Establishing and maintaining a competitive edge is of utmost importance to any business that is not operating in a monopoly situation. Whenever potential customers are given the freedom of choice, they are compelled to choose whatever offerings appear to offer the most satisfaction.
Take note of the phrase “appear to offer”. Unless a customer has experience with a business, there is no way of knowing for certain how the business’ offerings compare to its competitors. Therefore, it is important for you to ensure that you use adequate techniques so your business can capture the attention of potential customers. On that note, here are five tips that you can use to stay ahead of your competitors.
1. Make use of social media platforms – The world is currently at a stage where many people spend hours on social media weekly. This habit provides an ideal way for you to get your business noticed by potential customers. You must learn to effectively use social media to appeal to your target audience. For example, many young people today do not look at social media posts if there is not anything engaging present. You need to ensure that your content appeals to the required demographic in order to yield the required results.
2. Support charitable causes – No matter how much the world is changes, there is one thing that remains constant. People enjoy seeing selfless acts being performed as they enjoy a feel-good story. Try to get your business involved with a charitable cause. Ensure this cause is something that you have genuine care for so dedicating time to it does not feel like a chore. A company that seemingly has the best interests of people at heart is bound to attract potential customers.
3. Make sure opening hours are convenient – Another way to appeal to customers is by adjusting your opening hours to be more accommodating. Consider increasing operational hours, days, or both, in order to foster customer business during unconventional times.
4. Brand is everything – As stated before, it is important to be able to efficiently get eyes on your business. Properly developing and communicating your brand identity is very important to achieving this. By establishing a desirable brand, you can enjoy an advantage over competitor offerings, regardless of what they may be. Think about your favorite fast food restaurant for example. Most likely, it is not the only place that sells the type of food you eat there. Nevertheless, when given the choice, you choose that restaurant as many times as you can? Why is this? Chances are you can list a few advantages of eating there. What is the food quality like? Is the staff friendly? Is there a variety of available offerings? Consider equivalent questions in your industry, and build your brand around providing a positive experience based on them.
5. Watch your pricing – It is a well-known fact that the main aim of a business is to make a profit unless the business is a non-profit organization. Be that as it may, profit should never be the sole motive for operation. Creating a satisfied customer base is also important and one way to do is by offering competitive pricing. Whether this means offering lower prices than competitors, or simply ensuring that the value provided justifies the price, always be strategic in your pricing decisions.
It’s no easy feat to establish a competitive advantage in the world of business. However, if the right techniques are applied, it is possible to attract customers regardless of competitor offerings. Use the five tips above to help you differentiate yourself from the rest.