In the cutthroat world of business, it’s important that you’re on top of your game- which is one step ahead of your competitors. Thanks to the accessibility of the internet, more and more businesses spring up every day so customers are never short on choice. So what can you do to make sure they come to you instead of your rival? Here are three things to bear in mind.
Know What You’re Up Against
The key to staying ahead of your competition is to know what you’re up against. What other companies on the market offer a similar product or services to you? This is something you always need to aware of in business, other companies might be offering something that makes yours redundant. You need to know what their unique selling point is, what their prices are, how they market themselves, their website, their social media and so much more. It’s important to remember that your competition isn’t just your direct neighbours selling a similar product either. If you sell products online, your competition could be sites across the world. If you’re a business who sells services or products locally, work out what other businesses are nearby that people might choose to spend their money at instead of you. You need to know what adjustments to make to your business model, what investments to make.
Researching takes time, but a program like Feedstock can make things quicker and more efficient. While you need to focus on your business and doing the best job possible, you always need to have eyes out for what others are doing around you too. As this can directly influence your profits.
Know Your Audience
You know you have a good product or business idea- people are buying what you sell, and your profits show that your business is succeeding. But understanding your customers is key. If for example you’re targeting a certain demographic, it helps you to target future products to what these people are likely to want. Research everything you can about them and find out what makes them tick. Encourage feedback and reviews so you can get a real view into what they think of your business and product. Don’t forget what customers want and expect can change during economic instability. Don’t rest on your laurels, stay informed and know what people want so you can continue giving the best service.
Be Different
If you’re selling the exact same thing as your competitors, you’re in trouble. What will allow you to succeed in business is the fact that yours is different- even if it’s only slightly. Again knowing your competition helps here so you know what else is out there. You need a good reason for your customers to choose you over a rival, your unique selling point should be exactly that- unique. If your business is selling computers, you will of course be in competition with other computer shops so what makes yours different? Perhaps you offer a payment plan to spread the cost which will appeal to students and customers on a lower income. Whatever it is, make sure you have something unique to rival similar stores.
