6 ways to beat toughest business rivals.
Whether you like it or not, competition is always there. There will be plenty of businesses just like yours, pitching for the same work and fighting to survive.
In today’s economic climate, freelancers and small studios will be battling to stay afloat like never before. With so much fierce competition, how do you beat them? How do you get noticed above everyone else and ensure you’re winning the clients?
There are many ways in which you can beat your competition. From focusing on your customer service to making the most of the search engines, there are lots of different tricks you can use to be the best.Here is 6 ways to beat the toughest business rivals and stand out from the crowd.
1. Know your USP
If you don’t know your Unique Selling Proposition, find it out now! What is unique about your business? How do you compare to other freelancers in your industry? What makes you so great? Why should people hire you over someone else?
Find your strengths by asking clients or family/friends what they think about you? Are you fast? Reliable? Are the services you provide high quality? Are you creative? Pick out two or three adjectives to define your USP and ensure you stand by those, communicating them across all your channels.
2. Define your brand
When you first start, or if you’re amid a re-brand, make sure you present a great first impression to potential clients. Have a look at competitor websites and see how they present themselves. Consider the look and feel of their logos and web designs. Are they corporate? Fun? Approachable?
Now, look at whether there are any weaknesses in their branding? Seek out the areas where you could do better. Define your branding by considering your USP and try to convey what your company stands for – not just with your visual identity, but also with the tone and language you use in your writing.
3.Identify and solve the pain points of your customers.
ask open-ended questions to find exactly what your customers want while using your products or services.
The key here is to provide solutions to the prospects and supply them what they need as opposed to selling them what you want to sell. You only need to fulfill the need, not “sell” anything. Your product or service will automatically start to sell more the moment you fill the void that your competitors are lacking.
4.Make innovation your best friend.
Change is the only thing in this world that is permanent.
Urban Outfitters was able to create a powerful disruptive force because it hired artists instead of businesspeople to manage its stores. They had full freedom in shaping the interiors of their stores, and the result was remarkable. Every Urban Outfitter store was unique, while the competitors’ stores all looked the same. The company was able to raise revenues by a massive 500 percent to around $3 billion in the last 10 years.
Innovate with your products and services, and don’t hesitate to take the risk. For example, you could add enhanced capabilities to your existing business processes using virtual reality applications like Samsung Gear VR.
Giants like Nokia and BlackBerry were wiped out from the smartphone market because of lack of innovation. Always remember that your competitors are regularly innovating and new entrants are disrupting the marketplace. Your business should innovate often and in a manner that the competition finds hard to follow.
5. Improve your customer service.
People love businesses that provide exceptional customer service. If you delight your customers with great service, you’ll make loyal customers who will refer your business to their family and friends.
Hire staff who have a good understanding of your products or services. Ensure that they remain patient and provide satisfying answers to every customer query.
Your staff should greet customers with a pleasing smile and must show gratitude. It is essential to boost the team spirit of your staff and hire team players. Remember to reward the team players, as employees need constant motivation to outperform others.
Your customer care team should always remain courteous and respectful. They must always be responsive to customer queries. They should have a problem-solving approach and always ask for customer feedback. Customer-centric companies are powered by dependable staff who raise the level of customer satisfaction.
It is essential to define your brand, set a USP, and stay ahead of your competition in terms of quality, price and customer service. Moreover, you must talk with your customers so that you can retain them for a lifetime.
6.Get the pricing correct.
Perfect pricing strategy revolves around marketing psychology. Before you set your own pricing strategy, it is essential to know the competition. You must identify who is offering the best value for money. The price you set should be standard and must have a competitive advantage.
A great pricing strategy does not always mean lowering the prices of existing products in order to win more customers. Every market is divided into three segments – the lower, middle and upper class. The first step is to identify the class you are targeting. Once you get an answer to that, it will be much easier to set a price that your audiences will love to pay. Sequoia’s guide to pricing strategy covers all the tactics to help you set a pricing strategy that can beat your competitors.