Competition is always a good thing. It forces us to do our best. A monopoly renders people complacent and satisfied with mediocrity. Nancy Pearcey
The business world is challenging and needs constant improvement. If you want to stay ahead of the competition in your industry, you need to keep up with your rivals and create a difference. There are lots of different strategies you can follow but in this article, we will focus on the basic elements. Here are some tips for you to create a roadmap and beat the competition!
Improve and Promote
Before everything, you need to have a clear answer to “who are your competitors and who are you?” questions. Defining everything in detail will help you to analyse your competitors better. You can take a help from review sites or apps to see the feedbacks from the customers of your rivals. Even if your competitor has a better product or a lower price, you can still do something better than them. Every competing company has weak points and you should focus on filling them. You can try to produce something only you have or you can aim to offer the same service but better. With your market analysis, you can be more innovative in your industry and add your creativity to your service or product.
Keeping your analyses up to date and becoming a follower of your rivals is important too. If you want to stay ahead in the competition, you should always follow the improvements and know what are the others doing. And if you won’t promote your service or product, you can easily fall behind on the others. While promoting your business, you should highlight the elements that makes you different than the others! Maybe your business is providing a better customer service and that is what you are famous for. Or your product has a unique design that is a reason for choice. You can also think about what you want to be known for in the marketplace and focus on improving your service or product in that way.
Use the Social Media
When you decide to use social media more effectively, the first thing you want to do is checking your competitors. Having an information about their social media channels can help you to do lots of things.
When you decide to try advertising on Facebook, Linkedin, Twitter etc. you need to create your very first target audience. Especially for startup businesses, this can be very challenging. In this case, you can always take your competitors as an example. Think about similar products and industries to yours. Who is their potential audience?
In order to go ahead in the competition with your rivals, you need to have an interesting content for your social media channels. While promoting your brand, you should also have different elements to draw attention to your pages. Organising small competitions for your customers, giving promotions via social media can be interesting. On the other hand, checking other brand’s pages can give you many ideas. Try to analyse what they are doing right and wrong. For example, are their contact information easy to reach? Maybe they are only focusing on promoting their brand and you noticed there are not many interesting things on their page. Try to offer something that will make you the preferred one among your competitors in the social media platforms.
Your customers can be your brand ambassadors. The most sincere review of a product/service comes from the consumer. Online review sites or apps are the other channels to improve your visibility and brand image. Encourage your customers to give a review for you on these platforms. You can motivate them with small gifts. You want people to trust you, so make sure they see and read great comments from your satisfied customers! Try to promote your scores and positive reviews to give consumers another reason to choose you.
Catching up with the reviews will also help you to improve your business. First of all, you will be able to get live feedbacks. You will be able to see what you are doing right or what can you do better. You should also be responsive and be able to create a both way communication with your customers. Don’t let the complaints hanging, answer them and satisfy your customers. Also, appreciate the positive feedback and encourage more people to leave comments.
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