How to be competitive within markets containing well-established companies
With the global adoption of e-commerce and the growth of online retailers that offer one-day delivery, small and mid-sized businesses struggle with ruthless competition. Customers want the best quality products delivered to them as soon as possible. So they may overlook your products or services unless you find a way to grab their attention. This article is called how to be competitive within markets containing well-established companies.
When it comes to getting ahead of the competition, many think that the answer lies in lowering the prices. However, being competitive is much more than that, and it can be easier if you know some simple steps to stand out in the flooded market.
What is competitive intelligence?
Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.
Provide value
In order to lure more customers and keep them coming back for more, you must offer value. They need to feel that their money is well-spent and that whatever they are buying is worth it.
It could be time to rethink everything. Your products, services, what customers want and need, and then give it to them. Moreover, make sure you give them an unforgettable experience and be consistent. For instance, while shipping your products to customers, ensure they receive them in good condition, add greeting cards that make them feel more comfortable about their purchase and consistently offer the best quality products. This will create a loyal customer base.
Give value to people than processes
To run a business smoothly, people invest in processes and procedures that help them offer customers faster service. However, if these procedures can become an obstacle in retaining customers, you must choose people over the streamlined processes.
You must forsake these processes to be people-centric. Consider teaching employees about leveraging every opportunity to make their customers happy instead of blindly following the company’s procedures and policies. This method helps make customers happier and more satisfied, and it is a good way to be more competitive against well-established, rigid businesses.
Talk about your story to connect with customers
Talking about yourself is a great way of connecting with people. People tend to purchase from businesses that have some connection with them on a personal level. You can share how you got first into business and what motivates you and your employees. Convey what your values are. Maintain a social media presence, post photos of yourself and staff, and invest time in community outreach projects. This gives customers a chance to look into your life and business and be loyal for a more extended period. But don’t jump on the bandwagon, as the wheels tend to come off over time. Especially when too many competitors are riding on it with you.
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State your differentiator
You must convey to your customers why your products are different from competitors.
- Do you value personalisation?
- Do you give importance to sustainability?
- Are your products handcrafted?
You have to invest time in researching your competitors and tell people why your services are unique. This is the most fruitful way to stand out and become more recognisable.
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Stick to your niche
If you struggle to determine your differentiator, consider a niche and be its specialist. Create clear messaging around it. This can be the differentiator you need. Align your products with your passion and expertise and convey where customers can get the most value.
To its core, the business has not changed. Neither are our customers. If you are an expert in some domain, convey the information to customers, blog about it, and post on social media to grab attention. The best way to stand out from competitors is to communicate with your customers directly and create messaging around it.
How to be competitive within markets containing well-established companies
In conclusion, getting ahead of the competition requires more than just lowering the prices. Being competitive is about understanding the customer’s needs and offering a solution tailored to them. By taking the time to understand the customer, businesses can create a loyal customer base that will continue to support them.
Learning new strategies to be more competitive could be overwhelming. However, these steps can help you get a fresh start.
Words by Swamini Kulkarni and Octopus
