Regardless of your industry, you’re bound to face competition. The advent of technology has provided customers with plenty of choices. If you don’t meet their demands, then they will likely go to a business that offers them what they need. The only way to succeed in today’s changing world is to find ways to ward off competitors. This guide shares actionable tips to help your business gain a competitive edge.
1. Consider Exploring Different Sales Channels
A major problem with some business owners is that they assume their clients know about their services and products. In doing so, they put little effort into their marketing campaigns, losing their competitive advantage. To edge out your competition, explore different sales channels by researching the areas where your audience spends most of their time and the marketing efforts they respond to.
If you’re in the corporate business-to-business industry, then a social media channel like LinkedIn can be a great place to connect with your clients and sell your products or services. Statistics show that LinkedIn is a go-to option for career professionals and businesses, having over 500 million members globally.
2. Be a Customer
Sometimes, the best way to outrank your competitors is by being one of their customers. You can do this without having to blow out cash. An excellent approach is to subscribe to their newsletter or marketing emails. If they sell a digital product, then find out whether they offer a free trial and sign up. Use the information you gather from their marketing materials to brainstorm your marketing tactics.
Don’t copy what they’re offering but rather take inspiration from what they’re not doing well or things they’ve failed to address and improve your offer. Understand that you’re marketing to the same audience as your competitors, so presenting them with better marketing gives you a competitive advantage.
3. Network With Different Business Professionals
Collaborating with industry professionals is an invaluable way to build relationships and achieve significant business growth. You can take many approaches, such as attending conferences or trade shows. Also, consider reaching out to other businesses and find out whether they have any opportunities for collaboration. You’ll find plenty of professionals willing to accept your invitation, especially if you reside on the west coast where there are nearly 1.6 million businesses in California.
During the collaboration sessions, you can discuss things like collaborating on a project, cross-promoting each other’s products, etc. Such networking enables you to make connections and scale your company’s reach, helping you stay ahead of the competition.
4. Keep Innovating
Differentiation is one of the things that will set you apart from your competition, but only a few companies apply it in practice. Different things can differentiate your company from others in your industry. This may involve doing product research, developing competitive products, and quickly releasing them in the market.
Remember that the product you’re developing should offer a solution to the end users because consumers want to buy solutions. The only way to gain competitive advantage is by ensuring that you’re addressing their concerns novelly or doing it better than your competition.
5. Request Feedback From Customers
Constantly ask for feedback from your customers regarding the products and services you’re offering. Their input will help you improve the quality of your products, including the prices that will help you gain a competitive edge. Mobile interactive messaging applications offer quick and instant feedback from many customers simultaneously. This is primarily because about 50% of mobile phone owners use them as their internet main internet source.
Edging out your competition is valuable for a successful marketing strategy. To successfully outperform your competitors, it’s important not to obsess about what the competitors are doing. Closely watch what they’re doing and do it in a way that’s authentically you. You should also leverage social media, which your clients frequent, and get them to buy your products or services by offering competitive prices.