Competition

Stay on the competitive edge with these 6 winning strategies to consistently evaluate your business.

Expansion of your strategies and evaluation are the secrets to winning over the competition.

  1. Know your competition. Look at what they are doing and what makes them unique.  Ask yourself what are they doing that you are not and what you could do to improve.  Strategize by identifying these factors and then set out to make yourself different and stand out from the crowd. 
  2. Be Different. No businesses are alike, yes; there may be similarities, but not the same identically. Look at your business core values and create them better than the competition. Make your business be the obvious difference. Grow your services or products, increase to meet the demands of the customer, be aware of your target markets, and be innovative.  While doing this, be sure to maintain the integrity of your product and preserve the core values of your business. 
  3. Great Customer Service. Don’t offer just “good” customer service. Make it “great” by going that extra mile for your customers.  Ask customers for suggestions as to what they are looking for when doing business with your company. Always thank the customer and promote a positive and helpful experience for them.  If there is a problem, apologize, never make excuses. Always leave the customer with a great experience feeling. This will keep them coming back.
  4. Image Is Everything. Take a look at your company image. You need to keep up with technology, in which your company image needs to look fresh and progressive.  Customers judge your company by the look and what it projects.  Take a look at your website, printed collateral, social media, all of your marketing, designs and venues.  When you are trying to do everything yourself, you can’t be objective, which is why it is recommended to hire a professional to create an effective image for your business.
  5. Target Markets. Don’t be afraid to expand your target market. Do some research and look into other ways your product or service can help others. Look at your current sales in regard to your existing target markets, as the numbers don’t lie.  Ask yourself are there groups that you never sold to before and how they would benefit by using your service or product.  Technology is a great resource for expanding on target markets. Be innovative and think out of the box.
  6. Provide Value. Make sure your customers understand how your service or products can help them, along with the great benefits. Don’t make it seem like just another purchase; make it seem like an investment. Everyone wants value for the money they are about to spend with a company, which is why it is important to provide value in your service or products. Make sure your service or products are priced competitively to provide value. Look for the long term, not just the short term. You want the customer to keep coming back.

Above all, don’t compare yourself against the competition in the eyes of your customer (don’t say directly to your customer…. “we do this better than XYZ, because….”).  Be dignified, confident in your service or products and know that your company is offering great service or products.  Now you can do this confidently, because you have evaluated your company, set your strategies in place and you know your company is the best of the best. The client or customer will see this, therefore creating trust and confidence in the fact they made the best choice by choosing your company to do business with.  Keep in mind it is not about being the cheapest, but being steady, confident, innovative and progressive to the needs and expectations of your clients and customers.  Now you are building relationships with your clients or customers.  This will give you the competitive edge over the competition.

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