5 Tips to Increase Competitiveness in the Marketplace
Every business needs a competitive edge in the overcrowded world of small business start-ups. Your business needs to stand out from the crowd, although there are right and wrong ways to achieve this. It’s vital to put together a proper marketing plan before jumping in head first, to avoid spending time and money on something that hasn’t been thought through.
So enjoy these five top tips, which are just some of the ways to increase your competitiveness in the marketplace…
1. Know the Competition
It may sound obvious to some, but understanding the competition is one of the first things you need to do – in fact, this should already have been done at the outset when investigating the current market. Always keep an eye on your competitors – this will not only help you to determine their unique selling points, but will also enable you to highlight the distinctions between your businesses.
2. Have a Better Product
There are numerous ways to ensure your product is better quality than that of your competitors. This doesn’t have to mean in every way humanly possible, only the areas that your product excels in need to be screamed and shouted about. Is it unique? Longer-lasting? Healthier? Not tested on animals? Make sure people know the best reasons to choose your product.
3. Create a Customer Database
It costs 20 times more to get a new customer than it does to keep an old one, so your emphasis should be on building an enduring relationship with your clients instead of making a sale. Ensure you establish a means of regular communication to keep them up to date when contacting potential customers. This could be in the form of a membership, newsletter sign-up or similar.
4. Update the Look
A makeover is sometimes all it takes to gain new interest and make the competition quiver. Whether it’s giving your shop front a fresh lick of paint, re-branding with a new name or logo (though this should be given some careful thought), or simply giving business cards and stationery a fresh twist, it can make a world of difference.
5. Draw Attention
In a situation where your competitors are being directly compared to you – think exhibitions, food fairs or Christmas markets – it’s more important than ever to look your best. Go all-out with the stand by choosing appealing colours, gorgeous styling to accompany the products and marketing banners that draw the eye from a distance. Banner printing from Hello Print is a really great option.
It’s extremely important to be competitive in today’s marketplace, as more and more people see the appeal of having their own company. Why don’t you team the above ideas with your own strategies to make a fail-safe campaign?
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