When you run a business, there will come to a point in your career where you have to ask yourself on “how to beat your competition and stand out against your competitors”.
It’s a tough call! Because having an awesome product is just half of the battle.
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Chances are, there are other businesses in your industry offering equally impressive products as yours. It’s like being in an extremely tight race where you find yourself wishing for a button to get your car into hyperdrive.
But races are not always how fast your car is.
You also need a good strategy, know who you are up against and what they are capable of, and make sure that your vehicle is well maintained – not flat tires, the oil is changed and your engine is in top shape.
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There is no single solution to beat your competition and staying ahead.
For customers, to choose your product over the other and for them to keep coming back, you need to take a few extra steps.
Steps to beat your competition
Sometimes having a fierce competitor can push us to step up our game and make sure that our products or services are as good as possible. Moreover, your competitor is probably keeping an eye on you so it is important that you take only the best steps in order to beat your competition..
Be the expert your customers need
An outstanding business not only sells outstanding products and services but also provides value to its customers in the form of information. Educating your customers about the ins and outs of the industry you are in, helps to position you as an authority figure to which customers turn to when they need to know more. The simplest way to establish yourself as an expert, by far, is by writing about topics that are not only related to your business but are also interesting to your customers. For example, if you have a carpet cleaning business then you can write about carpet maintenance. the best part about this is that customers are more likely to support businesses that know what they are talking about. And if they identify you as an expert in your field then your target market can easily decide to turn to you and you will get the answer to your question, “How to beat your competition!”.
Provide awesome customer service
One of the simplest ways to carve out a special spot in your customer’s hearts is by giving excellent customer service. This is the best way to let your customers know that you care about them. And that you are willing and more than able to answer their queries. And to help them solve any issues they might encounter while using your products and services. Open the line of communication between you and your customers. If you can, set up a live chat service. If not you can always turn to social media for this purpose. Make the most out of Facebook and ask your Twitter VA to use Twitter as a platform to bolster the satisfaction of your customers. Remember also to be prompt when responding to customer inquiries and to be polite and sincere at all times.
Data analysis and research
Use your data to make your business better research as your best friend in the business. It gives you a detailed analysis of a lot of things including your market industry trends, customer behavior, and the effectiveness of your marketing efforts. Don’t be afraid to dive into your data and discover the story behind the statistics you have. Once you get a clear understanding of, why you arrive at such numbers. Then you can do the necessary adjustments to your business strategy to beat your competition.
Celebrate your customers, especially the loyal ones
Customer loyalty is one of the key elements to keeping a business relevant in a market. Not only are they religiously supporting your business by repeatedly buying your products. But they also evangelize about you. Be sure to set up a platform to praise them and to let them know that they matter to you and to your business; that without them your business wouldn’t be the same. A simple shout-out on social media can be encouraging already but you can always take it up a notch. You can even reward them by giving them special discounts or freebies as a token of appreciation.
Be generous to your customers
Special promos, contests, giveaways, and even markdown sales are excellent means to beat your competition and stay ahead. Not only do these special offers foster customer loyalty. But they also work wonders for winning over your competitor’s customers and to beat your competition. Make your offers irresistible to your target market. You can give away your own products or you can research other products that your market collectively loves and use them as a prize. Discount coupons are also always a welcome treat for customers. This level of generosity cements your place as a darling in the eyes of your customers.
How to beat your competition by establishing solid relationships
Build a community with your clients. A business is only as strong as the relationship it has with its customers. It is a vital part of the identity of a business. By establishing a solid relationship with clients you are able to acknowledge your customers and you are also opening the doors for participatory discussions. What’s more, it also drives buyers, influences, and brand advocates towards your brand. Engage with your customer base and you’ll have a loyal community that can influence the buying behavior of the rest of your target market.
Be aware of your competitors
When you think about it, your competition is one of the best teachers when you’re in business. By knowing who your competition is and what they are capable of doing, you can easily take away a few lessons. For example, you can learn from their mistakes. Think of it this way, they’ve tripped over a few hurdles so you wouldn’t have to. Inversely, you can also emulate what works best for them. Identify the strategies that give them the best results and use this as a guide to improve your own business and beat your competition.
Think like competitors to beat your competition
Although a fantastic and wonderful thing is continuous improvement, it has one glaring flaw. When you describe what change really is, you have to be right. If you miss the mark, you’re only going to become more successful at doing the wrong thing.
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One technique you can use to make sure your idea of enhancement is right is to look at yourself through your competitor’s eyes.
Imagine that you are a brand advisor for the organization in which you most often go head-to-head. What vulnerabilities are you going to attempt to exploit? What of your own strengths will you attempt to highlight? From the viewpoint of the client, what are the benefits? What are the steps that you should take to differentiate yourself and beat your competition? Do you know who they are? If not, then you’re in trouble.
For me, competitors keep me awake, aware, honest, and creative. I both want and need them for their worthy opponents. Let’s face it. Without competition, you wouldn’t strive to stay ahead of your field. You wouldn’t feel the need to improve by upgrading, developing, and inventing. And you wouldn’t have a way to measure your success and failure.
The first step is to identify your competitors and then get to know their business intimately. Once you do that, you should take one or more of the following paths to differentiate your offerings from theirs.
Eliminate
Ask yourself what you can eliminate from your offerings that are unnecessary or unimportant to your customers. The answer to this question will help you provide a lower price point or better service by not having to include it in your offer.
Reduce
Here you ask in what ways that you can reduce or lower what’s included in your offer compared to the competition. Again, what you reduce should lead to a lower price point or better overall service to the customer.
Add
Here we’re taking the opposite path. You’re going to ask what you can add to your offering that few or none of your competitors have. Only add something that adds value in the eyes of your customers.
Create
What new values you can create that nobody else has. Providing value-added benefits can really set you apart and beat your competition easily. Get creative; you really can do anything you want as long as the prospect finds it valuable. What you do differently has to have value to your customer.
So before you start eliminating, reducing, creating, and adding, get to know first your target market and know what are their needs and wants.
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