Competition in business is natural. There is always another business that offers products similar to what you have, and you can’t avoid it. The wisest step to take is to become the best company among the swarm of like-minded business proprietors. It’s a competition that seeks to prove, once and for all, which company will stand out among the rest. It’s not just a matter of offering the best products, but also winning the hearts and minds of the people you want to be your customers.
Competition, if you really think hard about it, isn’t so bad. It’s actually a good thing since it pushes a company to work harder at beating down its rivals. And, that’s why we’ve gathered the following ideas to help you sprint ahead of your competitors.
Here are four strategies for you to outrun them:
1. Determine who your competitors are
Understanding your competitors can help you and your business stand out. By gathering information about your competitors, you can learn what not to do and what to do best. Identify what your competitor’s strengths are. Analyze your competitor’s strengths. Why do the customers like that company? How good is their product? How great is their service? Better yet, for the product or services that the customers really like, can you offer a similar or better one?
But, before drawing up a plan to defeat your competitors, remember that there are some things your business can’t match or exceed, especially when your business doesn’t have the financial or commercial power to meet the needs of other markets. That’s okay. Just focus on the things that you think your business can excel in.
If your market is not high-end, then don’t push it. At the same time, focus on satisfying the needs of your customer base rather than expend most of your resources on penetrating a new market that may or may not respond positively to your product or service.
You also need to identify your competitor’s weaknesses. Determining your competitor’s weaknesses can provide you an understanding or a realization that some of their weaknesses are your company’s strengths. It’s a learning tool that you can apply to your own business. Good sources of such learning are the negative reviews given by customers. You can learn a lot from customer feedback. From there, you can find a way to turn things around in your favor.
2. Prioritize your customers
As this infographic from Groovy shows, a company who makes customer service a priority gains 60% higher profits versus its rivals, and 81% of customers are more likely to patronize a business after having a good customer experience. Create an amiable welcoming environment in your business. Provide a high-quality product and train your front liners to bring satisfactory customer service. Good customer service can make a customer keep coming back.
Negative reviews will never stop coming. They will keep on hurtling towards you like falling meteorites. On the other hand, feedback from consumers can help you see where you may have done a disservice towards a customer and if there is something you can do to fix it. However, it’s okay to disregard some comments if you knew that you’re on the right path.
Customers may help your business pay its bills, but it doesn’t mean they are always right. Some may never be satisfied. You can’t please them no matter how much effort you make, and satisfying them may even put your bottom line in danger. You can take some feedback (and then validate it) from those credible people who have been with you for quite some time now. Those who bring you referrals, and of course, profits. Those whom you know would want you to grow.
3. Be persistent and stay committed to your business
You invested in this business so don’t give up easily. When things aren’t working the way you expect things to be, find a solution and work harder. No business became successful overnight. All businesses faced many challenges – and even failed several times – before achieving success. Your business doesn’t need to meet the ROI on the first day. Never let the pressure tell you what you need to do. It will bring you nothing.
Find something to motivate you, be passionate about your goals, and stay focused on achieving what you wanted for your business. Stay committed to your business because your business relies on you. If you fail to do so, everything will start to fall apart and all your hard work will all be gone. Who will stand for your business if you, the one who invested it, will never stand for it?
If you lose your trust in your business, thinking that it will never be successful, then don’t expect that somebody else will start trusting you and believe in what you wanted to do. Whenever you thought of giving up, remember the desire you have in bringing your business to the world. Your desire can be your driving force. It lets you manifest your highest potential.
4. Never stop learning
Change is constant, and learning will keep you relevant in this ever-changing and developing world. To become successful, you need to keep learning. Learning will help you to adapt to changes this world has to offer.
The best leaders you look up to who became successful are always finding ways to learn, expanding their knowledge and keeping up with what’s happening in this world. Bill Gates is one of them. He even posts the books he reads and gives them reviews on his blog, Gates Notes. He reads about one book a week which makes it about 50 books a year.
We are in the modern era where developments can happen overnight. In order to out-compete the competition in the business world, you must keep up with the development. There is always something new to learn, so we should never stop learning.
Competition in all business industries is inevitable and dealing with your competitors is not easy. It can make or break you, that is why everyone in the industry should strive to give all their best. Finding some tactics, learning new things, and guiding the company to provide the unexceptional services, are the things we do to outrun our competitors.
Have faith in yourself and in your ability. If you think you can do it, you surely can. The world will align to your dreams if you fight against your self-doubts and worries. Remember, no one wants to fail. We all want to win, and we will, someday. We all have our time to shine. Take a risk and learn from the failures. Create a goal and achieve it.