5 Tips for Creating a Competitive Edge in Your Business

The vast majority of your customers also check out your competitors before making their purchasing decisions. Therefore, your company needs to be able to stand out from the crowd. Today’s market is more competitive than ever so you have to continuously look for ways to gain an advantage over the competition. If you think about your own purchases, there’s a reason you keep buying from the same companies. Perhaps they have better prices, better selection, or better customer service. Whatever the reason, your company must seek to achieve a similar competitive advantage if they want to stay ahead. Here are a few strategies for differentiating your business in order to retain more customers. 

1. Hire and Retain the Best Talent

Finding and hiring the best talent is a fantastic way to set yourself apart from your competition. When you find great talent and work hard to keep them, your workers are happy and this translates down to the customer. Happy employees are likely to speak highly of your company, provide excellent customer service, and provide a better overall experience for the customer. Customers can feel when employees are valued and cared for and this makes them want to support that business. 

2. Understand and Speak to Your Ideal Customer

Every business has its own unique pool of customers so your job is to find your customers and speak to them directly. Focus your marketing efforts on targeting the right audience. Analyze the types of customers who will benefit from your product or service and direct your efforts to reach out to them. Whether it be through social media marketing, attending certain events, or through other marketing channels, be sure you are making the experience personal for your target audience. Make them feel as though your business is catering specifically to them. 

3. Join Forces with Other Ventures

One of the best ways to compete is to form alliances and joint ventures with other businesses. For example, band together with other businesses in your industry in order to gain group discounts from suppliers. You can also join forces with other companies to share advertising and marketing costs. Not only is this a smart strategy for boosting your profit margins, but if customers see that these other businesses trust you, they will be more likely to trust you too!

4. Invest in Meaningful Relationships

It’s not always enough to entice repeat customers with loyalty rewards. Many companies offer these kinds of incentives so it can feel like the same old song and dance. Why not take things one step further? What if you invested in hosting a members only event or rented a suite at a sporting event for your customers? The business world can feel very impersonal at times so building real relationships in person can create a powerful competitive advantage. 

5. Provide Exceptional Customer Service

Getting people in the door is a huge first step, but the real challenge is keeping them coming back. Customers often make initial purchases based on impulse. Give your customers a reason to keep coming back by going the extra mile to provide exceptional service. Offer different ways to chat with customers including live chats, Zoom, email, or phone calls. Make sure your customers know you are there to serve them and look for creative ways to thank them such as personalized notes or rewards. By emphasizing customer service, you will be setting your company apart from your competition.