Every business owner has to contend with competitors. To succeed, companies and brands need to be able to outshine their rivals and persuade customers to choose them. In this guide, we’ll discuss how to blaze a trail and gain that all-important competitive advantage.
Customer service and reviews
Positive reviews have never been more important. As studies suggest that over 90% of consumers now read a review before making a purchase or contacting a business, companies can attract new clients and boost retention rates by prioritising customer service. Go the extra mile to provide an enjoyable, stress-free experience, take feedback on board to improve the service you offer and encourage your customers to leave reviews. Consumers are more likely to trust brands that have an excellent track record and high review scores, and publishing reviews can help you persuade prospective clients to choose your business over rival firms.
Technology and innovation
Technology plays an increasingly important role in enabling businesses to embrace innovation and diversify product ranges and services. Access to technology can enable companies to design and create new products, expand service lists and offer perks or features that customers may not be able to enjoy elsewhere. You can also utilise technology to speed up turnaround times and optimise functionality to add value and enhance customer experience. Look for investments or equipment, tech or machinery you could hire to drive your business forward and make a positive difference. You don’t need to buy every new tool or software system but keeping up to date with innovations can be hugely beneficial.
Outsourcing can offer businesses of all sizes a raft of benefits. When you outsource, you work with external agencies or individuals, for example, freelancers, rather than recruiting members of staff for your in-house team. Outsourcing frees up time for core tasks and it can also help you boost efficiency and enhance customer service and experience. From payroll services and professional cleaning to IT support, digital marketing and waste disposal, there are many tasks you can outsource. When choosing agencies or firms to hire, take the time to meet representatives, discuss services and packages, compare prices and read reviews and testimonials. Check examples of previous work and search for companies that offer bespoke, personalised services.
New trends and products
Consumer habits change and new trends emerge continuously. During the pandemic, for example, online sales soared and people looked for businesses offering click and collect or home delivery services. Products designed for home workouts and working from home also became incredibly popular. As an entrepreneur, it’s always beneficial to keep an eye on buyer trends and habits and try to predict and preempt new trends to stay ahead of the curve. If you can be adaptable and flexible, and you’re keen to innovate and lead, rather than to follow your rivals, you can capitalise on new patterns of behaviour.
Beating the competition is a constant battle for business owners. If you’re keen to blaze a trail and ensure that others have to catch up, it’s important to be proactive in trying to gain an advantage.