You have an amazing idea but so do other 20 people out of which 10 have already established. What to do? Competition is everywhere so why aren’t you thinking of ranking in the crash? After all, nobody wants to fall behind, especially when one has put in blood and sweat to build it from the scratch.
How to emerge as a winner by beating your competitors at their own game?
What’s wrong with you? You had a great business plan that includes best marketing strategies and your sales have been more than respectable so what went wrong? Maybe the answer is right under your nose, but you need to dig a bit down the street. Sit back for a while and think what your competitor is up to. Are they offering the product at a better price or better service? Chances are, they have already been to your store to check things out already and you didn’t even realize it.
First things first, who is the competition? You have got to know who your competition is. Scout out other businesses similar to yours, visit their stores or offices, buy their products, examine each and every detail about what they do and find your room from improvement in terms of policies, products, and service. Down below I would like to mention a few foolproof ways to stay ahead in the game!
Keep it simple
Like I said before, your product might be great and you have an awesome marketing strategy in place but confusing your current and potential customers with jargons and data won’t do much good. After all, your brand is something that sets you apart from the rest of the world. So create a voice for your brand and convey what you want to say in your distinctive style. If you are thinking about mimicking other brands, then don’t! You need to make it easy for your target audience to choose your product over your competitors by stating your advantage over others straight off the bat. Think clear, concise and to the point, and you’ll have a winner right there!
Be aware
Everyone has a weak spot and businesses is no exception! It could be weak in terms of customer service, lack of a mobile app or a limited warranty. Observe your opponent closely, it could be just what will give you that edge. Utilize this data as your USP in all your marketing and sales pitches. That doesn’t mean you need to price your product lower than your competition. What I mean is, If your product is more expensive than other similar products, work on improving the quality of your product and supplement it with great service than others in the market.
Dream big
It’s always good to dream big and target the bigger fish. Many times bigger clients mean better business and more revenue. So do not be afraid of being associated with a bigger client that gives you the advantage of credibility and more referrals to clients with similar profiles. So what are you waiting for? Pitch your product to the big wigs, you never know you might hit gold!
Know your data
Do you know that numbers can make or break your business? Numbers such as return on investment, Cost per Acquisition, Break Even, etc. are some of the basic data you need to know. Use this data to improve your game and track them continuously to further improve those numbers.
Maximize value while minimizing waste
In simple words, make use of money in such a way that will help sell your product to the customer. Everything else must be considered in terms of extra expenditure. Work efficiently, streamline your process and use tools to create a seamless operational process to keep your business functioning smoothly. Technology is your best friend! Use technology to make your life easier!
Communication is the key
Do you think customers are easy to pull in? Not really! Retaining them is even harder. So what to do? Communicate well! Create a database of all your customers, keep them updated at regular intervals. In addition to this, you can even think of taking feedback of your product from your customers regularly.
In a nutshell,
The business world is a large playing field where every player needs to be alert and in the know to stay ahead.
