience, by providing great advice with a voice of authority and turn lead to success in sales.
Understand your competition
Just as it’s good to check out the neighbourhood when you move into a new area, it’s good to closely examine your marketplace when you start a new business or rebrand an old one.
Check out who your competitors and ask yourself what they are doing to engage with their customers. Which social media platforms do they use? How are they converting leads? What unique story are they telling?
Once you have answered these questions, ask yourself what your competitors are not doing that you could do. Which area of the market needs filled by you?
What are you passionate about?
Identifying your own passions may help you to develop a unique selling point and culture which will allure customers away from your competitors.
You just have to look at the world today to realise that green, sustainable and ethically sourced products are starting to lead in their markets. Is this something you could develop better than your competitor has?
Consider carrying out some market research and analyse data on customers to develop a strategy.
Have a clear message
Whoever you decide your ideal customer is, you need to develop a clear message which will help your prospect decide why they need to make a purchase from you. Try to develop good communication strategies and decide which tone or message will work best in the long run. Afterall, you want customers to stay with you for life, don’t you?
Ensure your message supports your brand
Make sure that there is no discrepancy between what you say you do and what your brand does. For example, people will soon notice if your company claims to be environmentally friendly but then sells something that is harmful to wildlife or the planet.
Encourage brand loyalty
It’s always easier to look after your current customers and encourage them to make another purchase than it is to seek new markets and leads. According to experts it costs 20% of your marketing budget to retain current customers while it costs 80% to search for new interest.
Consider what you can offer loyal customers rather than developing discounts to attract new ones.
Develop new products and services
Showing off something new and exciting is always a great way of enhancing your marketing and turnover. Your raving fans will love you because they know you care by developing new products and increasing your services. Innovation is one of the best ways to outperform your competition.
Keep your team happy
Your team members are your most valuable asset so keep them happy. It’s no good busting a gut to attract customers, if your staff don’t share your enthusiasm for your services or merchandise.
Hold regular meetings with your staff to find out what they need to make them feel fulfilled in their work. If they are happy at work, your customers will notice by their tone when they answer the phone, answer an email or greet them at the counter and this will all help you to out run your competitors.
Ensure you have the best website possible
In the fast-moving world of marketing, you need to ensure your website is optimised for search engines, professionally designed, fast loading and retains your customers attention on their journey.
If you need any help achieving these suggestions, get in touch with it’seeze Websites Colchester.
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