5 Ways to keep ahead of your Competition
Staying a step ahead of the competition might not always be the easiest ask, but with some planning, resilience and foresight, getting and keeping that critical edge comes a few steps closer.
In fact, playing catch-up is tougher, so here are some tips to keep your business moving forward in front of the competition. Keeping your offering fresh means you need to continually innovate and in so doing, sustain your company’s success and long-term growth.
1. Know Your Competitors
Firstly, you need to know who your competitors are. You’ll have competition that have been around for years, but you’ll also have competitors who are new to the market. Do some market research to find out who your competitors are, what they are selling, and how they message their brand. This will help you to immediately target areas in which you can compete. It’ll also assist you in differentiating your brand which is a critical key to success.
2. Target a New Market
Many companies find their niche and then just plod along. Explore other groups that you’ve never targeted before that might be interested in your product or service. For example, online selling allows you to reach a global international market. Research and learn everything you can about who your new prospects will be.
3. Expand Your Offerings
Before you expand your offerings, put yourself in your prospective customers’ position by exploring the current range of available buying options your business offers. When you introduce a new product or service to the market, make sure you differentiate it from the competition. For example, offer something your competitors don’t – like free delivery, a money-back guarantee, a 24-hour help-line or extended trading hours.
4. Form a Partnership
Consider forming a strategic partnership with a non-competitive business in your market. Not only will you have access to a completely new group of buyers, but you can share things like marketing, advertising, product development, sales, and branding with your partner.
5. Cater to Your Existing Customers
Whatever you do, don’t forget about your existing client base. They’re gold to you. Treat them with openness, transparency, respect and loyalty and they’ll keep coming back to you. Perhaps offer these customers discounts or loyalty perks to keep them in your stable.