Fighting The Good Fight: How To Compete With Other Businesses: Pexels – CC0 Licence
Arguably one of the most pressurising components of running any small business is learning to stand out from the crowd. Trying to distil your uniqueness and beat the competition is something that every single company out there needs to be doing. It’s vital for you to maintain your position in the market. Staying ahead of your competitors is crucial or you run the risk of going under. But what are the best ways to make sure that you fight the good fight?
Building Your Own Niche
When there is an already crowded market you are going to struggle regardless of how long you’ve been in business for. In order to understand your niche, you may very well decide to go towards the trade show approach. In order to make sure that you understand the competition you may very well have to set up a stall next to them. And in terms of promotional tactics, a trade show is a fantastic component anyway! There are numerous exhibition stand designers out there that can help you to fully realise your brand and vision when you are toe to toe with other businesses. When you see what else is out there you can very well get overwhelmed. But if you start to pick a niche it’s common sense.
Keep Your Pricing Competitive
If you are in direct competition with someone you must remember that pricing can mean all the difference. In order to have the perfect pricing strategy you’ve got to know the competition but also understand who is offering the best value for money. When you start to look at what others are doing you can add a competitive advantage. Let’s be clear; competitive pricing doesn’t mean lowering the prices to get more customers. In order for you to identify how competitive you need to be you may want to address the target market and see what class they are in. If you target a market that is more inclined towards luxury products you can afford to keep your prices high.
Focus On Your Customer Service to Compete Others
Even if you are next door to a company that does exactly the same thing as you, the thing that can differentiate you both is customer service. If you give your customers fantastic customer service across the board you will earn loyalty. If someone is loyal to you they will generate positive word-of-mouth by referring you to family and friends. This means that you’ve got to figure out your angle especially in terms of your employees. It’s not enough to have a group of workers that have a fake smile on their face but it’s about having people that are genuine, gracious, and are motivated to improve morale across the board.
In order to improve our business, we have got to understand how we fare in terms of our competition. But in order to compete with other businesses we feel that we may have to fight dirty. This is not the case. A lot of fighting the good fight is about establishing your own unique identity. Even if there is another company selling exactly the same things as you, you can both still be polar opposites.