Competition is the law of nature. Everywhere you look you’ll find competition, whether it be in your career or day-to-day life. It’s all about getting ahead at the end of the day. Nobody wants to fall behind, especially in a small business where you’ve put in blood and sweat to build it from scratch. So how do you make your mark in your business? How do you beat your competitors at their own game and emerge a winner? Get your running shoes on, because we’re here to let you in on foolproof ways to stay ahead in the game!
Keep it simple
Your product might be great and you have an awesome marketing strategy in place. But confusing your customer with jargons and data won’t do you much good. Your brand is your identity and that is what sets you apart. Create a voice for your brand and convey what you want to say in your distinctive style. Mimicking other brands from the same industry will not help you stand out. 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 of your weaknesses and your competitors’!
Every business has a weak spot. It could be weak customer service, lack of a mobile app or a limited warranty. Use this knowledge to better position your product and target the areas where the best in the business lack. This could be just what will give you that edge. Utilise this data as your USP in all your marketing and sales pitches. Pricing your product lower than your competitors’ needn’t always be the answer to this. 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.
It’s good to dream big and target the bigger fish. Bigger clients often mean better business and more revenue. Being associated with a bigger client also gives you the advantage of credibility and more referrals to clients with similar profiles. So, the next time around, don’t be afraid to pitch your product to the big wigs; you just might hit gold!
Know your data
It’s important to know the numbers that 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.
Maximise value while minimising waste
Simply put, use the money for everything that’ll help sell your product to the customer. Everything else is probably 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!
Communicate with your customers
Customers are difficult to pull in. Retaining them is even harder. So what can you do? Communication is the key to any successful business. Create a database of all your customers you’ve worked hard to bring in, make sure you stay in touch with your customers; give them updates about your products, new features and keep them excited through promos and offers. You’d be surprised by how something as simple as an SMS to your customer base on every major holiday can make a world of difference to your business!
Make sure you take feedback of your product from your customers regularly. How else can you improve your product based on the needs of the people who actually use your product? You could use questionnaires, reviews or a personal visit to record these customer feedbacks.
The business world is a large playing field where every player needs to be alert and in the know to stay ahead. Every little advantage matters. As the famous entrepreneur, Victor Kiam once said,
“In business, the competition will bite you if you keep running, if you stand still, they will swallow you.”