According to Forbes, there are more than 27 million private and closely held businesses in America alone. Many will also be competing with one another to secure custom and become a leader in their industry. If you want to always be one step ahead of your industry rivals, find out how to beat the competition.
Fill a Gap in the Market
Almost every industry will have a void that needs to be filled to improve customer satisfaction, such as more affordable pricing, a better customer experience, and rapid delivery. Your goal should be to spot a gap in the market and fill it. This will help you to develop a stronger USP, which could convince customers to buy from your business over a competitor.
Networking can be an effective way to grow your business. It can help businesses connect with new clients, collaborate with new businesses, and establish themselves as a thought leader. Thanks to modern technology, it’s now easy to connect with busy professionals. For instance, you can reach out to people via LinkedIn, or you can easily discover a company’s contact information online by using the email finder to build a stronger network.
Compete on Value and Not on Price
Many small businesses make the mistake of attempting to compete on price with larger, more established companies. Yet, these huge enterprises will have a greater buying power than smaller companies. What they will not have is the personal touch that customers are looking for. Rather than competing on price to compete with bigger businesses, focus your time and attention on competing on value. You can guarantee customers will be happy to pay a little more for a fast response time, speedy delivery, and a friendlier tone of voice. They’ll also feel a great sense of satisfaction that they’re helping to support real people over a commercial enterprise.
Go After Big Companies
You might think going after big companies is a big waste of your time, especially if you’re running a small business. Yet, a large client can offer increased revenue, and they are often easier to cater for than smaller businesses who need more of a helping hand. What’s more, working with established, trusted companies can provide more credibility to your website, so their association could help you to gain future clients. If you’re a small company, use this fact to your advantage, as you should state you can move faster than bigger businesses, as they will be a primary priority and you will endeavor to meet their demand. After all, their business will be incredibly important to your brand’s growth.
Develop Stronger Marketing Campaigns
Marketing has power. The right campaign can help you stand apart from your industry rivals, so you must aim to develop stronger marketing strategies that tell people who you are, what you sell, and how your goods and services can benefit your customers’ lives. Marketing also doesn’t need to be expensive, as you can develop viral social media campaigns, add posters onto windows, or perform leaflet drops.