Business competition is fierce, especially in markets with aggressive competitors and when customer spending is slowing down due to the current pandemic. Use these ten ideas to defend your market position and build your competitive advantage. You’re welcome.
- Know the competition. If you do not already know then find out who your competitors are. What are they offering? What do you consider to be their strengths and weaknesses? This will identify the areas you need to compete in, and give you a basis to be able to differentiate your company.
- Know your customers. Customer expectation is changing dramatically. Find out what matters to your customers now – is it lower price, more flexible or premium service, the latest products? You can do this by completing a Customer survey.
- Differentiate. It is essential to give your customers good reasons to come to you rather than a rival. You can do this by completing work on your Customer Value Proposition learn how to tap into what customers want. It should be clear and obvious – no-one should have to ask what makes you different. Here is Golddust Marketing’s six stage process on how to execute an update to your CVP.
- Step up your marketing. Make more effort to tell people who you are, what you sell and why they should buy from you. It does not have to be expensive – promotional ideas can range from direct mail drops from as little as £199 to campaigns on social media.
- Update your image. Simple steps such as painting the front of your premises can make your business look more modern and inviting. Look at your business cards, social media presence, your website, branded packaging, clothing and so on. Does your image reflect your USP?
- Look after your existing customers.They will be your competitors’ target market. Improve customer service levels by being more responsive to their needs and expectations. Consider offering low-cost extras such as improved credit terms or loyalty schemes. It is far cheaper and easier to keep existing customers than to find new ones.
- Target new markets. Selling into more markets can increase your customer base and spread your risk. Are there other potential customers similar to your existing target market? Could you reach a wider audience by selling online or overseas? Make sure you tailor your offer to each different market segment.
- Expand your offer. What new products or services might your customers be interested in? Don’t just guess – ASK THEM!
- Be the best employer. Skilled, motivated employees underpin vibrant, growing businesses. Attracting them means more than paying a competitive wage. People are often more impressed by a good working atmosphere, and benefits such as flexible working and structured career development. This will be more important than ever as people embrace the new normal.
- Look to the future. Businesses that plan for growth are more successful than those that stand still. Keep up with developments in your sector, follow consumer trends, invest in new technology. Have a clear idea of where you want to be in one, three and five years’ time.
If you need help to execute any of the above tips or create your marketing strategy, please get in touch. Advice starts from £99 for a brain 🧠 pick session.