Staying in business could be quite demanding, frustrating and frightening. However, with the right approach and strategies, managing and running your business could be fun and become one of the most rewarding undertakings you would’ve embarked on.
In this post I will be sharing five effective and easy to implement strategies to stay competitive in the business world. They are highlighted below.
Build an Exceptional Customer Support system
It’s no longer news that the sole purpose of any business is to serve its customers and try to provide an exceptional customer service that is better than your competitors. It costs more to get a new customer than to maintain an existing customer.
This implies that you need to intentionally create a customer support system to take care of your existing customers. The purpose of the support system is to ensure that there are no grey areas in your dealings with your customers. Such support system could include:
- a dedicated phone line to handle all calls, inquires or feedback from your customers
- Provision of an after sales service
- information management and dissemination medium such as newsletters or e-mails
- products trainings
Without a support system your customers would be dissatisfied with your business and may begin to transact with your competitors.
Don’t neglect customers’ feedback
Once you’ve gotten a few customers it is expected that you will start getting feedback from them on a couple of issues ranging from product defects, supply-time lag, payment plan etc. The default response from many start-ups is to see these complains as fallacious, irritable and an onslaught to their ‘carefully designed’ business offerings. This stance is a common marketing mistake and should be avoided at all cost.
No matter how bad or seemingly insignificant a customer’s feedback is, always take it up and respond appropriately and timely to it.
“if business is a religion then see marketing as its altar” this has been my favourite marketing quip lately. Marketing is to business what blood is to the body.
Your business will suffer, if it does not practice marketing as a business process. How will you be able to identify and satisfy your customer needs without marketing? There are many benefits of implementing marketing in your business.
The first approach is to choose the kind of marketing to deploy in your business. If you have a low budget, the best marketing method is the digital marketing. Digital marketing gives you a lot of options to choose in trying to serve your customers. With the right marketing strategy you could reach many of your customers with your business offerings and still be able to attract new customers to your business. Some marketing strategies you could start implementing today are segmentation, targeting and positioning (std) strategies.
Segmentation simply means breaking your market into groups with similar traits and characteristics. There are many ways to segment your market and these include by:
- geographics (area e.g international, local, region)
- behavioural (customer buying behaviour)
- psychographics (traits and lifestyles)
- demographics (age, race, religion)
This is the method of choosing a segment of your market to focus on. It involves selecting a particular set of your customers and providing specific and bespoke services or products to them.
Positioning as a marketing strategy implies the various ways of getting your value proposition to be felt and perceived by your customers. Positioning helps you to stand out in the marketplace. You could use a number of positioning strategies to stay competitive such as technology, speed, ease of doing business and even corporate social responsibility (CSR).
Take care of your people (employees)
Your team is your first customer or your internal customers. To stay competitive, you need to value your workforce and take good care of them. A good way to start is by paying them well (and on time too), providing enabling work environment and designing good welfare packages to keep them motivated. Any business with a motivated workforce has already begun winning in the marketplace, because a satisfied internal customer will definitely transmit their motivation and enthusiasm to your external customers whenever they have to relate with them. Satisfied external customers means only one thing to your business-sales, sales and more sales!
Be aware of your competition
Finally, to compete effectively in the marketplace you need to be aware of your competition. You need to know who they are and what they are doing differently. Armed with these information, you will be able to design strategies to either match their offerings or outperform them.
These aforementioned strategies are effective and easy to implement in any business, you can start implementing them today in your business to get positive results.
However, if you run into any challenges or need help in setting up effective marketing strategies that will help you scale up your business, fill up the contact form on this site and we’ll get back to you with bespoke strategies to increase your sales and grow your business.