If you are striving to gain profits and win in any business you do, you cannot escape from the competition. Staying ahead in competition is evident if you wish to succeed. Most entrepreneurs would fail after some time due to losing consistency in everything they do. It is obvious to feel lost and lose focus on one or two things that are demanding more of your attention and eventually you fall back in front of your competitors. Falling offline from your business goals is drastic for your business, isn’t it? Here are 11 steps to always stay ahead of your competitors and have an edge over them.
- Stay up-to-date to win a competition:
I have seen many entrepreneurs starting with full energy initially and getting derailed in time to come and lose out in business, if you are at this juncture of losing in business, be aware that you have not done your homework well. I am saying this as, this situation arises when you do not keep up with the market competition and end up focused on daily tasks, which can be handled by other team members.
- Stay close to what your customer is looking for:
Customers often are very demanding, yet they are the “King”, so staying abreast with what’s trending and foreseeing the demand that would rise is an art that a businessman like you must master. Keep researching and working on customer data, feedback and complaints, consistently to stay attuned to your business products and services and tweak the brand communications from time to time as per the market situation
- Learn to understand your competitors:
No matter how well a certain brand has captured the market there are always loopholes from where you can enter and dominate the market. Spending good time understanding competitors and other situations influencing the demand and supply is a great way to start with; eventually, you will be able to see the gap which you can prepare yourself to fill.
- Everyone follows the leader:
Needless to say, people listen and follow the leader, as the leader sets the trends and dos and don’ts. Social media is a great platform to slowly build a repo with your costumer until they start noticing you and start following you. Yes, you got it; if you want every product or service you post to be noticed and converted into sales you have to be a strong social influencer.
- Is your brand rightly positioned?
This may surprise you; I have seen so many upcoming brands change their completely packaging and branding strategy when they are at their initial stages so much that they never get registered in their customer’s minds. There are instances where people have built a business around the wrong customer base who doesn’t understand their product at all. Maybe you will also recall a few examples around you when I am mentioning this. But does this also raise an alarm to your branding too? No harm in checking it right? Check every bit of it right from the product quality to the packaging and sales, pricing everything. This doesn’t stop here; it has to be made into a consistent practice.
- Brand positioning and competition
Remember that your brand positioning must be close to perfect to stay in the competition. You can’t sell combs to bald people, if you plan to do so you would be wasting your time and money both. I hope you have already set your eyes on who your consumers are and what they are looking for and how your competitors are wooing them to buy their product line.
- Customer Feedback
If you see it closely, keeping your customers happy and collecting good online and offline reviews along with other feedback is of great importance. See if you can stay focused on your customer’s feedback and work closely on improving your product and services which would gradually build brand loyalty.
- Focus on your objective at present
No matter what level of business you are at staying focused on your daily objectives would keep you growing in the right direction. You would understand this better maybe if I remind you of how the pandemic made all businesses focus on online businesses. You have to see how all of a sudden, even people who used to stay away from shopping online had to get used to several Apps and rely on online shopping and services, due to COVID 19.
- Recheck your strengths and weakness
It makes it worth re-analysis your strengths and weaknesses from time to time against the market trends and industry leaders. There are instances where companies have been bound to change complete packaging and brandings and have started selling online like never before. In recent times buying trends have changed tremendously and a great deal is affected due to socio-economic changes as well.
- Understand the sales cycle
The sales cycle of a product is very important especially if your product has a rise and fall in demand based on seasons. Every time there is an expected change in the sales cycle you will need to change your sales and marketing strategy as per trends and competitors. Especially if you have lately noticed that every brand is trying to attract attention and investing big in customer engagement.
- Market your USPs
Never encourage your team to fall into the “comparison trap” it will ruin your market value, instead work on highlighting your core strengths of the product and services and how you can offer the best after-sales and several things like this which a customer is more interested in knowing from you. Work hard in collecting feedback and stay focused on your brand development and enhancement.
Last but not least stay aware of competitors if you avoid this negligence would over some time completely lose your focus and your business would have nothing new to offer or will offer which is not in demand. Usually, all that I mean to say is that during this time all your so-called creative ideas would just be based on assumptions and no real-time market demand hence they would fail repeatedly. Remember Competitions are healthy and to grow you need them.
By heart, I’m a foodie and traveler. Love to write about business tips, and ideas. By profession, I’m associated with V2S Infosystem (a well-known mobile recharge software provider) as Business Partner.