Have you ever wondered why some brands need to work extra hard to get a few customers, while the launch of some brands brings immediate customers?
Talking point: The Apple Inc., after a lost PC battle to Microsoft, appreciably went from the production of Apple-1 desktop computer to the production of modern smartphones. And as they launch new iPhones, their customers are always willing to upgrade to the latest — but the reverse is the case for some brands!
Howbeit that if you can beat your competitors, you’ll have more market shares, more sales, and more loyal customers.
Below, therefore, are six effective business strategies to beat top competitors in your in your industry.
#1. Identify the competition:
The very first and most important thing in business is to identify the competition. The competition is divided into three categories:
- The competitors: This comprises of you and fellow manufacturers of your brand-like products and services in your industry.
- The Customers: It is impossible to launch into a business competition without knowing who the customers are and exactly what they want. Identifying your customers would help you to serve them the rightful service they need at a point in time as well as meeting up to their expectations. Thereby drawing they close to your brand.
- The Goal: Whether you’ll win or not in any competition depends on your goal. Your goal would help you recognize areas you need to compete in. And as to how quick you win, depends on how quick you are to identify this goal.
#2. Effective Branding
Effective branding gives you a significant edge in the competitive market. Your kind of branding gives your customers an instant mental picture and a quick definition of who you are and what you have to offer.
A lot of companies are offering a similar kind of product and services and customers are sick of seeing the same thing more often. The only reason you give to already existing customers and new ones to come to you is when your brand marks a difference.
Furthermore, an effective branding helps you to tone-up your product to the price of your choice.
#3. Realistic Discounts
Another effective business strategy, to outshine fellow competitors in your industry is the offering of realistic discounts.
Giving potential customers discount does not only improve your customer’s loyalty, it attracts newbies and boosts your company’s reputation. For example, some media houses give seasonal bulletins/magazines to their customers, also some auto transport companies now offer their customers with very cheap ways to ship their car. Thereby making lives better for their existing customers and enticing new customers to come patronize them.
However, trying to base your competition on cost alone, is a race to the bottom; as customers tend to suspect the geneuity of a product/service if discounts come too often. So watch it!
#4. Maintain your customers’ loyalty
Another effective strategy to gain a competitive edge in your industry is to maintain your customers’ loyalty. Research shows that loyal customers are worth ten times the value of their first purchase.
Also, given that it is six to seven times more expensive to get a new customer than to maintain an already existing one, maintaining customers loyalty is a must for any brand that wants to remain competitive.
In addition, your existing customers would be your competitor’s main target; as if they can succeed in convincing people that have used your brand over to their side, it would be a reference point to get the newbies.
#5. Excellent customer service:
Some big and mid-sized firms find it difficult to provide a better customer service. They tend to channel the greatest investment of attention and expense into getting new customers to patronize their brand and after the sales have been achieved, they get casual.
With an excellent customer service, you can start beating top competitors in your industry.
Make your customer service agent available 24 hours a day and 7 days a week to address any customer’s issue as well as give speedy answers to any after sales question.
#6. Improve your team’s morale and make employees happy:
Do you know that your employees’ creativity, effectivity and collaboratively depends on how happy they are? A recent study by economists at the University of Warwick states that happiness has led to a 12 percent increase in the productivity of workers, while unhappy workers proved more than 10 percent less productive.
Your employees are just one vital component of your business which must be managed effectively if you want to outshine your competitors.
Business is a game which requires a collective effort of all team members to win. So when you make your employees happy, you practically induce them with a positive spirit to face the competition and come out in flying colors.
The growth of your business depends on the steps you take to maintain a competitive edge in your industry. “Show me an entrepreneur who says he’s not comfortable with competition and I will show you an entrepreneur whose brand has started diminishing right from the moment he made that statement.”
However, just like sport, the field of business is a contest where the smallest advantage can determine whether you lose or win. It’s thereby recommended that you use these business strategies more than often to stay on top of the competition in your industry.