Staying ahead in competitive markets

Okay, you've been around for a while, established a place in the market, and got a loyal client base. But business and competition go hand-in-hand, so how can you ensure you stay in favour in a fickle market? And how safe is your business from keen start-ups and eager entrepreneurs? With these questions in mind, we look at how to handle business competition.

Beating business competition

Funding for the technology sector has changed over the last decade. Some Silicone Valley start-ups are receiving billion-dollar valuations within the first year of operating. Why is this? Should long-established brands fear usurpers coming for their market? The answers will depend on the specifics of the business and its market, but it does indicate a shift in investment strategy that sees time operating as less valuable than it once was.

Business competition can take the form of cloning a brand's USP at a better price point through a more modern UI, leaving new consumers more comfortable with this offering despite its infancy. Frustrating but legal, the only thing brands can do is adjust their offering and how they market themselves. Let's look at what you can do now to help push your brand to levels your competition simply cannot reach.

Review your presence often

Just because your current customers seem to have no interest in Twitter or Instagram, you could still be missing some important sales if you neglect your social media presence. If your target demographics aren't using the most popular platforms, where else are they spending their time? Social is vital for all modern businesses, and whether you post daily or monthly, with aggregate news, or product offers will depend entirely on your market and target customer. Look at what successful competitors do, as often this can help you get an idea of what you should and shouldn't do as you modernise your brand. Remember to review your social presence regularly, as staying on top of changing trends can be the key to winning business from your competitors.

Another presence to consider is your website. A site that reflects modern standards is vital in gaining trust with new clients. An outdated appearance connotes neglect, failure, lack of funding, and inexperience, leaving the user with doubt and mistrust. Update your site often, refreshing functionality and design at least every two years to match changing marketplaces. This will not only give your visitors the confidence to purchase from you, but will also help your search engine rankings.

Update your offering

Apps can be low-cost and offer convenience and entertainment for users. Could an app improve how your customers experience your services or products? If an app isn't appropriate, or you already have one, what else can you do to improve your customers' experiences? Could processing times be reduced? How quickly are you responding to enquiries? What are you doing to ensure repeat sales? Look within your business and see what customers complain about. If there are easy ways to solve any issues, don't delay your fixes. Solutions will often lie in the technology you are using, and your competitors will always be looking for ways to grab a greater market share by automating their processes and services. Makes sure you stay on top of the tech trends in your market, so your business never gets left behind.

Don't forget your existing customers

Too often, businesses looking to grow will set their sights on new customers, offering discounts and other perks to first-time buyers. While this is useful, it can undermine the loyalty your existing customer base has shown you, potentially leading to feelings of disgruntlement or dissatisfaction. When this happens, loyal customers may turn to your competitors for the products or services you had been providing. And this is exactly what your competitors want. The best way for them to expand their business is to take existing customers from businesses like yours. You can prevent that from happening by offering loyalty schemes, exclusive credit terms, or other incentives to your existing customers. Not only does this remind them how much you value their custom, but it may also encourage them to spend more with you the next time they shop.

Keeping track of the privileges assigned to each of your customers can be tricky, but with the right customer management software, you'll be able to create bespoke vouchers or discounts that expire when you decide, along with a range of other easy-to-create-and-track benefits to keep your customers happy. A smart CRM system can automate the management of your discounts and the customers they are assigned to, ensuring promotions begin and end on preconfigured dates, that vouchers are assigned only to qualifying customers, and that an offer can only be used the permitted number of times before expiring.

Keep your staff happy

Your staff are one of your greatest assets. Make their lives as easy as possible by investing in the tools that empower them to excel in their roles. You may want to consider collaborative tools so your teams can work remotely, or look at ways to improve employee interactions by reviewing your communications software. Technology can also look after your payroll and HR processes, meaning positive and consistent experiences for all your employees, and more time for you to focus on running your business. Happy staff will not only give you their loyalty; they'll go above and beyond to do an exceptional job, take a genuine interest in the success of the business, and act as ambassadors to potential customers or employees.

Establish your USP

What makes your business better than the rest? Why should a customer choose you over your competition? The answer will be whatever it is that distinguishes you and makes you memorable. It is what you offer to your customers that nobody else can or does. This is your Unique Selling Point (USP), and establishing it forms the foundation of your positioning in your market.

Many businesses change their USPs often to stay ahead of the competition, and some offer multiple USPs. Both these strategies can work well and may be right for your business. When deciding on your USPs, the first thing to consider is whether you are actually fulfilling the 'U' in the acronym. Are you sure nobody else is offering the same? If the answer is 'yes', the next step is to critically assess the value of your USP. A unique point is not automatically of value to potential customers. Is it really the best you can do? Does it resonate with your customers' wants and needs? Is it remarkable and enticing enough to gain you a greater percentage of the market share? The easiest way to answer these questions is to do a web search of your competitors to see how they position themselves. Think about the main motivations of your customers. Are they interested in low prices, fast delivery, quick service times, high quality, brand prestige, ease of ordering, a large range of choices, or something else? Bear in mind that your competition will also be looking to identify their USPs based on similar analysis, so you need to ensure yours are truly unique. One way of doing this is by quantifying your offering. For example: 'With over 124,000 products to choose from, we have the widest range of stock in the industry'. Or: 'We guarantee delivery within 24hrs, the fastest in the industry.' Or: 'With 6 different ways for you to checkout, we offer the most flexible shopping experience in the industry.'

Technology helps you deliver on your USP. Managing 124,000 items of stock manually could be a daunting and expensive task, but using automated stock management tools can greatly simplify these processes. Delivery within 24hrs is made much easier if your processes are streamlined and efficient, and often the best way to achieve this is with technology that lets you customise and optimise your workflows. And offering a range of checkout options means giving your business a presence across a number of channels, which might include a mobile site, a desktop site, an app, social media shops, and more; as well as ensuring each platform supports multiple payment options. Maintaining all of these channels with consistency is made much easier by introducing technology to align your production and deployment processes.

If any of this this sounds like something your business could benefit from, or you are interested in a free consultation to see how you can stay ahead of the competition, get in touch today! Call+44 (0 8456 808 805, or visit our website now.

Your competitors will always be looking for ways to grab a greater market share by automating their processes and services.