All’s Fair In Love And Business: How To Be More Competitive

In business, there’s nothing more integral to success than being able to beat the competition. There’s competition in every industry, so how are you going to outshine your rivals and seal those deals?

StrategyDriven Entrepreneurship Article
Photo courtesy of billadrian96 via flickr

Hiring and keeping the best employees

Most business owners depend on a team to make their venture a success. Even small businesses can’t be run entirely by ambitious entrepreneurs. To gain an advantage over the competition, you need to make sure that you hire the best candidates. Moving forward, you also need to be able to hang onto to your star players. Make sure you have an effective recruitment process in place and the people you select meet your qualifying criteria. If you don’t get enough applications the first time around, place another advert. Unless you’re absolutely desperate to add to the team immediately, it’s worth waiting. If you can’t wait, consider headhunting and targeting specialist recruitment websites. Once you’ve got a hot shot team in place, make an effort to keep morale high, reward hard work, and try and create a positive working environment.

Up-selling your USP

If you’ve got a product or a service you want to sell, you need to make sure that your clients are aware of your USP. Every company should have something that sets them apart from their rivals. If you don’t have a USP, there’s no reason why a client should choose you over another firm. Perhaps you offer more competitive prices or a faster turnaround, or maybe you provide a personalized or bespoke service.

Getting to grips with the numbers

In order to compete, you need to be aware of what others are doing, as well as what you’re doing. Use your sales figures and analysis related to website traffic, social media activity, and advertising to identify strengths and weaknesses in both your campaign and those used by your rivals. If you don’t have team members with expertise in analytics, consider adding new members of the team with qualifications from institutions like Maryville University. If you don’t have the ability to make sense of the numbers, you won’t have an accurate idea of how well you’re doing in comparison to others, and this can set you back.

Using feedback

Sometimes, you can get so caught up in competing with other corporations that you lose sight of the importance of customer service. If you put your customer first, this will only ever serve to increase your chances of success. Listen to what your customers say about the products and services you sell, and use feedback in a positive way, even if you get negative comments. Every time customers leave feedback, this offers you an opportunity to learn and improve.

If you’re an ambitious business owner, you should be ready to take on the competition and do everything possible to win clients over. You need to ensure that you offer something unique, you provide the best customer experience, and you have the right team around you to do the job. Keep track of your rivals, and use data analysis to detect strengths and weaknesses.

 

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