Remaining competitive is crucial to a company’s success. However, the reality is it’s getting harder to keep in front. Furthermore, if you do have something unique, it is easier for competitors to find out about it and try to emulate it.
So how do we keep in front of our competitors in the modern world? Well, we can, but we need to think much quicker, act faster, and think outside the box.
Here are eight of the best ways to do this.
Product or service differentiation
It may sound simple, but making your product or service different from that of your competitors could give you a competitive edge. Take a good look at what you’re offering. How can you improve upon things? What can you do that your competitors aren’t? Can you create a niche market? Imagine you are the customer – does your product or service fulfill their needs?
Listen to your customers and communicate with them regularly
Most companies think they provide excellent customer service, but let’s be honest, many fall short. This is despite the fact that research conducted for a Forbes article in April 2022 showed that 58% of customers felt customer service was more important than price, and stated they would pay more if they knew they were going to get treated better.
Check out your pricing
Pricing is one of the key things a customer considers before making a purchase, and as such, it is one of the major things you should look at when you are trying to be competitive edge.
Remember, though, it isn’t just about keeping things cheap. Cheap is great for certain products, but for others, it may make the customer think that they are buying something inferior. Research your market carefully and look closely at what your competitors are doing.
Ensure your product or service can be easily found
If a potential customer is looking for your product or service, they need to find it easily. Let’s be honest, most people only look at the first page of a Google search. Many people don’t scan more than a page or two on Amazon before they decide what they want. You have to get yourself in front of their eyes first, or else they will pick one of your competitors. Use keywords and SEO to optimise your chances of getting seen online at competitive edge.
Create your own product
Competing in a really busy market is always a struggle. There are so many people out there doing the same thing that sometimes it seems virtually impossible to stand out.
Keep your eyes open for any opportunities your competitors may have missed!
Work on your brand’s mission statement
If there are lots of people doing what you do, why are you doing it too? Your brand’s mission could be what differentiates you from the others.
Look for continual improvement
Innovation is always key. Yes, your product meets the needs of your customers now, but what might they need in a month? A year? Never stop thinking ahead.
Never stop researching
Market research is essential when trying to keep ahead of your competitors. Know your market well and watch for any changes that may be coming down the line. Don’t forget to keep abreast of what your customers want and how best to please them. Reach out to them regularly to ask them how they feel you’re doing and what they feel you could improve upon.