Competition exists is every business. There is no escaping the mountainous task of meeting up the challenges posed by tough competitors in order to sustain a profitable business. Although competition is threatening to many entrepreneurs, healthy competition actually induces positive energy in business and pushes it towards betterment. As Herbert Hoover puts it, “Competition is not only the basis of protection to the consumer, but is the incentive to progress”.
Ready to get ahead of your competitors? Below are some basic rules to outdo your competitors and get more market share and more customers.
1. Be a Specialist
Specialists are sought after people because they have a high value attached to their specialized work. People are more trusting when they know you are a specialist in a field. The best way to outdo your competitors is to pick a defined field of your business and be a specialist.
2. Do creative marketing:
Marketing is the only way to prove your presence in the market, so keep aside a handsome amount of money for some heavy marketing even when sales are down. Creativity and unconventional marketing methods are keys to successful projection of business. Also find out new marketing strategies overlooked by your competitors. For instance, lots of online businesses employ only online methods to promote themselves but using some offline marketing methods can also be helpful in driving traffic to the online business. Explore creative ways to convey your product and look for niche markets as well as unexplored marketing zones overlooked by your competitors.
3. Employ excellent customer service:
A good customer service can take you a long way down the road of success. Employ best customer service and go an extra mile to satisfy your customers. People should feel pleased and enjoy their experience with you to the fullest. Complaints should be taken patiently and fixed to the utmost satisfaction of the consumer. These happy customers will market your business much better than you can do yourself!
4. Make exclusive offers:
Offers and sales are magnets for customers. Use them better than your competitors. Evaluate your offers and make them as irresistible as you can. Always make better offers than your competitors as it will eventually be beneficial to you in the long run.
5. Use personalized marketing:
Twitter and Facebook have certainly opened up new avenues in the new age business world. Now you can personalize your marketing strategy by contacting your customers directly. Make your customers feel important, use different strategies for different target markets and keep their interest intact with regular interaction.
6. Lead in innovative elements:
Brainstorm for creative ideas to market and improve your products or service. Be the trendsetter rather than a follower. Keep aside some time to think of bringing new elements in your business and keep pushing for progress. Regularly add new elements to keep an edge over your competitors.
Compete with creativity and positive energy. Constantly analyze your competitors for a fair comparison in all fields of business. Employ defense mechanisms in case of negative competition but always take a lead in impressing customers with innovations and best customer value.