As a business owner, you already know that the competition is tough. You are all fighting for the same customers, trying to outcompete each other and find your own niches and areas to exploit. It certainly is not an easy thing to do. But nothing worthwhile is easy. It is very important that you look are always on the lookout for new and improved ways of doing business. This is a never-ending thing. You can’t afford to take your foot off the pedal as you can be sure that your competitor will not be. All it takes are a few months of stagnation to fall behind. So, you need to develop a mindset that embraces change and progress in order to succeed. To give you a few ideas, here are a few ways you can ensure your business stays ahead of the competition:
Know the Competition
If you want to stay ahead of the competition, then you better know who they are. So do some investigation and discover who all your competitors are. Look at their website and social media platforms. Discover how they position themselves; what is their USP – unique selling point? How do they speak to your customer? You can learn an awful lot about your customs by looking at what your competitors do, too. Think about your competitor’s strengths and weaknesses. In other words, what do you consider they do well, and what not so well? How are you better? How can you compete with them? Read their brand narrative and discover what issues they appear to be interested in. The more you know about your competitors, the better able to are to create a USP that is truly unique and can propel you ahead of them.
Know Your Customer
It is also vital that you know your customer. If you do not know who your customer is, then how can you connect with them? So, you need to conduct a lot of research. Consider your customer’s personality type, what are they interested in, and what issues concern them? What kind of person are they, and how will your product and service add value to their lives? If you can focus your research on adding value to their life, then this is a strong way to connect. The better you know your customer, the more honed your marketing material will be. You want your customer to have an almost emotional response to your brand. The only way to do this is through intense customer research and creating a key customer profile, and matching this with your marketing material.
Your Branding
You need to have a well-thought-out brand with a depth to it that your customers can connect with. Your brand needs to be created in conjunction with your customers. There is no point in creating a great brand with its own philosophy and personality that does nothing to connect with your customers. So use your research of your customers to form the basis of your brand; also consider your competition, and think about how you are different. What is your USP, and how does this fit in? Your USP needs to be one of the key components of your brand. A brand comprises your core values, your ethical concerns, your vision for the future. It is a logo and colour scheme too, but with a depth that comes from all these things.
Make A Mark Online
In today’s modern market, it has to be said that no business will be able to thrive without some kind of online presence. Such a huge percentage of commerce is being done online, and the chances are that your competitors will have their own carefully designed websites that you need to compete against in order to grow your reach and attract as many customers as you can. Making a mark online can be a simple process if you have the right team in place, as you need a skilled digital marketing manager that has the experience needed to totally transform your company’s online presence. Don’t fret if this isn’t an option for you, as you can find a growth agency that will help you to develop a strong web presence despite your lack of knowledge. Your website has to be stylish, functional, and interactive – these three features are absolutely key if you want to put your brand name on the digital map. You should also consider creating a social media page or profile for your business too, especially if your competitors have already done the same. You’d be surprised at how much growth can be achieved through social media, as some users spend upwards of 10-12 hours browsing these sites each and every day.
The Legal Side
You do not want to suffer any irrevocable reputational damage cases as a result of doing something illegal. You may think that you are operating inside the law in every aspect, but things change all the time, including laws. Consider the Privacy Shield 2.0 and how this has affected how businesses can keep and hold data, for example. You need to be aware of anything that changes in respect of the law. If you break the law, you could end up with a huge fine to pay, or worse. As they say, ignorance is not a defence of the law. So, if you feel that it may be difficult to stay on top of everything in this regard, you need a solicitor to work for you who is aware of all the changes and potential changes in the law and can advise you as soon as they are enshrined in law.
Attract the Best Talent
The employees that you have working for you are vital cogs in your business machine. They make sales for you; they deal with problems; they talk to your new and existing customers; they perform challenging roles; they interact with each other and can bring down or increase morale, etc. It makes sense that you would want to employ the best people. If you don’t, you could end up with a lot of sick days and low productivity. So, how do you attract the best people for your business? Three are several things, and one of them is your brand. In the same way that you attract customers with your brand, you will also attract staff. You want people to be proud to work for you, and a great brand can do this. Along with this, you need to develop a vision that everyone can believe in. This is a powerful motivator for talent. Above and beyond pay, having a belief motivator that you are all striving for something is a great pull. Using your brand as the foundation, you need to create a great company culture too that champions things like change and innovation. You need to see your staff as a family who are all invested in your company. This means you need to be open and honest what them. Having regular team meetings then is a great way to keep everyone in the loop. Tell them about your company vision and how you intend to get there. Ask them for their opinions and thoughts on the company and how you can improve. The more valued each individual feels, the better. This is how you retain great staff.