It’s 11pm, do you know what your competitors are up to?
Competition is a pre-existing phenomenon. Even before you conceptualized your business, potential competitors already abound in your field. And now that your biz is fully established, it’s time to stand out by outsmarting your tightest competitors. Remember that gaining market share isn’t only thought once; it’s a continuous race that you have to win in the end.
How then do you stack up against competitors? Read on and find out how.
1. Know your competitors’ tactics. Like you, your rivals in business also look for ways to stay on top. They are a smart bunch of people. They occasionally come up with a unique schema to lure their customers – without compromising their products’ quality, of course. As an expectant superior, your job is to know the different tactics your competitors use and come up with your own version of them.
2. Evaluate their market performance. Do a competitive analysis. Survey your customer-base, the efficiency of your processes and the quality of your products, and compare them to your competitors’. Check on their websites (if they have), as statistics are often found in their web pages. If competitors happen to have higher ratings, do something to improve.
3. Formulate killer sales presentations. One probable reason why your rivals stay ahead of you is the way they widen client-base. If you are competing for clients, make sure you create topnotch presentations – put your best foot forward, so to speak. State very convincing reasons why people should do business with you and not with your competitors.
4. Enhance customer service. Experienced business people often tell us to forget about profit for a while and focus first on the customer. This is proven true and effective, whichever kind of business one delves into. As Debra Traverso said, “Think like your customers think and this might be your niche.”
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Has any tried using a “Blue Ocean Strategy”. I have employed it with early on success, but have yet to see how the long term plays out.
I learned this strategy from the book (Blue Ocean Strategy, duh), and while they show examples. I am really curious to see if there is any practical real world examples out there - of people that I can ask questions.