Competition is part of doing business and a sign of a healthy and profitable marketplace. While you may not face it if you introduce a new product in the marketplace, sooner or later, you’ll have competitors.
According to one report, business competition inspires innovation, promotes high-quality goods and services, and helps lower prices. Businesses that outperform their competitors win new business and increase sales. Here are five tactics for beating your competition and widening your market share.
1. Leverage Your Core Expertise
You can’t be a jack of all trades and thrive in a crowded marketplace. Know your expertise and strive to be the best. Also, know your product or service inside out. You should be able to talk about it better than anyone else.
Make such a great product that it comes to mind whenever someone thinks of a similar product. Consumers won’t mind paying more for your products and services if they know you’re offering value.
2. Target New Markets
Identify if there is a need for the products and services you’re selling in other regions and sell there. For instance, if you sell car, you can open separate dealerships in different locations and sell different types of cars.
One could be for regular or used cars and another for people looking to buy the most expensive car in the market. To succeed at penetrating new markets, perform market research to assess product viability. Determine the best marketing strategy for reaching your target audience.
Segment customers based on economic class or shopping habits. Customer segmentation helps businesses identify their best customers, earn greater market share, and connect with customers through their most effective channels.
3. Offer Incredible Customer Service
95% of customers will remain loyal to a brand that offers incredible customer service. Remember, customers can make or break your brand depending on the buying experience. Customer service is the heart of a business. Here’s how to offer incredible customer service.
- Maintain a positive attitude always
- Use creative ways to solve problems
- Respond promptly to customer concerns
- Help your customers help themselves
- Listen carefully and keep your word
- Focus your support on the customer
- Offer personalized services
4. Enhance Your Image
In today’s world, many times perception is reality. What customers think of your brand determines how they interact with it and whether they buy from you. Adapt to new trends and modernize your brand identity to attract customers. You don’t need to change the company logo or alter its image. You can start posting regular, high-quality content to change people’s perception of your brand. Also, work on improving the customer experience. Improve your website and enhance your social media presence. Manage your company’s reputation online and offline. You can update your social media pages and start using professional images and marketing videos. Keep your store clean and ensure your staff dresses well. Your business should reflect what you want customers to think of you. A good business image builds credibility and portrays a brand as successful.