Business owners make up a large segment of the population in the United States, with millions of individuals filing new business applications every year. With this growing number of entrepreneurs in the business space comes an important question; how can you compete in a saturated industry? While there are some niches where you can carve out a role with little competition to face, most businesses will have to stand out from their competitors to build a customer base and turn a profit.
Gaining a competitive edge means being adaptable. As the owner, are you on the lookout for new trends and innovations that can set your brand apart? How are consumer needs changing? How do people move through the buyer’s journey and how can you meet them during that process? There are a million questions to answer, but the idea is to remain flexible with your business plan to adapt to shifting markets.
When you are facing a saturated industry with lots of competition, your task is to find ways that your brand can gain an edge and attract more of the customer base. Here are five tips to give your business that competitive advantage.
Table Of Contents
Invest in Your Culture
The most successful businesses recognize that their employees are the most important resource. Companies that can build positive work cultures and increase employee retention are in a better position to maximize their resources and stay consistently productive. You can build a powerful culture in multiple ways, from encouraging personal/professional development to showing your employees that you value them with gifts and celebrations. You can implement a performance management system that encourages productivity and rewards innovation. Design your leadership structure so that everyone understands their role but no one is too afraid to approach their managers with an idea or suggestion. The more collaborative and together your team is, the more productive the company can be.
Design a Customer-Centric App
Many businesses are designing their mobile applications to increase convenience for their customers, but there are still plenty of brands that are behind with this trend. Convenience is a staple of the shopping experience for consumers, and if you provide products or services that would fit well in a mobile app experience, then you should consider adopting this concept. Not every business type makes sense for a mobile app, but many could use this channel for efficient customer interactions. There are app-building programs that you could use, or you can hire app developers if you want to invest in a positive user experience for your brand.
What is the main goal of any brand awareness campaign? To be remembered by the customer. If a company can produce marketing collateral that sticks in the mind of target audience members, then those people are closer to purchasing from that brand. But there are far more unsuccessful marketing campaigns out there than successful ones. Many don’t even cause a ripple in the public consciousness. Standing out with your marketing is difficult, but it can be done, especially when you create real-life experiences for your customers. These marketing channels tend to create big results if implemented strategically and can increase the amount of word-of-mouth marketing and viral messaging. Tours, workshops, augmented reality, and product demos are all examples of experiential marketing that could generate memories and additional interest in your brand.
Branded merchandise is a marketing strategy that can accomplish two goals at the same time; building brand loyalty and increasing awareness. When you order promotional products that display your business logo, name, and or a unique design that makes people think of your company, you can build your presence in the local community that you serve by leveraging excited customers and employees. T-shirts, tote bags, water bottles, koozies, stress balls, and office supplies are just some items that you could print a custom logo on and give away to reward your employees, customers, and members of the public, all while spreading your brand message.
Understanding your competitors is the best way to beat them. Conduct research to figure out how they market to customers, where they focus their efforts, and what makes their product unique. If you can find gaps in their marketing or in the services they provide, this will give you an opportunity to exploit through your messaging efforts or service offerings. See what they do well and what they don’t do well. Then highlight the benefits that you bring to your customers that your competitor cannot.
A Competitive Advantage Comes from Going the Extra Mile
Catching up and surpassing your competition can come down to how willing you are to put in that extra effort. Instead of investing in bland advertising, can you create a memorable experience that will stick with potential customers? Can you build a work culture that fosters creativity and excitement to propel innovation? Could taking the time to develop an app draw in more customers that crave convenience and simple interactions? Are you willing to do competitive research and harness the power of promotional giveaways to build loyalty and awareness?
By going the extra mile with these tips, you can gain a significant advantage over your competitors, putting you in a position to become an industry leader within the specific niche of your business.