Keeping Up With Competition

Business is just one constant competition, it’s no wonder why so many business’ fail. But for those that succeed, the struggle never stops. Business giants such as Facebook or Amazon have worked hard, and have constantly adapted to the ever-changing world of business to ensure they stay on top, let’s see how you can do the same.

Research

To know how to beat your competitors, you must first know what they’re doing to be ahead of you. Whether you conduct your own research, or have a research specific company do it for you, you’ve got to get your head around what they’re doing differently to you. It could be better marketing, better website design, or better interaction with their customers. Don’t aim too high though.

If your company is one that sells gifts for children, don’t try comparing your website to the likes of Argos or Toys R Us. Take a look at competitors closer to you, conquer them, then work your way up.

Set Achievable Milestones

As said in the previous paragraph, it’s important to stick to your own level, and not reach for the stars too early. Whilst being ambitious is good, it’s hard to achieve unrealistic goals, which in turn could knock your confidence quite a bit.

Try setting manageable ones such as reach 100 sales, hire one staff member. Little growth spurts in business help keep things manageable, and it’s easier to track progression when you’re always succeeding.

Design

The perfect way to keep up with your competition is design. Whether that be of a logo, or your website. It HAS to be eye-catching. You’re most likely competing with big brands, so try tactics such as a snappy slogan, a bright bold logo, and a snazzy website that customers can use with ease.

One thing some smaller companies lack is a good working website. There’s generally lots of usability errors during the order process, or the site crashes every 5 minutes. If you haven’t looked into user experience yet, it might be worth using a UX agency to improve the ease of use of your website so you don’t lose customers.

Marketing

This may be an obvious one, but marketing your business is essential. Try utilising social media to get your name about, as well as things such as TV and radio marketing. Granted, in the beginning money probably won’t allow a worthwhile TV advert.

Which is why you should use the power of social media. When you’re finally able to create an advert, make sure it has a catchy song to it, some sort of slogan to your business, and really represents what your business is about. Think about what you’d like people to know about your business, and get it out there.

But please watch out for the cringe factor. An example of an annoying advert would be Go Compare. It sticks in people’s minds, but most people find themselves changing the channel when it comes on!

Those are just 4 ways to keep up with competition in the business world. There are that many different things to explore and tactics to use, that before you know it you could be top of your niche. Take ideas from other companies, and make them your own if you’re struggling. Watching a successful company can help aid your ideas.

This post has been contributed by Ryan Gatt, it may contain affiliate links.

 

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