3 Ways to Stay Ahead of Your Business Competition
About 25% of start-ups collapse in the first year, which can be attributed to the fact that a profitable business niche can be full of competitors. As a business owner, competitors are not necessarily the enemies of your progress - they can be your development partners if you understand the ins and outs of the industry. However, too much competition in your business niche can take a dangerous toll on your growth. Therefore, it will take strategic decisions to stay one step ahead of your competitors and grow your business. Are you looking for how to do so? Here are some tips for you:
Work on lead generation, not just sales
Some entrepreneurs try to use the sales department to control the growth of their companies, but did you know that lead generation is also crucial to outranking competitors? To spark growth and boost productivity, try to also invest in lead generation. The idea is to expose your business to a broader audience and convert them into long-term customers. When you establish a loyal customer base, your sales will automatically increase. The question is, how do you achieve that?
Market your content, optimize your business website, and adopt tactics to boost your brand awareness. To beat competitors, you need to go the extra mile to give value to your clients before asking them for their hard-earned income. Unsure of how to create optimized pages for lead generation? A business tool such as Leadpages could be your helper. Also, take things such as safety seriously to keep your customers. For example, drilling companies may want to invest in oilfield casing tools such as latches and clamps, as these make drilling a lot safer.
Recruit customer-friendly staff
Without loyal customers, you probably will not have a business. In a business world where almost 50% of unhappy customers never return to do business with a brand that mistreated them, you may want to have a "customers first" policy in your company. As far as entrepreneurship is concerned, customers are the heart of every business. Statistics also confirm that customers are more likely to patronize a business if they admire the character of the assistants who attend to them. That means if your customer service or sales reps are friendly, they can attract more clients and help your business rise above the competition. Therefore, make building a client-centred team a priority when recruiting.
Extend your opening hours
Extending your opening hours, even by one hour, can create a positive image for your business. For example, if you own a brick-and-mortar business, you may want to motivate your staff to close an hour late on your busiest days. This strategy allows you to serve more customers when your competitors will not. Eventually, customers who find your extended opening hours to be convenient for them can switch to your brand.
The business world is evolving, with competitors in every industry, and you have to consider this if you want to grow your business. These tips are a few ways to stay ahead in your field.