Competitive Strategy: How To Stay On Top Of The Competition
If you expect to be on top of the game above your competitors, then you are going to need the best product and the best service, that way you will have an advantage over everyone else. It’s all about creating a strategy that suits you, and only you. – That’s what will make you unique and stand out from the crowd.
One thing a lot of businesses do is compete on their prices, always trying to outdo the other one. While this can be good at first – drawing customers to you because of your cheaper products – you won’t end up winning, as someone else will come along and go even cheaper, and there’s only so low that you can go until you stop earning a profit – and that defeats the whole point. So you need to find other ways of competing that leave you and your business with the rewards that you deserve.
Here’s what you need to do.
Your Product
Better quality
One way to make your higher prices fair, is to provide a product that is far better quality and longer lasting than your competitors. But that means putting in that extra time and love, and so many other businesses miss that, and that’s where you’ll have an advantage.
Originality
There is so much of the same stuff on the market nowadays that it’s hard to tell the difference from one item to another – so work on making your product as unique and original as possible to give you an edge that customers can’t find anywhere else.
Easier to use
Customers don’t want something that is difficult to understand and use – no one has time anymore because everyone is constantly on the go. So keep it simple so anyone can use it with ease and not confusion.
Safety first
One thing that people want is to know that they are safe, or what they’re buying is safe, and isn’t a risk to their personal well-being – especially when children are involved. This means a lot of testing needs to be carried out before you put anything on the market for sale. This takes time, but it’s worth every second.
More efficient
Make your product work quicker and better than your competitors. People want the latest version of things, not the old one – so be what people want you to be.
More compact
Things are so small nowadays that we can pretty much fit anything in our jean pocket, so unless it’s necessary, keep your product nice and compact, as a pose to big and bulky.
Go vintage
Although people are constantly after the new trends, it’s important to remember that vintage is so in right now, so if you can, play into the retro vibe, and create the impression of an old soul within your product.
Make it funky
Appearance is more important than ever, so your product has to be something that people are proud to be seen with. So focus your attention on the designs and colours that are available. This means the packaging too – believe it or not it is just as important as the product itself.
Endorsed by a celebrity
If you can, try and get celebs to endorse your product. This may be a long shot, so start with public figures and social media icons from Instagram first, and see whos interest you can attract.
Quieter
If your product is one that makes noise, (that isn’t the purpose of the item) then try and find ways you can quiet it down. You don’t want customers to stop buying the product because the noise was too annoying for them.
Go green
Who doesn’t want to be a part of saving the planet? Make your product something that can, or has already been recycled. Make it as eco-friendly as possible, as well as animal friendly.
Be more daring
Don’t be afraid to go a little sexier in terms of advertisement (considering the type of products you’re selling of course.) Sometimes taking a risk can pay off tremendously, so think about your target audience, and then adapt accordingly.
Your Service
Better customer service
No one is going to shop with you if you aren’t polite, friendly and accommodating. So make sure that you take the time out to build up relationships with each and every one of your customers. It is more time consuming, but you will highly benefit from it as a business – remember that people talk, and if you go above and beyond with your service – they will tell their friends.
Be more available
Consider staying open for a little longer, whether this is later on a Friday or Saturday, or offering your services 24/7. The more convenient you make it for your customers, the more chance they will invest their money in your products.
Faster delivery
When shipping out your items, the customer expects the package to arrive (on average) between 2-5 working days. But if you don’t already offer next day delivery – you should. You can charge extra for this, and it just gives your customers the chance to receive it faster if they need to.
Have an online store
Everything is done on the internet nowadays, so if you don’t already have an online store – what are you waiting for? Customers will expect to have this option, especially because it means they can purchase what they want from the comfort of their own homes. Plus, even when you’re not working, you’ll be able to make money.
Have a striking but simple website
It’s very important that you spend enough time designing the perfect website, as this will reflect your brand, so you want it to show you off in a perfect light. Make it fun, interesting, and visually pleasing, while also keeping it simple enough for anyone to use and navigate themselves through.
Ask for help
Never feel too proud or embarrassed to ask for help. If you need some expert advice, speak to companies like netstar IT support – that’s what they’re there for – to guide you in the right direction when it comes to areas that you may struggle in within your business.
Offer customers freebies
It doesn’t hurt to give customers little treats here and there – it won’t really cost you anything as a business, but it will mean alot to buyers that spend their time and money on your products. Giving out gifts once in awhile will show your customers that you do care, appreciate and acknowledge them, and that is very important, as many businesses overlook this out of arrogance.
If you show them that you’re grateful – they will stick with you.
Going international
If you only provide your products or service for people in the country that you’re in, why not consider going international and make yourself and your products available overseas? This will give you the chance to reach out to even more potential customers – meaning more business.
Create a uniform for employees
If you don’t just own a store virtually, then think about giving your employees a uniform to wear. It will look smart and efficient, and more people will take you seriously as a business because of how you look collectively. Even something really simple – like everyone wearing black – will look sleek and attractive. You can then just personalise the shirt with your company logo on the back, so everyone knows who you are, and what you’re representing.
