Getting Ahead Of Your Competitors

You have put your heart and soul into your product or service, worked day and night, updated your website, and done everything possible for the great launch! Yet, there are other businesses waiting to eat your piece of cake!

Even if you want to ignore your competitors, their marketing strategy and innovative techniques keep you awake. Understanding them, their marketing strategy and the techniques that they deploy can help you get ahead and boost your sales. This also ensures that you do not fail as a small business.

Here are some of the things that will ensure that you climb to the highest potential and stay there:

Research, research and research!

Do you know who your potential customers are reaching out to in the market? Do you understand if your competitors offer the same products as you or do they offer substitutes? Is your competition web based or retail store style? Is their audience the same as your audience and if it is different, can you potentially create a pitch there? Does your competition boast of a competitive social media strategy?

The key here is to understand your competition. You should have a good sense of their location, size, how long they have been into business and the techniques they deploy! You may feel like a spy here but this gives you a clear view of your opportunities – where can you exactly compete and how can you differentiate yourselves!

Understand your customers

The expectations of customers may change dramatically during today’s economic times. Understand their expectations. Work upon finding out what matters to your customers – comfort, price, brand, innovation?  What do they really want?

You can get a clear understanding of what customers want by visiting the customer review sections on your competitor websites if they have one, social media pages or sites such as Yelp and City Search. Reading customer reviews can provide an insight into the strengths and weaknesses of your competitors. It can also open your eyes to the areas of opportunities that you have currently not tapped.

Establish yourself as an expert

It is extremely important for you to differentiate yourself from the competition. Your customers should clearly have a reason to come to you and not your competitors. Are you offering some value added packages that can help them along with providing a boost to your small business sales? How about a free after sales service or a discounted annual maintenance contract? The USP of your small business should clearly focus on what customers want and should also highlight how you are better than your competitors. An example here can be a successful café offering internet access.

Track your competitors

You know who your competitors are. Do you also understand how they are targeting your potential customers? Monitor your competitor activity. Frequently visit their company website to get a view of the products and services that they offer. Do not forget to check out the deals/ discounts and other services section. ‘Like’ their Facebook page, follow them on Twitter, set up Google Alerts in order to track their blogs – do whatever it takes for you to get a better understanding of how they are trying to differentiate themselves. You could even consider visiting their stalls during trade shows and promotional events, picking up copies of their brochures and understanding their deals! If you are involved in online marketing or network marketing, here’s a little tip. Look at what successful marketers actually do, not what they tell you to do!

Elevate your marketing efforts

Make that extra effort to tell people about yourself – what do you sell, how are your products different from your competitors and what differentiates you? Remember, running your small business profitably is all about innovation – marketing can be inexpensive but innovative! Use flyers, posters on your walls, frequent updates on your websites, social media. If you have a business its not the time to be conservative. Your success depends on how many people know about you.

Another important point here is the image that you have displayed of your small business. Does your image need a makeover? Do your competitors have a better image? If you are a retail store, do you require a fresh paint on one of your walls – just to reflect your brand? If your efforts are concentrated towards business through the internet, does your website need a makeover? Do you need to input some more pictures of your products in there or build your personal brand?

Do not forget to tailor your strategy for various groups of people. If you are running a café, why should a college going teen visit you? Do you also have some books for your elderly customers? Recognize what your customers want and market accordingly.

Don’t forget your existing customers

Your existing customers are the ones who have made you what you are. They are spreading the word about you, they are loyal and committed. Always think about them when you market something – they are the ones who will indirectly market your small business service or products through word of mouth. They can help you target new markets and create new customers. If possible, offer extra benefits to existing customers – for example, a customer who buys something from you the second time can be offered a loyalty discount. How about a referral bonus to the customer who refers a new customer to you, converting into a sale! The bonus can be utilized as discount on your existing customer’s next purchase. Isn’t it a win-win situation for you? You ensure that your existing customer comes back to you and also brings more customers to you. What’s more? Your existing customer also does some marketing on your behalf because for him to be eligible for a bonus, the referral has to convert into a sale.

Look ahead

Your competitors are looking ahead, they are trying new ways to build clients and are also investing in technology. Plan ahead, keep a progressive outlook! Review the latest developments in your sector, analyze customer trends and invest in your brand and technology. Let your customers know your vision – where do you want to be in the next five years?  People will buy into your authentic vision.

While most small businesses would wish to build their business in a fair way, there may be some competitors trying to play dirty as well. Understand these! Take action if you need to. Building a business by hurting or taking advantage of others will not help you sleep at night so strive to treat people how they deserve to be treated. Make use of fair and innovative strategies to stay ahead of your competitors – always! Just remember the magic of consistency here!

 Are you currently ahead of your competitors?