If you want your company to survive in an increasingly competitive market, you have to keep asking that why. If you can do that with an open mind, you’ll always be ahead of the game.
If you want your company to survive in an increasingly competitive market, you have to keep asking that why.
If you can do that with an open mind, you’ll always be ahead of the game.
Tips to Growing with Your Audience to Stay Ahead of the Competition
Table of Contents
In order to succeed in today’s quickly developing world you have to focus on your competition. What are they doing better than you? What can you learn from them? Here are some secrets to gain that knowledge and use it to your benefit.
Know Your Competition
You want to be ahead of them in every business aspect. Because you want to be one step ahead of them, you must know what they make to stay on the market. You must answer the following questions about them:
- Who are the most important competitors?
- What are their products and services?
- What are the benefits and features that they offer with their product and services?
- Where are they finding their customers?
- Who are their most important customers?
- How your competitors convince their customers to buy?
- How much they charge for their product or services?
- Where are they marketing their product and services?
- How are they marketing their product and services?
- How are they making recruitment of their staff?
Think about implementing the system for monitoring them that will collect answers about that questions and give you the real-time information.
Put your Customers First
If you can make sure that your company is customer-centric, then this will help you to retain your customers. One way for you to do this would be for you to show your customers how much you value them and the business they are able to bring.
Start by sending all of your customers an email after every purchase they make saying how much you appreciate their custom and send them discount codes too. Asking for feedback is another way to show your customers that you care about what they think and that you also want to do everything you can to exceed their expectations.
Your company and your competition compete for the same customers. The business that will win in this battle will receive the larger part of the market.
- Who are your ideal customers?
- How much they want to pay for your products and services?
- What do they want in the form of their benefits?
- Where are they located most of their time?
- What are their buying habits?
If you know your customers, you will know how they decide about products and services when they are choosing between you and them.
Know Your Products and Services
Products and services that your business offer to the market is something that your ideal customers will buy. They are the subject of the battle on the market. If you want to be one step ahead of the competition, your business must offer better products and services.
- Are your products and services compatible with your ideal customers?
- Are the costs plus a profit margin is lower or equal to what your ideal customers want to pay for it?
- Are your products and services giving them what they want in the form of benefits?
- What is the main difference between your products and services and your competitor’s products and services?
Understand your audience through research
Preliminary research involves simply spending time in the online community connecting with people, talking in forums, checking out YouTube, and getting to know your current customers and loyal followers. Again, this information is nothing new, but it’s important to make this a constant part of your business so that you’re always noticing any changes in people interested in your business.
Follow Analytics data and social trends
Look at demographics, where visitors are coming from when they visit your site, what pages they look at, etc. Again this is a basic strategy that most companies already have in place, but in order to be unique you should have a strategy for noticing trends and then using those changing trends to alter your content and audience understanding accordingly.
A great way to do this is set goals for yourself and if you hit a certain trend or a certain number of page views on a given page, send that information over to your content team to discuss. This same tactic can be used for social media changes or any news you hear in the industry. It’s important to always keep that communication going and make sure that you’re not just noticing trends but you’re actually doing something about them.
Create buyer and audience personas
Creating personas can help you cater content to certain audience types and help you segment your email marketing campaigns, newsletters, social posts, and more. This helps you create a customized experience for your audience, which should help you get more information about your audience as time goes on. How you go about creating these personas and then using them can differ from business to business, so you can learn more about the ins and outs of creating buyer and customer personas. Just remember to keep going back and modify and adjust your personas as your company and the industry grows.
Consider Working Together if Both Parties Would Benefit
Even your closest competitors won’t offer the exact same things to customers or approach business in the same manner that you do. It’s possible that both companies could increase revenue by working together instead of competing against one another. However, you must broach this carefully and preferably work with a business attorney to draft the arrangements.
Improve to be better from your competitors
Never ending activity for you is to improve upon collected knowledge about them, customers and products and services. This is the force that will move your business one or more steps ahead of the competition.
- Improve your knowledge about your competitors and use it to improve all your business activities. Start doing the same what they do but in a better way.
- Improve your knowledge about your ideal customers and your target market and satisfy their needs.
- Improve your products and services to be better from competition’s products and services and better satisfy the needs of your ideal customers.
- Focus on the biggest value added activities in your product development process.
Ask for advice from a different perspective
Outside advice will see your business from a different angle – one that isn’t influenced with bias. An open minded business leader has a network outside the company from which to ask advice.
None of these things are particularly easy. But they all need to be done, if you want to stay ahead of the competition. Businesses that plan for growth are more successful than those that stand still. Keep up with developments in your sector, follow consumer trends, invest in new technology. Have a clear idea of where you want to be in one, three and five years’ time.
Get More of Everything Out of Your Business
We get our best results working with entrepreneurial leaders that can put their ego’s aside and are willing to be open, honest and transparent.
We’ll work closely with your team to develop an online strategy that fills gaps and reaches new people.