You may have spent a lot of time and hard work building your business and growing your market share, but that doesn’t mean you can stop and enjoy the view. Any slowdown in customer spending will mean that you will have to defend your advantage and even make it grow further. Here are some of the ways you can stay ahead of your competition without compromising the service to your customers.
Know Who You’re Up Against
To be ahead of the competition, you need to know who they are; every good business needs to know what other companies are trying to claim a stake in the market. When you are looking, don’t just look for the obvious businesses, also look for those that have diversified into your market. They can sometimes arrive on a good footing because they are already successful in their original market. Look at your competitors and see what they are selling and how they are selling it. It will give a good idea where you need to concentrate your efforts.
Know Your Customers
More important than knowing your opposition is knowing your customers. You need to keep up with the current trends and try to move with them. There is no point selling the most popular products from last year if they are no longer popular this year. Your customers and your competition will be looking at what you are doing and deciding if they need what you’re selling. It doesn’t always matter what you’re selling; it can sometimes be other things that customers are seeking. They might be looking for cheaper items or better quality, find out from them what they want and see if you can offer the same thing. Be careful that you don’t move too slowly or one of your rivals might get in there first.
Diversify
Just as you need to look out for companies that have diversified into your market, you should be trying to do the same with their market. Look around and see if there is anything you can easily move into that might be doing better and getting more sales. Some companies have been so successful at this that they have almost completely scaled back their original operation in favor of their new products. Whatever you decide to do, let your customers know so that they can follow you, they are just as important to your business as those you are trying to attract.
Boost Your Marketing
Your marketing strategy might have done you well recently, but to maintain your level of dominance and improve it further, you will need to boost it. Sites like Online Marketing Muscle are adept at helping companies to get more from their marketing, so they are one option. You can also go into channels you might not have been into before, such as television or cinema advertising. Although these channels can become expensive, you will need to spend more to gain more custom. You should also start to think outside the box for your advertising. Start putting your company logo on your fleet of cars if you have one or perhaps a mail drop of your local area. Placing ads where people don’t usually see them will draw their attention.
Update Your Company
If you have been using the same logos and brands for a long time, then updating a few things can rekindle the interest of your customers. Popular brands can sometimes get lost because everyone is so used to seeing them, so making a change can get you noticed again. Start by looking at your logo and branding to see how you can change the design in a way that people will still be able to recognize it. You can change your slogan to represent a more modern angle or to give customers an idea of your values. If you have stores, consider repainting them or giving them a little makeover, it will make the stores look refreshed, and it will attract people to come and see what’s changed. You should also expand your new branding to your business cards, website and stationery so that the whole business looks new.
Look After Your Customers
Your existing customers are what your rivals are after, if they can start to coax them away from you and start using their business, it will be a major coup for them. It is important that you try to look after your existing customers as much as possible. Make offers that only existing customers can get, or give customers a loyalty scheme to encourage their return patronage. You can also start to give existing customers improved credit terms for larger items to help them spread the cost. Some companies try extremely hard to lure new customers to them but don’t do anything to keep their existing ones. Remember, however, it is cheaper and easier to keep existing customers than it is to get new ones.
Plan for the Future
Those companies that are happy to sit and enjoy their growth are more likely to be surprised and defeated by a change in the future. That is why it is important that you continue to focus on the future and prepare to make changes as you need. There will often be times when you might miss out on a new trend, but if you are continuing to offer your customers a great service, then you should be able to see it through.
Be a Great Employer
Your competitors are not just looking to take your customers; they will also want to get your best staff to move across. That is why you need to be paying a competitive wage and ensuring you are a considerate employer. If you can keep your workers happy, then they won’t want to move to the competition.
The world of business is hugely competitive, and there are always new companies trying to get in on your market. That is why it is vital that you try to stay one step ahead always.
