When you’re in business, you absolutely have to be on top of your game. It’s a cut throat world and highly competitive. While this is fantastic for the customer as it means lower prices and more options, as a business owner, it means there are a thousand and one other companies out there just like yours- all after the same customers. So what can you do to stay ahead of the competition and ensure success? Here are some things to bear in mind.
Find your unique selling point (USP)
It’s unlikely that your business is going to be completely unique. Whether you sell clothes, carpets or cloud-based storage, there are others out there doing the same thing. However, it’s important that you do offer something different. Your unique selling point is what sets you apart from your competitors and what will gain you a loyal customer base.
You could offer a payment plan to spread the cost of your items, you could offer certain discounts to those on a low income or to students. You could specialize in very high end or very budget versions of the product you’re selling.
Whatever it is, work out what makes you different to the many other similar companies out there. To learn more about USPs and other important things that can improve your business, why not take a course such as Master of Education? Studying and understanding more about the fundamentals of business will give you the very best chance of succeeding.
Know what you’re up against
To stay ahead of your competition, you have to know what you’re up against. Find out how they market themselves, what their website looks like, how their social media is run. You don’t want to be directly copying anyone, but learning what does and doesn’t work can save you valuable time and resourced and give you ideas for your own business.
You could search through customer reviews and note where they’re succeeding and where people are complaining. When you’re an online business, it’s other similar companies around the world that are your competition. It’s not much easier in real life either.
If for example, you sell ice cream for a living, a neighboring fast food joint or even a grocery store could also be your competition as these are places people might go into and spend money on instead of with you.
Understand your customers
If business is doing well and people are buying what you have to sell, it’s easy to get complacent. But understanding your customers is key, and knowing what kind of people you’re selling to can help you in the future. For example, does your business attract a certain demographic? If so, what do these kinds of people generally want? Students, for example, might want products at low prices, whereas
Students, for example, might want products at low prices, whereas middle-class parents are likely to be focused on quality and how the products are sourced. Are they ethical, are they organic? Research everything you can about who is buying from you and find out what makes them tick.
You could send out surveys, and encourage people to fill them in by creating a prize draw and entering those who fill it out. You could ask for customer reviews, or use social media campaigns as a way to find out more. Don’t rest on your laurels, keep informed and know what people want so you can keep on giving the best service that you can