…..The year is almost over – and as businesses begin to wrap up another year of operation, its natural for those involved in management to try and assess how they’ve fared against their competitors in 2019. There are so many things to consider. Were they able to make the most of their opportunities? Is there anything the competition is doing better? How can they attack the market and get an advantage? The weeks leading up to New Year’s Day provide one last chance for leaders to look forward and game plan for 2020; so read on and explore five ways they (and you) could turn the tables on the competition.
- Find Your Niche – What does your business offer to the market that differentiates you from all the others? In an industry that is heavily competitive, it is difficult to stand out unless you are unique. Find a niche or specialize in something your customers need – then aid marketing efforts by providing a narrative about what makes your products or services special or relevant to their lifestyle. Utilize social media and websites to tell your brand’s story and create a niche marketing strategy to be implemented at the beginning of next year.
- Turn Your Rivals’ Weaknesses Into Your Strengths – It is still possible to be attractive to a market despite having inferior products and/or pricing. Your rivals have weaknesses – take note of what they are. If you find something you can do better, then establish yourself as the superior alternative when it comes to that aspect of business. Then, bring attention to it by using stories to get your market to understand what makes you a better choice over the competition.
- Be Lean – Lean Management is an organizational philosophy that focuses on optimization and reduction of waste. Cut out any processes, steps, tasks, and procedures that are unnecessary in order to save time and money. Delegate work externally if it means that your workforce can focus on more important things. Finally, try to harvest the opinions of your customers and find out if there is any way you can improve your products/services further.
- Forge Strategic Partnerships – Find other companies that offer items or services that can complement your own products/services. This adds even more value to what you are offering and can swing the odds in your favor if your competitors haven’t considered offering the same options you have.
- Focus On Customer Service And Satisfaction – Customer service is always an important aspect of any business operation. If you take care of your customers, they will love you – and loving you means they are most likely to be loyal to you and your brand. It is a great way to gain market share because happy clients usually share their positive experiences with others, which works as an indirect form of marketing for you. Always ensure your staff engage people in a positive way and handle all situations in a professional manner. Be proactive by thinking ahead and identifying possible problems or issues and craft solutions to them before customers are inconvenienced by them. This extra effort goes a long way in getting people to resonate with your company and realize that you don’t just care about money.
…..Another way to get an advantage over your competitors is to rid yourself of burdensome tasks that are better left delegated to someone else. That way you are free to work on the most important aspects of business. Are you ready for the next level? Contact Tukko Labs today and find out how we can contribute to your success.