4 Ways to Stay Ahead of the Competition

by Alex Feldman

June 5, 2018

Being a leader in your industry puts you in a strong position, but that doesn’t mean you can rest on your laurels. The business landscape is forever changing. Every day new competitors arrive on the scene whose objective is to steal your customers. Therefore, if you want to remain dominant in your market, your core processes, marketing efforts and business strategy should set you apart from the rest. With this in mind, here are four key ways to stay ahead of the competition.  

 

Know the Competition

 

It sounds obvious, but if you want to remain a contender in your industry, you need to know who your biggest competitors are – and not just their names. You should have detailed knowledge of their strengths and weaknesses, as well as any failures and successes they’ve experienced.

 

When you first started your business, you probably thought about what your USP (unique selling point) would be. Perhaps you’ve even revised it since then. Now you need to do this for your competitors. What do they have that you don’t, and how can you meet the same demand? Keep in mind what makes you different, and be sure to amplify your USP while addressing any cracks in your armor.

 

Update Your Marketing

 

The rise of technology means marketing is forever changing. From social media to mobile advertising, there are a slew of demands on businesses these days, and you need to keep up with the changing times if you want to stay relevant. If you’re doing all the right things (email marketing, targeted social media campaigns, using data analytics) and you’re still not seeing results, it might be time to change your image. Successful branding builds trust, which leads to a loyal customer following.

 

If you want to attract and keep customers, you need to take a close look at your brand and decide whether it’s telling the right story and conveying the right message. How does your brand appeal to your target market? Do your marketing efforts showcase your USP?

 

Sell Products Online

 

If you want to remain a leader in today’s digitized market, setting up an e-commerce site is non-negotiable. Selling products or services online is a great way to increase passive sales outside of your business operating hours. What’s more, e-commerce is so sustainable that many major brands have moved their businesses entirely online to save their overheads.

 

However, e-commerce in itself is competitive, and the demand for cohesive customer experience is growing every day. You need to make sure your web visitors can easily navigate your site and purchase goods, no matter which device or application they’re using. Companies like Weaveability provide omnichannel SAP e-commerce solutions for B2C and B2B businesses that allow them to remain relevant, intuitive and in touch with consumer expectations.

 

Be Customer-Focused

 

With so many brands competing for a spot at the top, customer experience is more important than ever. It’s easier than ever to start a business these days, and tech-savvy startups often have an edge that’s hard to compete with. Therefore, if you want to hold on to your existing customers (and save the expense of acquiring new ones), you need to make sure the customer experience is at the heart of everything you do – from your online ordering system to the marketing materials you share.