It’s difficult to make your business stand out from the crowd, especially in the 21st century digital environment where businesses large and small are competing for the same customers.
Remaining competitive is vital for any business. If you stay ahead of your competitors and hang onto your customer base, your sales stay stable and your revenues remain predictable.
But how can you do that in today's increasingly challenging business environment?
Key ways to remain competitive in your market
No market sits still. And the competitiveness of your company’s brand will also fluctuate and evolve over time. But this doesn’t mean that you can just sit back and let your competitive edge fade away. The more proactive you are about your position in the market, the more you can do to preserve your advantage and keep your business ahead of your competitors.
Here are some helpful ways to boost your competitive edge:
Focus on building a strong brand identity – Start by identifying what makes your business unique and what values it stands for. Then, create a cohesive brand story that speaks to your target audience. Use visual elements such as logos, colours, and fonts to create a consistent look and feel for your brand. Finally, be sure to keep your brand message and aesthetic consistent across all platforms, including your website, social media, and any other marketing materials
Provide a personalised experience for your customers – Customer experience is everything in the digital age and a happy customer will buy more, so you need your CX to deliver every time, no matter what. Try analysing your customer data and feedback, and then using that information to tailor the customer's experience with your company.
Carry out competitor intelligence activity on your main competitors – Competitor intelligence is an important activity for any company. It involves gathering data about your competitors, including their strengths and weaknesses. You’ll need to identify the competition, find out what they're doing, and analyse the data you've collected.
Offer high-quality products or services at reasonable prices – You won’t sell high volumes if you don't have a quality product or service. And you also need to offer a price point that your customers see as good value. If you're not sure if your prices are competitive, take a look at what your competitors are charging. This will give you an idea of what people are willing to pay for the same products or services that you offer.
Develop new technologies that are not yet on the market – Investing in new technologies is risky but can also be profitable. To help mitigate the risks of developing a new technology, it is important to research the market and make sure that there is a genuine customer need for your product. It's also important to ensure that your product will be affordable and has potential for growth in the future.
Talk to us about reviewing your business strategy
Keeping your business at the competitive edge of the market can be a challenge. But by analysing your customer and competitor information, you can do your best to remain competitive and keep your dominant position in your market or industry sector.
We’ll help you identify the risks, spot the opportunities and amend your business strategy to remain competitive, stable and profitable in the future.
This post was originally published / written by BOMA and has been updated for freshness, accuracy, and comprehensiveness.