As the head of a company you have to stay vigilant every second of your working day to ensure your business remains profitable. That’s why this week on the Htet Tayza blog I reveal five tips to edge out the competition.
Don’t Let a Competitor Get the Best of You
There’s a reason so many entrepreneurs find it hard to build a profitable business. The minute they start out on the road to success they find themselves confronted with competitors looking to take their slice of your market share at every turn.
Competition is a natural part of business. Let them and a competitor will steal valuable revenue from you bottom line and deprive your venture of the capital it needs to stay afloat. Strive to hit back when confronted with a daunting competitor and you can ensure your company remains in the black.
Five Tricks You Can Use to Get the Better of Your Competition
There are so many ways you can hit back when you find yourself faced with a daunting competitor. Try these five tricks to get the better of your competition…
- Conduct Research: Knowledge is power. When a new competitor strolls onto your home turf oust them by looking into the way they do business. What do they do well? What do they do badly? Use this knowledge to strengthen the operations of your own company.
- Provide a Better Service: One sure fire way to ensure a competitor doesn’t capture your share of your target consumer base is to provide a better service. Consumers appreciate value for money and effective customer service.
- Cultivate Good Reviews: Following on from the last point, another trick you can use to edge out your competition is to make it as easy as possible for consumers to leave good customer reviews for your business. Data from Search Engine Land shows that 88% of people trust online reviews as much as personal recommendations, so if you cultivate more good reviews than your competitor, consumers are more likely to bring their revenue your way.
- Create a Promotion: Customers love a bargain. Why else do you think every supermarket on the planet trots out the buy one get one free offers every time they need a bottom line boost? Create a promotion, market it effectively online and you’re sure to persuade your consumer base that you’re the company they want to spend their money with.
- Look after Your Staff: Every business needs to value its employees. Treat your employees badly and you can bet it won’t be too long before they flock to your competitor the minute a vacancy opens up. Look after your staff and show them how much you appreciate their contributions to your company if you want to ensure they stick around to use their expertise to help you see off the competition.
Up Your Game
In other words you need to up your game as a business if you hope to edge out your competition and ensure you continue to attract enough revenue to keep your firm in the black. Don’t give up the fight to craft a career as a successful entrepreneur just because a competitor has decided to come along and try and steal your share of your target consumer base.
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