Growing a business requires laser like focus and attention to detail. One of those details, is assessing what your competition is doing and how much of a threat they are to your company. Here are a few ways you can keep your edge in a competitive market.
· Know the competition – Put on your best PI costume and take a look at what your competition is doing in person and online. How do their sales associates interact, how are they greeting people, is information easy to find, how hard is it to checkout, etc. If you aren’t comfortable doing this, ask a close friend or family member to do it for you. Then compare notes and see where you could improve your own procedures.
· Connect with leaders – You can learn a lot about what is happening in your industry by following industry leaders on social platforms and in LinkedIn communities. Connecting with like-minded individuals could create relationships that help connect you to new partners and customers.
· Step up your marketing – Make more effort to tell people who you are, what you sell and why they should buy from you. It doesn’t have to be expensive; marketing can range from posters in your window and leaflet drops to Facebook ads and website enhancements.
· Look after your existing customers – They will be your competitors’ target market. Provide better customer service by being more responsive to their needs and expectations. If feasible, consider offering low-cost extras such as improved credit terms, discounts or loyalty programs – remember, it’s cheaper and easier to keep customers than to find new ones.
If you need help with any of the above items, we’re happy to help! Give me a call at 615-893-4290 to talk more about it.