By Joey Ricard - January 25, 2022
Step ahead of your competition. And no one can stop you from grabbing the crown of a Successful Business.
Yes, having a competitive advantage is the secret ingredient of a successful business. But finding that secret ingredient can be as challenging as Indiana Jones’ quest of finding the Holy Grail. And that is where business competition strategies help you.
In a desperate attempt to beat others and achieve a competitive edge, companies often copy their competitors while obtaining information about competitors’ business interests. But being a copycat is the last thing to help you gain any competitive advantage.
While for some businesses, the secret ingredient to beat the competition turns out to be constant innovation, for some, it is offering exceptional customer service. Just think about the companies or brands you purchase from regularly. There must be a particular reason you keep going back to them and do not switch to their competitors, right? That is what a competitive edge is all about. It sets you apart from others.
So without any further ado, let us unveil some sure-shot ways to achieve a competitive advantage and keep your market position protected.
Stop trying to be everything that everyone wants! To beat the competition, you need to identify your core expertise, polish them and focus on them.
Trying to fulfill everyone’s expectations is one of the most common problems with competition in business, which can sidetrack you from your goal of creating a competitive advantage. Lose your focus once, and your customers will get confused about what you offer better than others.
Aim to satisfy your target audience with your products and services. But remember, not everyone will like your business. You need to make sure not to let that impact you in any way. Come into terms with the fact that you cannot satisfy everyone. Hence be confident about what you do, give it your best, and introduce your niche products to the market with confidence.
Another proven way to beat the competition is by finding and solving the pain points of your shared target audience better than your rivals. Ask open-ended questions to your target audience and address what they want when using your products or services.
Not every business focuses on identifying or solving their customer pain points or the obstacles they face. And that is why this can be your window to grab the opportunity of gaining a competitive edge over others.
After all, standing out from others is not just about trying to sell your services and products better than others. It is also about providing feasible solutions. Call your customers up, or send them emails and follow-ups, do whatever you need to do. Just make sure to identify and resolve your customer pain points.
Setting competitive pricing for your products and services is one of the most effective ways to beat your competitors and stand out.
Shoppers compare the prices of products/services before they buy them. Now, when you price your products in line with your competitors’, you maximize your chances of profits without losing your competitive edge. Pricing of the popular products on Amazon is one real-life example of it.
Utilizing competitive pricing, you can also offer your products for the cheapest prices in the market or make them more affordable than your rivals. It’s a cost leadership strategy that can help you place your business ahead of the pack. Walmart is one example of utilizing this strategy to come to the forefront.
But lowering the price does not always work. You must not forget that lower, middle, and upper-tiered customers segment the market. Hence, first, you need to know which group your target audience belongs to and then do the competitive pricing accordingly.
Why do you think brands like Blackberry or Nokia almost vanished from the market? Because they fail to embrace the change. Change is what we call the only constant thing. And to excel in this competitive market, you need to adapt to it.
Wondering, as a good seller, how will you deal with your competitors? Well, you must always be ready to change your business as and when needed.
Whether you run an eCommerce store or a brick-and-mortar one, changing the traditional business model matching the present demands can get you remarkable results. When you break free from the conventional business models and standards, you ensure that your customers experience something new instead of the monotony usually associated with traditional models.
New entrants are disrupting the market every day. Even many of your competitors have already opted for regular innovation. It is time for you to implement a business model that you can change in a way that your rivals have a tough time imitating.
Customers want to have a clear picture of what you offer and why they should buy from you over your competitors. And that is why marketing is important in beating your business rivals.
Start making more efforts towards telling people about you, what you sell, and how you are different from the competition. And to do so, you do not always have to spend too much. There are plenty of cost-effective options available these days that can help you convey your message to the target audience better than your competitors, for example, marketing campaigns on social media.
And not just marketing, learn how to sell your products differently from your competitors. Let me remind you, not many salespeople understand or master the art of selling. (Does the pen-selling scene from the movie The Wolf of Wall Street ring a bell?) Selling doesn’t mean pushing others to buy. Selling is an art, mastering which can get you a competitive edge for sure.
Another great way to stand out in your space is by using the latest advanced technologies that your competitors are not using yet. From artificial intelligence to face recognition, machine learning, AR/VR, various advanced technologies are there that you can implement to give your business a competitive edge.
For example, more than 75% of people these days favor live chat support over any other channel. And that is where the AI-enabled chatbots help transform your business and distinguish it from others. As live chat adoption is yet to be even across all industries, businesses implementing this tech now are likely to get a competitive advantage.
Even when it comes to creating your business apps, thorough market research using techs like Machine Learning or building an MVP can help you better understand what your target audience expects from you.
Do you know that customer-centric businesses turn out to be 60% more profitable than those that do not focus on customer service?
Yes, outstanding customer service is how to attract customers from competitors and distinguish your business from the competition. Take the reputed brand McDonald, as an example. It beats its competitors by offering exceptional customer service continuously.
When your customer care team is always responsive to the customer issues, respectful and courteous towards the customers, have a problem-solving approach towards the customers, and prioritize their experience with you and your business, you outshine your rivals.
Customers possess the power to make or break a business. Yes, you do need new customers. But, retaining the existing ones is crucial. And when it comes to beating your rivals, you must retain those customers who already know you and trust your brand, and ensuring satisfactory responses from them by offering outstanding customer services is of great significance.
Competition exists in every industry, every market. But copying others is never a solution for how to outperform competitors. So stop looking for a shortcut to boost your market share because there is none. Your best chance to beat the competition and nullify the impact of your competitors is using these powerful yet simple strategies listed here.
If applying these proven ways seems too much, then we, Klizo Solutions, can assist you with implementing them.
We have a team of experienced and expert digital marketers, developers, and designers who can do the necessary to give your business an edge over others. We help our clients implement the latest eCommerce trends and technologies to boost their potential and presence as a leading business. And if you want your own team to work for you, then too, our virtual hiring service is there to save you from the trouble of finding the right candidate.
Klizo Solutions was founded by Joseph Ricard, an American who has spent the past 10 years working in India, developing good teams and good processes. We have a team of over 40 people, and we develop high level technology in multiple frameworks.