9 SIMPLE BUSINESS TIPS TO STAY ABOVE YOUR COMPETITORS
Managing a business can be draining and challenging, especially when you’re trying to overcome intense industry competition. This is because when you make a forward step to grow your market share, other businesses will lose ground to accommodate the step. As you’re aiming to grow, your competitors are pushing to increase their market share too. It becomes a battle of who gains the market most. However, the right strategic business approach can make a huge difference in your business. Knowing the right simple business tips and when and how to apply them to beat industry competition is vital for business success.
In this piece, I’ll be discussing some carefully selected simple business tips that are easy and quick to execute. These tips for business will help you gain a competitive advantage, insulate yourself from the threats new entrants may pose, and generally strengthen your business.
Drop whatever you’re doing; let’s get started.
1) Research and Understand your Market more than Anyone Else
One of the most vital simple business tips anyone can give you is to research and understand your market more than anything else. Engage in continuous market research and always listen closely to your audiences’ needs. Follow your audience each step of the way, through trends, fads, and innovations. Understand how these fads and trends fit into their lives and how you can leverage it to gain market share.
With this business intelligence, run your business in a dynamic way that you’ll have compelling solutions for your market at every time they need it.
Remember, it’s about the market and not about you. Tweet this
2) Don’t Sell Products, Provide Solutions
A big fat misconception that some business owners have is to assume that customers want their products. No, they don’t.
If not your products, then what do customers want?
Customers want solutions to their problems.
Limit talking about your products or services when you advertise them. Instead, focus on making the customers understand how you provide the solution they need to solve their pain points. Use simple, straightforward, and easy-to-relate-to words to explain how and why your product or service can help them attain their goals. From the product/service to your pricing and delivery model, everything should be centered on making your customers’ lives comfortable and more pleasurable.
Takeaway Point: Customers care about themselves and not about your product/service. Tweet this.
3) Optimize Your Pricing
It’s usual for business owners to cut down their prices when they wish to gain more market share. However, reducing your rate doesn’t necessarily translate to increased sales. I advise you to optimize your pricing to balance between the value you provide and the buyer persona of your market.
If you’ve positioned your brand as a premium brand through strong branding, then you should stick to that. Rather than reducing your price to beat your competitors, there are ways you can optimize your price. Target a more quality-conscious sub-market and offer them an “exclusive benefit” that comes with using your product/service. This way, you’ll have the edge over your overly price-conscious competitors.
On the other hand, if you don’t wish to follow the approach above, you can go with the low cost, more customers approach. Slashing prices doesn’t always mean losing out. Sometimes, it can help you gain lots of new customers who’ll keep coming back for more if they received an initial excellent customer satisfaction.
From me to you: When it comes to pricing, think strategically and always strike a balance when possible. Tweet this.
4) Be Friendly
One can never overestimate the importance of excellent customer service amongst simple business tips. The first step in offering excellent customer service is by being cheerful and friendly. Give me two people; one smiling person and one stone-faced person, and I’ll always choose the smiling person. This logic plays out in business too.
This might sound like something you already know, but you probably didn’t realize how important it can be in business. Unconsciously, people are attracted to cheerful people and are likely to purchase from you if you’re cheerful or sound lively over the phone. If you’re stone-faced like one salesperson I know, then consider hiring a customer service personnel.
Take-Home Business Tip: Be genuinely cheerful, friendly and outgoing, put your customers at ease, and make them feel like a priority. Tweet this
5) Focus on your Selling Point
The business world is brutal, so you need to be unapologetic and relentless with your selling point. Focus on what makes you thrive and amplify it as a competitive advantage. It’s usual for many distractions and external influences to rise, to cloud your focus. However, stick to your game, be creative and persistent, and ensure you make the most use of your strengths.
Explore and leverage your strengths! Tweet this
6) Be Futuristic in your Planning
Business has a way of getting you caught up with daily activities. However, that shouldn’t stop you from making out time to make futuristic plans for your business. Developing a dynamic long-term business strategy will help you prepare to be the leading authority in the future when your competitors fail to sit up. The world is evolving, and innovations are introduced every day. Adapting to these innovations and putting necessary infrastructures in place will help position you at the forefront. This is one of the simple business tips big companies fail to adopt.
Cover all aspects of your business, including marketing, human resource, sales, product development, etc.
Did you know? Sound investments today will pay dividends in the future. Tweet this
7) Leverage on Social Media
Social Media has revolutionized the way people shop or search for product and service recommendations. Your potential customers are on social media having fun and at the same time, asking questions on the best products and services that may solve their needs.
Through social media, you can build a long-lasting relationship with these customers. Engage with them, find out what they want and how they want it, and give it to them. Develop a personality, style and tone that your customers can vibe to.
Social Media, when used well, can be your chief Public Relation (PR) tool. Tweet this
8) Make Yourself Easily Reachable
Before now, it was hard for customers to reach a business because of limited channels of communication. However, the digital age has changed everything. There are numerous ways of communicating with your customers today.
Though there are numerous ways of contacting your business, some customers still stick to the old school ways of phone calls and emails. Consequently, it’s crucial to make your phone number(s), email(s), and social media handle easily noticeable on your website or any other online marketing platform you use. This makes it easy for you to be contacted by your customers.
Make yourself reachable, and you’ll be reached! Tweet this
9) Never Get Too Comfortable
As I said earlier, any moment you pause, another business will take over your market share. If you wish to keep on increasing the size of your market share, don’t get too satisfied with your business achievements.
Don’t misunderstand me.
It’s important to celebrate milestones and excellent customer feedback in your business. But don’t let it get into your head and unconsciously make you feel relaxed. Continue with the same energy and persistence you started with, and you’ll keep on growing.
Entrepreneurship is an unending marathon; never a destination. Celebrate your little wins, but always strive to be better. Tweet this
Conclusion on Simple Business Tips to Stay Above Competition
Numerous business tips can help you boost your sales and stay above your competitors. However, not all of them are complicated. Some, like the tips discussed here, are simple business tips you can adopt.
Anyone can dominate the marketplace and have the biggest share. Let that one be you!
Implement and integrate these simple business tips into your business strategy and feel free to drop your comments on the comment box below.