Businesses exist in a competitive environment. For example, Telecommunication companies are in fierce competition with each other to provide the best possible value for money goods, and to offer the most suitable range of products for their customers.
Businesses compete in many ways. While some work for some people, for others it doesn’t. Hence entrepreneurs are constantly thinking of ways to outsmart one another.
Being the best at what you do requires making the most of every resource that you have. The market out there is tough, but with the following 20 tips, you will learn how to outsmart and not to outspend your competitors.
1. Make Your Products and Services More Attractive
If you make your products and services more attractive in-terms of packaging and presentation, clients will always choose you ahead of your competitors .
2. Make Your Services and Products Affordable
Making your products and services more affordable does not necessarily mean compromising your quality and quantity. Removing a cent or two from the normal price will attract more customers to you. It’s been proven that people will always go for goods sold at $9.99 than $10 even if the difference means nothing to them.
3. Availability of Your Products and Services
Most companies lost their customers mainly because they gave them the opportunity to try other products when theirs weren’t available. Make sure your products is always available and within the reach of your target market.
4. Continuous Adverts
Ensure that your products and services are always in the media, bill boards and other advertizing tools. If people keep seeing and hearing about your products, they will always patronize you.
5. Increase Your Quality and Quantity
Study your competitors’ products and then put in that extra, with respect to quality and quantity without increasing your price. You will be amazed at how you’ll woo you competitors’ customers. Besides you’ll ride on an economy of scales to make your profits.
6. Utilize Promos and BOGOFs (Buy One Get One Free)
When you make it a habit to always give back to your customers via promos and BOGOFs your existing customers will be loyal to you, and you will even win over your competitor’s customers. Just ensure that the incentive that you’re offering is attractive enough.
7. First-Class Customer Service
Dishing out first class customer service experiences to your customers will guarantee their patronage and they’ll go out there to sing your praises. Remember, mouth-to-mouth advertisement, especially from a satisfied customer still remains one of the most effective form of advertisement.
8. Celebrate Loyal Customers
When you celebrate your loyal customers by rewarding them openly, you’ll make people know that you are not just out there to make money off them. It’ll also show that you recognize your customers, not just because of the money they pay, but because of their impact on your business.
9. Get Your Customers Involved
Not only getting your customers involved in the process of your production but seeking for improvement ideas from them will give you an edge over your competitors. It means you will be dishing out products that are entirely tailored to meet the needs and taste of your ideal customers.
10. Simplify the Usage of Your Products
In this age and time, people are too busy to create more time to study your manuals critically before they can use your products. Make your products easy to use and you’ll outsmart your customers, especially if they are not on the same page with you.
11. Utilize Data
Maintain your competitive edge by constantly studying your data and then implementing the necessary changes. Never stop doing research because you never know when a new idea can come up in the process.
12. Ride on the Internet
Make adequate information about your organization and your product available on the “World Wide Web”. It will increase the number of people that know about your products and services. Why is this so? Well, the internet has no boundaries. Information about your products can go as far and wide as possible, depending on how you implement your strategy.
13. Use Effective Budgeting Tools
With the use of effective budgeting tools, you will be able to monitor and cut cost. This in turn will give you a competitive advantage.
14. Use Effective Price Control Tools
Using effective price control tools will guide you in fixing the right price for your products and services. Placing the right prices on your products and services for the right kind of audience will definitely give you the right kind of sales.
15. Make Your Workflow Simpler
Ensure that there are no bottlenecks in the process of getting your products and services out to your customers. Eliminate all cumbersome processes and replace them with simpler and faster ones.
16. Explore New Sales Channels
Be on the watch-out and take advantage of new sales channels. Do whatever it takes to ensure that your products are always flowing from the point of production to the stores where they are needed.
17. Capitalize on e-Transaction
Make your products and services available 24 hours a day and 360 days in a year by selling them online. E-Commerce has indeed come to stay, so utilize it maximally.
18. Be Involved via Community Social Responsibility
Provide basic things that the community where your business is located needs. It could range from providing waste baskets at strategic places to sponsoring sport clubs, amongst many others. This definitely increases your offline popularity.
19. Become an Expert
When people perceive you to be an expert at what you do, you will definitely lead your industry and others will follow. You become an expert by going the extra-mile in researching and studying; then by volunteering to teach people about it via talk shows, blogs etc.
20. Know Your Clientele Base
Study your buyers, clients and prospects; figure out not only how to reach them – but also what they love. Understand how they want to be reached and then take advantage to let them know that you have what they are looking for.
Bottom line is that you must work hard at outsmarting your competitors because they also are looking for ways to undo your business. Be up and doing at all times. There should never be a dull moment with you and your team.
When adequate work is done, success will be yours. Ultimately your brand becomes a force to be reckoned with.
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