Establishing a competitive edge means turning the tables of the market into your businesses favor. Ensure the market forces favor your company is key to gaining an edge on the competition.
With so many businesses competing for the customer’s dollars and attention, each business has to work hard to set itself apart from its competitors. Whether they offer a unique product or service, or even if they’ve been in business for a long time, differentiating your product or service can mean the difference in low or no profits for your company.
Being different doesn’t always have to be unconventional in the business world; it can mean something as simple as offering tried-and-true methods, but with your own spin. Essentially, doing what has worked for years can prove to be more profitable than being creative or wild.
Here are five methods your company can implement to ensure that your business stays on the cutting edge of the competition and outlasts their competitors through any recessions or grave economic forecasts.
Set Competitive Prices
Customers always look for the best return for their money. They also want quality products and services at a reasonable price. If you can safely offer your goods at a competitively reduced price yet still see a business profit, go for it and you will see customer loyalty over time. By using resources like ERP software, your business can also keep abreast of internal business functions and make adjustments where needed.
Instill Trust
The most effective way to instill trust and gain customers is to be true to your company’s word. That means honoring and aggressively backing any merchandise return policies, product guarantees, and ensuring customer satisfaction on all levels.
Customers generally tell others about their satisfaction with a company and their comfort level on doing business with them. This is by far the most flattering thing that a company can experience. And, over time, that trust that they have worked hard to foster will translate into your business standing out from the crowd.
Create Value
Creating business value means giving the customer MORE for their money. Going above and beyond expectations can quickly differentiate your business from others. When the customer sees that they are getting more than they bargained for, they realize how much they can get and how much they can save by doing business with your company.
This can go beyond enjoying tangible products as well if you offer value in the form(s) of education on products, video product demonstrations and creating a genuine company-customer relationship through various methods.
Use Creative Marketing
Be as creative as you can when you use marketing methods and you will stand out from the rest. Take a spin on regular marketing and customize it to what your company sells. Brand your company by creating a jingle, a catchy phrase or even something that is completely unrelated to what you do, especially if it means the customer will associate your company with the funny idea.
Convenience
In the era of get-everything-fast, convenience is what the consumer needs and wants. If your company is able to provide that convenience, then you’re more likely than your competitors to carve out an identity for yourself in your industry.
Use these methods and enjoy the benefits of having the competitive edge in your business marketplace!