Staying ahead of your competitors is challenging especially since customers’ demands are always changing. However, competition is the driving force behind many successful corporations. Without competition in your market, you would neglect technological advancements and cost reduction efforts.
Whether you’re a start-up business or you’ve been in the industry for years you must always develop strategies to stay ahead of your opposition. Keep reading to find out how to identify your competitors and tips to stay ahead of the game.
Who are Your Competitors?
Before you can develop a plan to succeed your oppositions you must first find out who they are. When you write a business plan, you’ll need to include a section about your competitors. You can find out who your oppositions are by:
- Looking at local business directories
- Researching press reports
- Attending exhibitions and trade fairs
- Searching on the internet for related products/services
You’ll also have different types of competition:
- Direct competitors: These companies are in your neighborhood or sector that offer the same services as your business. Additionally, their target audience is the same as yours.
- Indirect competitors: They are more challenging to spot. These businesses offer different products but can be seen as an alternative to what you offer. For example, mineral water and coffee are indirect competitors.
- Substitute competitors: These businesses don’t sell the same products or services, but they do compete for spending. Cafes and supermarkets are prime examples of substitute competition.
- New competitors: Similar to how your business started, new competitors will come into the market to offer the same products and services as your organization.
It’s important to know exactly what you’re up against in your industry so you can develop strategies to always stay ahead of your competition.
How to Stay Ahead of Your Competitors
There are hundreds of massive corporations today that completely surpassed their competitors. Back in 2007, Myspace was the most popular platform to be on with over 70 million users. Just two years later, Facebook accumulated 160 million users causing Myspace’s numbers to drop to 40 million.
With that being said, here are eight strategies that can help you surpass your competitors the same way Facebook did.
1. Know What Your Customers Want
Some customers simply want the basics such as excellent customer services and high-quality products. But others will have high expectations. You are competing to attract and retain customers, so you’ll need to find out what they value.
Your customers’ demands can change drastically so it’s important to always understand what their needs are. Do they want the latest product or premium pricing? To help you, you can:
- Develop surveys
- Engage with customers via social media
- Allow customers to review your company’s products and services
- Conduct a keyword search
By knowing what your customers value the most you can develop a strategy to meet their demands, so they don’t turn to your competition.
2. Improve Your Marketing Game
One of the reasons businesses fail is because of poor marketing. If you don’t promote your business, you won’t create brand awareness and customers won’t know you exist. Improve your marketing both online and offline so that customers know exactly what you’re selling.
3. Keep Tabs on Your Competitors
You won’t be able to stay ahead of your competitors if you don’t know what they’re up to. Part of knowing your competition is always keeping tabs on them. When you keep a close watch over your oppositions you’ll know if they’ve:
- Adjusted their pricing
- Introduced a new product or service
- Changed their marketing strategy
- Hosted events that could affect your business
Knowing exactly what your competitors are doing will keep you motivated. Furthermore, it will help you develop innovative strategies to always be one step ahead of your competition.
4. Stay Ahead of Your Competitors with the Latest Technology
Poor technology can lead to bad customer service. According to Statista, 40% of customers stated they left a business due to the poor customer service they endured. Having the latest technology will help improve your company’s workflow to meet the demands of your customers.
5. Be The Employer of Choice
You want to be a company that employees enjoy working for. With a positive work culture, your employees will be motivated and reinforce growth. Your employees will know the importance of taking care of your customers which will improve your services. Having satisfied customers will mean they won’t turn to your competitors for services or products.
6. Hire Strong Candidates
Hire employees that know your industry well. Candidates that don’t have experience in your industry will slow down production and cause problems with your customer base. You should hire candidates that:
- Know how to communicate with customers
- Develop innovative ideas to keep customers satisfied
- Help customers when they have a problem
- Ensure they deal with all customer complaints respectfully
- Will always provide top-notch services
Quality employees will improve your company’s reputation which will boost your credibility so customers will always want to buy from you.
7. Form Partnerships
When you learn the needs of your customers you can consider forming partnerships with other corporations. Working with the correct partners will help you add complementary services or products your consumers will enjoy. It will also open up new opportunities for your company that will help you surpass your competition.
8. Have Competitive Pricing
One of the reasons customers choose a product or service is because it has competitive pricing without compromising on quality. This is where you’ll need to do extensive research on your competitors to know what their prices are so you can adjust your costs to attract new customers.
Seek Professional Assistance
Are you finding it difficult to stay ahead of your competitors in your industry? Daveron Networking can help you identify what’s causing the problem. Additionally, our team will help you develop a strategy that will boost your company’s processes so you can surpass your competition.
Ready to grow your business? Speak to our growth experts and learn how to expand your customer base, drive revenue growth, and optimize your business operations.
