Businesses need to evolve strategies to remain ahead of the competition.
How To Stay Ahead Of the Competition
For any business, becoming the market leader and staying ahead of competition is a huge task, even for household names such as Coca-Cola. Staying ahead of competitors is an ongoing battle that no serious business owner must take lightly because if you do, you will be out of business sooner than you started.
Keeping ahead involves continuous hard work to enhance the reputation of the brand, coupled with product innovation based on detailed market research that indicates how to please customers. But unfortunately, many business owners are getting this most important aspect of their business very wrong. Thereby losing customers on daily basis and blaming it on bad economy.
Here are some tips on what to do to win customers and stay ahead of the competition.
– Create Quality Product: If you have a quality product, you wouldn’t even see those in the same business as you as competitors because they would only be struggling to pitch a tent in a place where you have already created a niche for yourself. With a quality product, you would always be ahead.
– Give Incentives to Buy: A unique way of staying ahead of your competition is to have some form of contest, giveaway or scholarship. By doing these often, you are immediately one step ahead of your competition. While you are innovating and creating, they are busy duplicating and initiating. Also, do things that they might find difficult to duplicate.
– Get Feedback from the Market: You also need to put your ears to the ground. Be very inquisitive when you talk to people and be very patient to answer. Don’t be aggressive when you talk to your customers because in climbing the ladder you need them.
– Adjust to the Market: To succeed in the market, you need to blend and also reduce yourself because in the market, we have many exits. We also have the beggars, the rich, average, and the poor. You have all kinds of people. If you reduce yourself to their level, you would catch them when you want them.
– Smile Always: You try as much as possible to smile even when it is not necessary. If you do, you would get result. Make your male customers your brothers, and make the female customers your wives or vice versa.
– Meet Customers Demand: You need to give customers what they want and formulate policies that can accommodate them. How do you know what your customers want? It is through interaction. And to formulate policies that would accommodate them is by ensuring that you don’t run at a loss and they also get value for their money. When they buy your product, they should go home smiling.
– Use Social Media: With the information age we are now, you need to make good use of the social media in putting your business in the fore-front. Make use of the internet and SMS platform in reaching more audience. There is no point of having a good product and people can’t get to know about it.
– Differential your Business: Make your business distinct so that you won’t be missing in the crowd. Also, set a target for your business at every point in time and make sure you don’t only meet up but you also surpass that target.
– Provide Excellent Customer Service: You need to have good customer relations. Your customers need to be delighted with your product or service (depending on which one you offer). Give them a reason to want to continue to have a relationship with you. Let them have value for their money. Also make their complaint a priority. Be transparent to your customers. People like transparency, they don’t like been pushed around.
– Reward your Customers: You also need to reward your customers. You could have ‘best customer of the year’. From time to time, you should also organize promos to motivate them all your customers.
– Interact with your Customers: From time to time, interact with your customers. Find out if you are meeting their expectations and if they are satisfied with your product. You can’t just assume that all your customers are happy with you. No matter how good your brand is, some people will still have their own reservations.
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