No matter the industry you’re in, whether you’re a startup or established brand, you’re always going to run into competition.
While competition can seem like a threat to your business, it can also be a critical learning curve and opportunity to grow and develop in a way that ensures you remain relevant. Here are five methods to help with that.
1. Conduct Competitor Research
You won’t be able to put a strategy in place to overtake the competition if you don’t know what they’re doing. Competitor research is extremely important in understanding how you can match what your competition is doing and then work to overtake it.
Your business should always be striving for ways to offer something that your competitors aren’t, so knowing exactly what they’re doing and how will always be important.
2. Improve Your Customer Service
One key area that can set you apart from the competition is customer service. Even if your competitor’s product, price, or lead time is better than yours, customer service is something that has the power to still sway business in your favor.
Customers are much less likely to deal with a company if they’ve had a bad customer service experience, no matter how amazing their product is, especially if another company is offering the same product.
To consistently focus on good customer service, some tips include:
- Have a direct line of customer service communication, such as a dedicated employee or a customer service team from BPO in the Philippines.
- Practice empathy and understanding
- Have clear communication
- Be organized and know your products
3. Don’t Neglect Your Branding
Every aspect of your branding will make a difference in whether you get noticed or not, and this is crucial when up against competition. How can you design your branding so that it looks completely different from the competition and stands out in the right way?
How can your branding grab the attention of your target market, using logos, font, color schemes, and more? Look to build trust and appeal through your design and branding choices.
4. Put Focus on Value
While it’s true that being up against competition in business means creating better sales pitches for your desired target market, it doesn’t mean that your potential customers want to endure constant hard sells.
This tactic can be off-putting, and customers want to see value in a product rather than a consistent focus on price. You should look into value based selling to better market who you are and what you do and increase sales more naturally.
5. Hire the Right People
For customer-facing businesses especially, who you hire has the power to make a relevant impression. Often, loyal customers remember their favorite employees or the name of the employee who encouraged a positive buying experience in the past.
Don’t neglect the people who work for the company, promote the brand and put a face to the name. This doesn’t just mean experience or qualifications, but also those who have a genuine passion for people and can help your business stand out through personality and compassion.
In business, it’s often the more personal, human touch that will make a difference for the customer experience, and often it’s this that can help differentiate you from the competition.
If your products and price tag are very similar, then areas like customer service and personalized service can be what helps to set you apart.