Having competition is good for business, but what’s even better for your business is beating the competition. It’s not just about the price of your products or services either; it’s about having a unique edge, something that sets you apart from the others and something that makes your customers choose you over anyone else. If you don’t know what your competitive edge is, then perhaps you need to work this out, or maybe you need to get one because, without one, there’s nothing to stop your customers from going elsewhere; they need a reason to come to you and to forget the rest. So how can you get ahead of the competition?
Put Your Prices Up
Yes, that’s right, put them up, not down. Most people think that you have to slash prices to get noticed and for customers to come running, but this isn’t the case. Charging more and using a method called “prestige pricing” will mean that you appeal to buyers. It is common for potential customers not to take cheap products seriously, so it’s essential to show them that your products or services are quality, and they are worth it. Not only does this give you a competitive advantage, but it’s also an excellent way to boost your margins. However, if this is the route you’re going to go, you do need to make sure that the quality of your product or services justifies the higher price point.Â
Influence People
The term “Influencer” is a slightly loose one as it seems anyone with an Instagram account can be an influencer. However, if you can make an impact and influence people in your industry, then then the more people who know about your company and respect you as an industry leader, the more customers you will acquire.Â
Stay Ahead With Tech
It’s important to remember that technology is the future, and you need to be on top of it or even ahead of it. If your company gets an app before everyone else in your sector does, you will be seen as a trailblazer, an authoritative company, and the one who knows what they’re doing over everyone else. Alternatively, it could be that you’re manufacturing products, and this is where technology can come in to help you produce more than anyone else. Click here to find out how 3D printing can help you with high-volume production and help you rise above the competition. Â
Create The Data
Using data and statistics as a guide to meet customer wants and demands is excellent; however, rather than following trends and waiting for another company to be the one to give you the data and tell you what your customers want, gather your own. You can be the company that tells others what’s going on in your industry. You can be the business that other businesses cite in their content.
Find Your NicheTrying to be everything to everybody means you’ll end up being nothing to nobody. Try focussing on just the one thing that you know you’re an expert in, and you can do well. People will then see you as an expert in that field, and when it’s that particular product or service they want, they will come to you.
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