Want to stand out from the competition? Find out how you can do it.
In a very competitive and dynamic market is essential stand out your business to be successful.
Change your approach and you will be able to transform and highlight your company.
How to do a good analysis of the competition?
If you want to be in the lead, it is extremely important to know your competitors.
A competitive analysis allows you to understand the dynamics and the positing of your company on a certain market. Do an accurate business plan to tackle your competitors and attract potential new clients.
Performing a competitive analysis requires a precise research and planning work.
For a correct analysis, follow these steps:
1. Identify your competitors
Identify your direct competitors (companies that sell products or services similar to yours) and indirect competitors (companies that sell products and services that are not the same as yours, but that meet the same needs of your target audience).
2. Do a SWOT analysis
A SWOT analysis is an essential tool to understand your weaknesses and to spot opportunities and threats in the market you operate.
3. Classify your company´s products/services
Evaluate your company´s products and services and compare with your competitors.
Try to fulfil the market needs by understanding what your competitors could do. Adapt your products to attract new customers and fill the gaps in the market.
5 tips to help your company to stand out from its competitors
When the competitor analysis is done, it´s time for action.
We will be going top present you 5 tips that will stand out your business and achieve your goals.
1. Offer quality products and services
If you want to differentiate your company on the market, try to offer exceptional services and products.
If your products cannot cause a positive impact in your clients, you will not be able to create new and loyal customers.
Keep improving your products and services and make sure that you will be going to fulfil your customers expectations. When the quality standards are accomplished move to the next level and focus on sales and returns.
2.Define your brand
Since your quality standards are accomplished it´s time to promote your brand.
For that, it´s important to define how to communicate your brand. Why the customers are going to choose your company and not other? What differentiates your product?
All the elements that make part of your organisation, including marketing strategies and customer relationships, can shape your business. Define the message you want to share and the customer segment you want to reach. Make sure that it´s a credible statement.
3. Create a suitable customer service
Most customers with a bad purchasing experience will not return.
A customer service who can deal with pressure and claims represents a real test for the company´s organizational behaviour. A failed service can ruin your company.
Try to offer a good purchasing experience and client support.
In such a competitive market a neglected customer approach and relationship can make the difference between a loyal and occasional client.
4. Creat a solid digital presence
Nowadays, most of consumers, use online search to find local companies. This way, the digital presence should be a core department in your company
The main areas that your company should focus in order to have a solid digital presence are:
● (SEO – Search Engine Optimization) SEO
● Social Media
● Google my business
5. Support a cause
You want to differentiate your company? Do it better.
When a company has a better social impact than the competitors, the company will have a bigger customer recognition.
Support the community is a good way to show the values behind the company actions and humanize the business.
However, it is important to find an adequate cause. Find a cause that fits your brand and customers. If your clients and potential clients share the same values that your company supports they will create a trust feeling about your firm.
Fierce competition has as well advantages. It´s a sign that your products or services have a reason to exist.
Other advantage of firm competition is the necessity of constant innovation and adaptation
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