Five Tips to Help Your Business Gain a Competitive Edge

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It is critical to your business’ success to stand out from the rest. With these five top tips, you can’t go wrong.

Promote Your Business

Above all else, this should be an obvious one. If no one has heard of your business, there is little merit in investing your time and money in developing it. In order to promote your business it’s worth investing some time looking for a great advertising company. Advertising is the most powerful way to reach customers and ultimately promote interest in your business, leading to increased revenue.

Exceed Customer Expectations

Once you have your marketing campaign in place, one of the next most important things to focus on is retaining the customers you have just succeeded in attracting. This can be achieved by going that extra mile to increase customer expectations, most notably through excellent customer service. No matter what your business, proving to your customers that they come first is the best way you can hope to not only retain their loyalty, but to ensure they recommend you to others. This can be through word of mouth or by the much more far reaching online review. Attaining great reviews can transform your business as each positive review builds upon the next and trust amongst potential customers in your business grows. 

Treat Your Employees Fairly

Your company’s employees are just as important as your customers. Without them, you would not be able to successfully get your business off the ground. Mistreating employees can be detrimental to morale and will ultimately be damaging to your business. Employees who feel they are truly valued and respected will be much more willing to work hard for you when crunch time comes. Managers at the highest level need to convey to employees how they believe they all should be treated in order for this to filter down the chain. This is explored in more detail in ‘Become the Manager Employees Want to Emulate’.

Reward Customer Loyalty

Simple schemes such as the loyalty cards offered by a myriad of businesses can be enough to keep customers coming back time and again. Points based systems which reward customers once they spend a certain amount can be a great incentive. It is also worth investing in the necessary technology to support this, such as creating your own app to allow customers the ease of being able to view and collect points on their phone, as well as receive special offers only available to ‘loyal customers’.

Listen to your customers and act on their feedback

Nothing shows customers that your business is the one for them like a clear demonstration that their feedback matters. Be sure to follow up on negative feedback on a personal level, as well as to make wider changes when issues affect a range of customers. In addition to this, following up on positive feedback can also go a long way. Thanking customers who have taken the time to write positive reviews and ultimately increase your customer base can make them feel valued and more likely to recommend you.

Giving Your Business a Competitive Edge

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In today’s competitive market, you are always looking for ways to improve, grow, and give your business an edge. While there are many ways you can grow your business, you should always be looking for ways that will help you specifically stand out against the crowd. 

Hone in on Your Niche

If you haven’t already picked a niche, then you need to do so. Picking a niche allows you to focus on your target audience. When you find a specialized niche, you can cater to a specific need in the market. If competitors have overlooked a subsection of the market, then you can be the one to fill that need. 

If you already have picked a niche, then see if you can specialize it even further. When you can focus all your efforts on a small group of people, then you can create loyal customers that will do your marketing for you to their friends with the same interests. 

Appreciate Employees

Creating loyal employees that feel like a part of the team and will stay with the company will help you in many ways. You will not only have employees that are committed to the company and work towards corporate goals, but you will also have to spend less time recruiting, interviewing, and training new employees. You can show employees you care by offering incentives, ways to move up in the company, and offering corporate gifts from GThankYou. Offering competitive pay and good benefits will also attract the very best employees. 

Take Risks

Playing it safe may help you stay level, but if you want to grow, then you need to think outside the box. No growth happens by playing it safe and doing things the same way they have always been done. Even if everyone in your industry does something the same way, that doesn’t mean there isn’t a better way to do things. Taking risks can push your company to the next level. 

Look for Competitor’s Weaknesses

It is important to study your competitors and their practices. If you can see what they provide to their customers and how they try to meet their needs, you may be able to find a weakness. Once you find something they could improve, then you can make that your strength. By offering something no one else is offering, you will have an edge. You might find these weaknesses in product quality or customer service. You may find an untapped part of the market. Whatever you find, make sure that you start to incorporate these as priorities in your company. 

Trust Yourself

There will be a lot of people telling you what to do, both within and outside of your company. While it is important to consider the advice you receive, you also need to realize that you will get conflicting advice, and you won’t be able to make everyone happy. You need to learn how to sift through all the data and advice and find the best course of action. This means you need to learn to trust your gut and make choices that make the most sense to you instead of catering to other people.