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9 ways your business can stay competitive in today’s market

9 ways your business can stay competitive in today’s market
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9 ways your business can stay competitive in today’s market
Siobhan Stirling - Sharp Minds Communications for Capital Space by Siobhan Stirling - Sharp Minds Communications for Capital Space
Owner/Director - Sharp Minds Communications Ltd

As a business, there is no doubt that you will encounter competition from other businesses with a similar offering to yours, especially in today’s market where customers often shop around before they make a committed decision to purchase a product or service. So how do you develop a strategy that will help your company stand out from the crowd? Read on to find out ways in which you can…

1. Invest in team development

It’s no secret that  employees are the number one asset of any company , which is why it’s so important to make sure that you are investing in specialised, satisfied teams to stay competitive. Happy employees drive profitable businesses and without giving them the attention they need to thrive and grow; companies end up stagnating and underperforming on the goals they set for themselves.

Employees now more than ever crave connection and stimulation, there are many ways you can do this from team lunch breaks to strategic activities to develop key skills or team day trips out of the office.

2. Know your competition

To  understand your competition , it is most important to examine the marketplace. First, take a hard look at the things your competitor does. Does that company have intimate conversations with customers that lead to conversions? Do they have a unique angle to tell their story from? Second, look to see what your competitor doesn’t do, and then try to fill in that part of the market.

A  SWOT analysis   is an easy technique to learn more about your competition and makes it easier to identify gaps where you can strengthen your position and outperform them.

3. Build brand loyalty

It’s really exciting to gain new customers, however, it’s important that you don’t forget about your existing customers who are already loyal to your company. Don’t take them for granted; they will probably be your competitors’ target market.

One way to continue supporting your existing customers is by constantly improving your existing products like your bestsellers. This way, you would be able to instil customer trust and  brand loyalty . Another way is to invite them to be a part of your brand through a membership or loyalty programme, you can offer them discount codes and improved credit terms.

4. Step up you’re marketing

Make more effort to tell people who you are, what you sell and why they should buy from you. It doesn't have to be expensive – cost-effective promotional ideas include everything from leaflet drops to campaigns on social media.

Aim to tie everything together in a sustained marketing campaign, where you are consistently putting out the same key messages to your target customers. By doing this, you help customers get a clearer picture of what you can offer and how you are better than the competition. And you make it more likely that customers will see your marketing or remember you when they are ready to make a purchase.

5. Be daring and innovative

Success is all about being creative and thinking beyond the box. This applies to the manufacturing and service sectors alike. It is crucial for any company, no matter its size or industry, to adjust to market shifts. If you want to survive in a market full of rivals, stand out. Consumers will pay a premium for products and services that provide them with greater value. A company's ability to constantly innovate can become a competitive advantage.

6. Understand your customers

Getting a deeper understanding of your customers is another way to combat business competition. Find out where your customers are, what matters to them, and what makes them tick. These insights will shape everything – from product development to branding and marketing.

No matter how much money you spend on marketing, you won’t be able to compete effectively if you don’t study your customers and find out their needs, wants, and interests. Use the data that you have about your current customers to get a better understanding of your customer profiles as these types of people find your product or service the best. This isn’t a one-time task. Customers’ tastes and habits change at a fast-paced rate, so keep a close eye and be quick to spot the changes!

7. Offer real human interaction

To stay competitive, it’s key to understand that we can never fully replicate a human touch. A  chatbot   will not build a lasting relationship with customers in the same way as authentic human interaction can. They can be useful, but many people prefer real life interaction.

8. Investing in new technologies

One area that can help to ensure you are staying ahead of the competition is by investing in new technologies. This means that you need to be willing to invest in updating your systems and processes where you can, to keep up with the latest trends and remain nimble.

It’s also important to make sure that you are using the latest tools and software to improve your productivity and efficiency. This way, you will be able to provide better services and products that your customers are expecting.

9. Look to the future.

Keep up with developments in your sector, follow consumer trends, invest in new technology. Have a clear idea of where you want to be in one, three and five years' time.

Other businesses will be continually improving what they offer. You need to do the same if you are going to stay one step ahead of the competition.

We hope these pointers give you some insight into how you can stay ahead of your competitors in today’s competitive market. If you are looking for a workspace that aids productivity, collaboration and flexibility, please  contact us , we’d love to help.