Businesses need competition to encourage innovation and growth, but competing isn’t instinctual. You need a solid plan to compete successfully and to create that plan, you need to be armed with great competitive strategies.
Know Your Customers
The first step to business success is defining your target market. If you don’t already have one, get one, or you won’t be able to effectively market your business or make decisions to satisfy your customers.
A target market is just the beginning. You want to get to know your customers. They aren’t a vague group of people. They are your customers. Track buying patterns through analytics, do surveys, communicate with your customers on social media, and build a relationship with them.
This alone will put you far ahead of the competition because 80% of companies don’t do this.
Know Your Competition
In order to compete with your competition, you need to know what they are doing. What do they offer? What have they just launched? How are they satisfying their customers? What makes their business succeed? How are they disappointing their customers? What can you do better than they can? What can you offer that they can’t?
Stand Out
Businesses stand out among the competition because of what makes them unique. That business may be faster, provide better quality, offer a better price, or have a uniquely inspiring story and/or approach. You can think of this on the grand scale of your business as a whole or on individual products, services, and promotional tactics. Why should customers choose your business? It’s about what you can offer that no one else can.
Flaunt It
Once you know what your business uniquely offers, say it with your messaging, your brand, and your every transaction. Hone your core message so it can be conveyed in each ad, each social media post, and each newsletter. Don’t say the same words over and over, but do express the same message. Even if it’s with a photo. If you’re the highest quality business among your competition, talk about quality, offer expert tips, do professionalism, and tell stories and show photos of customers enjoying your work. Also, make sure you live up to your message.
Expand
As soon as you’re able, keep yourself fresh and address more customer needs by adding on new products or services.
Branch out into new markets. You can start attracting a second target market and gain a name for yourself with a wider group of people as soon as you have a firm foothold with your original market. Just make sure you don’t forget your original target market.
Always Innovate
A business with a sharp competitive edge is always innovating, in big ways or little ways. Find a way to do something better or do something new. It can be a huge deal like a brand new product or service no one has come up with before, or it can be something small like doing something you already do more efficiently. Just don’t rest on your laurels. When it’s time to make any decision, think with innovation in mind.
Partner
Forming partnerships helps businesses and organizations branch out into new markets, increase awareness, and gain new information and assets. Both parties need to benefit from the exchange.
Serve Your Team
As the business owner, you may be the decision maker and primary think tank, but if you have employees who interact with your customers, make your products, perform your services, etc., they are the face of your business and a primary factor in success. Sadly, employees are not considered enough. You can boost your quality, customer satisfaction, brand, innovation, and overall growth by investing literally and figuratively in your employees. Make them happy, encourage their wellness, ask for their input, encourage their ideas, and embrace their strengths. You will have an exceptionally well-running business and a team of loyal invested employees that you can learn from.
This is key to innovation and beating the competition.
Contact Capstone Digital Marketing To Get Ahead of Your Competitors
You’re a business owner, not a digital marketer. Focus on running your business and competing, and let us take care of your website, search engine optimization, and online content strategy. It’s easy. Use our contact form to get started.
