5 Ways Your Business Can Out-Compete Your Competitors

Today’s digital world has made it easy for companies to do business. If you’re a potential entrepreneur, this is excellent news. But it also means that the competition is bigger than before. If you’re looking to stay ahead in the current market place, you want to navigate your way through the following strategies.

Reward Your Current Customers

Your current customer base is the lifeline of your business. They are the individuals you hope will continue to keep coming back time and time again. Based on a business study developed by the Gartner Group, 80 percent of a company’s income in the future comes from 20 percent of the customer’s you currently retain. You can keep your database interested by gathering important information about them. Determine how your product or service can better help them in their everyday lives. You also want to develop reward systems for those who have been with you from the start. This could include a credit, discount or voluminous reward system for those who order in bulk.

Re-Develop Your Service or Product

If you stay the same, your competitors could easily overtake your business. That’s why it’s important to keep honing your skills. Whether you think of ideas to generate new business or find ways to re-develop what you already sell, creative thinking shows you care. For instance, a ballroom with event space for a contemporary modern wedding venue transforms the atmosphere into an ideal setting for both the bride and groom better than other stale facilities. State-of-the-art LED equipment also allows the prospective couple the ability to personalize their special day with today’s technological advances. Alternatively, a woman’s boutique could also re-develop their current business platform by selling additional wares such as a children’s and men’s clothing line.

Encourage Referrals

Online reviews and referrals are critical to staying ahead of the competition. You can encourage your customers to refer your business to friends, family and co-workers by word-of-mouth. You can also send a note that Yelp review sites and other online reviews are also encouraged. Once done with a job, leave business cards, so your customers can hand them out to other prospective clients. Include a bonus such as a gift card or money off their next purchase if they refer you to someone else, and the client uses your company. Star ratings left on Facebook and other social media sites can also prove beneficial to your business.

Identify What Makes You Unique

Whether customers purchase your product because of how you sell it or you go above and beyond by providing the ultimate customer service, there are certain aspects of a business that is appealing. When you’re looking to stay ahead of the competition, you want to identify your own uniqueness and expand on it. For example, two hair salons could differentiate their businesses by concentrating on cuts or colors. If you want to go beyond, your marketing strategy could also focus on other services such as nails, massages and pedicures.

Look Toward the Future

A great way to out-compete the competitors is by planning for your future. Growing a business and succeeding means that your company needs to keep up with the changes in your field. Bone up on any future consumer trends and product developments. Invest in certain areas of technology that are useful to your area of expertise. Implement a business plan for where you would like to see your company go both short and long term. Once prepared, you’ll be ready to take action. You’ll also find it easier to motivate your staff and current employees when you move in the right direction.

Staying ahead of the competition isn’t easy in today’s business world. But by keeping your outlook fresh and finding ways to develop your own unique brand, you’ll be able to stay well-ahead of the pack.