Competition is the very essence of the business world. While this might be advantageous for customers who are looking for and choosing a company that serves them well, this is quite tedious and difficult for entrepreneurs. To excel in a profession like business is not everyone’s cup of tea.
The data shows that most enterprises are likely to fail within their first 18 months. One big reason for this is because of the competition they face in the market. For those who survive, a harsh rivalry exists, so it becomes extremely important to keep a tab on potential rivals while frequently updating your own company.
Here are 4 possible reasons why your competition is doing better than you:
1. Social Media Presence and Reputation
Social media has recently gained much weight in the field of business. Your social media followers and their feedback are important indicators of one’s presence and reputation in the competitive landscape.
Most of the companies now use different social media platforms such as Facebook, Instagram, Twitter and LinkedIn to promote their products and services. When a company is better recognized for the kind of posts it makes and products it promotes, your rivals will likely do what they can to get in on the action.
I’m very active on social media and see the huge impact it has on engaging with fans and being able to have a voice.” – Stephen Curry
2. Niche Rank
When statistics indicating the ranking of companies are released, it’s important to see where you are and what you can do to get better.
What makes it even worse is the absence of one’s brand name in the list, indicating that some serious matters need attention and extra work. A brand name should undergo trademark registration to safeguard brand’s identity.
This way you can promote your brand name without worrying about it being infringed by anyone. It is always better to protect your business legally so your competitors do not take advantage of your negligence.
3. Google Ranking
Digital marketing is another powerful method to get leads and turn them into potential customers. However, what if one’s website appears below the required level on the SERP or not on google’s first page?
The website of an company which operates in the same niche may take all possible leads if it is on top. Chances are that the one appearing above or at least on the first page of google search will steal the show, leaving behind the ones who lag behind in SEO ranking and the quality of content.
To be in the race of top rankings, you can improve the quality of your content and re-purpose it to reach the maximum amount of people. Focus on the requirements of your customers and draft the content accordingly.
“Content isn’t King, it’s the Kingdom.” – Lee Odden
4. Less Sales and Customers
At the end of the day, what actually matters in the business world is the revenue you make. Customers are clear descriptors of whether your company is gaining recognition and revenue.
Despite delivering excellent service to customers, sometimes companies end up getting less customers, which can easily be traced to the better methods of rivals and a good investment in customer management programs.
Keep this in mind
Stalking every newcomer in within your niche is near impossible. While tracking new competitors is a tough job, it is even harder to calculate the number of customers they have.
Hence, the only way one can survive is by taking advantage of situations that actually call for a showdown. As one cannot stop new enterprises from entering the market, it’s important you focus on your customers and give them what they want.
The kind of service provided actually helps your company gain much better results than only using similar tactics used by potential competitors. Do something that surprises clients and keeps them happy will always give you the upper hand when dealing with competitors.