Market Mad House

In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche


How To Beat Your Business Competition

Pretending that you don’t have any competition when you are a business owner is a very bad idea indeed. It might be more comfortable or easier to think like this, but it can harm your business and ensure that, rather than building something successful, you fall at any obstacles that arise.

 As a business owner, it’s one of your many tasks not only to be aware of your business competition but also to get ahead of them. With that in mind, here are some of the ways you can beat your business competition and prove you’re the company people should be using. Read on to find out more.

Don’t Ignore Them

As we’ve said, although it might be extremely tempting to ignore your business competition, giving you a chance to focus on your own business rather than someone else’s, that’s not a great thing to do. After all, if you want to beat them, you need to know what they are doing.

You’ll need to know what’s similar and what’s different. You’ll need to be aware of their pricing, special offers, and so on. In other words, the more you know, the more you can put in place to get ahead of them. Plus, of course, even if you’re ignoring them, it’s unlikely they’ll be ignoring you, so you’ll immediately put yourself at a distinct disadvantage.

Make sure you spend just a few minutes each day checking your rivals’ websites, social media feeds, and reviews. You might learn something that can help you race ahead.

Offer More Value

You might think that if you are working in the same sector, maybe even the same niche, as someone else, there isn’t going to be a lot to differentiate you, so you just have to rely on good luck. Luck is not something you should ever even contemplate in business; you just can’t trust it. This is why you need to make things happen, and even if you’re very similar to another business, if you offer more value, you will set yourself apart in a positive way.

There are a number of ways you can do this, such as offering better value for money, giving free gifts away, creating a loyalty scheme, or having a newsletter that includes discount codes. You could also have an app within your business that helps you run things more smoothly, thus offering your customers a much better experience from beginning to end. This will certainly make you stand out and people will want to use you more.

Exceptional Customer Service

Following on from the above point, good customer service is crucial in business. As we know, there is a lot of competition, and if anything happens that the customer doesn’t like, which could include slow service, inferior products, not answering a query, or a rude response, they won’t stick around to give you another chance. You would effectively be handing your competitors the profit you should be making.

Make sure everyone on your team is aware of how important customer service is and that you train them to respond in the right way. Have procedures in place to deal with complaints quickly and easily and check in with your customer to ensure they are happy. In this way, you will rise above everyone else.