Okay, so a new business competitor has come onto the scene and you’re feeling annoyed, and – let’s face it – maybe a little concerned. But don’t panic. This can be an opportunity to improve your business, so let’s choose to see it as that. Here are 3 tips to beat the competition.
1. Get to know your competition so you can better position yourself in the market
Take time to understand your competition – their services, operating model and preferred customers or clients. You could find that a business you initially assumed to be competition is not a direct threat to your business at all. Avoid trying to keep or win customers by undercutting prices – this can be a quick race to the bottom. Instead, use the intelligence you gather about your legitimate competitors to inspire strategies that will set your business apart from them.
2. Make sure you stand out for the right reasons
Consider the feedback or reviews your business receives to determine what steps you can take to improve existing processes. Brainstorm your business’ points of difference over your competitors – if you don’t have any, then get creative – think about establishing a loyalty or rewards programs that recognises return customers as VIPs. Your customers are more likely to stay loyal when they can count on you providing them with the best, most convenient and consistent service.
3. Market your business in ways that appeal to your target audience
Is your current marketing representing your business in the best light possible, and reaching your target clientele? It might be time to revamp or refresh your marketing efforts. Consider consulting an external professional for advice on making best use of the various social media platforms available to you, or refreshing your website if it’s been a while.
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