Business competition can be tricky, especially in fast-moving markets where customers often shop around. Use these seven ideas to secure your market position and build your competitive advantage.
1 Know your customers
Customer expectations can change significantly. Find out what matters to your customers now - is it lower price, a premium service, or the latest products? Once you know these, it is easier to market and position your brand as their go-to brand.
2 Know your competitors
Do some research about your competition in the market. Learn more about how your competitors present themselves, what they are offering the customers that might be different from yours, and ultimately discover their strengths and weaknesses as a brand and a company. These will identify the areas you need to compete in and give you a clearer perspective for differentiating yourself.
3 Discover your Unique Selling Point
After you have done your research, begin formulating your USP or unique selling point. It is what sets you apart from the rest. It is the very reason why your customers and prospective customers will buy from you instead of your competition.
4 Build your Identity
Once you know your USP, it is time to build your identity and your brand. How do you want to be perceived by your customers and by your competitors? Are your products formal or casual? Do you want to cater to the taste of the Millennial or more of the Baby Boomers? Know who you want to become out there in the market.
5 Promote and Market You
At this point, you should be able to figure out how you could be promoting your brand. Take initiatives to tell people who you are, what you sell, and why they should patronize your products. There is a ton of cost-effective promotional ideas in both traditional and digital marketing format and approach.
6 Partner with the experts
Always decide to partner with organizations that have established themselves as the leaders in the industry.
Look for partners that have a good reputation and good customer service. Your partners will be your benchmark on what you want to become as a brand and as a company.
7 Nurture existing relationships
Look after your existing customers, your loyal brand ambassadors, and your patrons. They will be your competitors' target market. Improve customer service by being more responsive to their needs and expectations. Provide low-cost rewards such as improved credit terms, discounts, or loyalty schemes. It will always be cheaper and easier to keep existing customers than to find new ones.
With so many different orders to fill and clients to keep up with, having these seven tips in place will make your hard work worth it. Maintain a consistent presence on store shelves, keeping retailers; and customers positively satisfied.