The Not-So-Secret Ingredients to Keeping Your Business Alive and Thriving in a Competitive Landscape
In many ways, running a business is like playing an expansive and complex strategy game; only the difference is that this game comes with a great deal of risk. You’re not fighting to keep hold of a fictional castle or a patch of territory on a cartoon map. You’re battling for your future and the livelihoods of everybody who works for you. It is not easy and thousands of businesses fail every single year.
On the other hand, a great many more continue to thrive and flourish. They are the companies that have worked out how to get the ingredients for success just right. To become a respected and profitable presence within the market, you need two things – a smooth functioning operation and the ability to outrun, outperform, and out-think your rivals. In a competitive landscape, this requires creativity, innovation, and a willingness to adapt to changing trends.
Keep reading for some valuable hints and tips on the best ways to keep ahead of market rivals and retain your competitive edge.
A Clear Brand
While it is rare these days for a business to be able to sell itself on the promise of a completely unique product, you can make sure that your brand stands out. If it is not clearly defined, consumers won’t take the time to investigate. Modern markets are extremely fast paced and built on instant gratification; shoppers need to be able towithin seconds of exposure. A good brand tells consumers why they don’t need to look elsewhere.A good brand tells consumers why they don’t need to look elsewhere.Click To Tweet
Quality Or Price
With the support of a reliable brand merchandiser like Promotional Product Experts, it becomes easy to take your brand and company values to the right audience. However, this alone is not enough to keep you at the top of the game. You have an important choice to make. Generally speaking, quality and price are oppositional. You can either compromise on quality to offer the lowest prices. Or, you can prioritise quality and justify charging more, because your products are superior. If you try to doggedly pursue both, you’re going to end up providing neither quality nor value.
Great Customer Service
The thing that makes up for such a compromise is superb customer service. This is essential and it should be something that you are always striving to improve. The reality is that consumers are willing to buy more, spend faster, and stay loyal if they feel like their custom is valued. Therefore, direct and online interactions must be efficient, controlled, and focused entirely on boosting customer satisfaction. Talk to your followers, find out what they’d change about your brand, and involve them in its future.
Hand in hand with good customer service comes the ability to hold on to existing customers. It costs twenty times more to secure a brand new customer than it does to reactivate an existing one. Therefore, your business stands to make a lot more money and make a much bigger impact on the market if it builds up trust with shoppers. Consumers will always be attracted to shiny, loud new brands, but the statistics show that they only stick around if there are long term advantages. Create a comprehensive customer database and use it to stay in touch with the people who are currently buying your products.
People often express a sense of nostalgia for very old and established brands. Yet, if the economic recession taught the market anything, it’s that this doesn’t necessarily translate into profits. Kodak is a great example; it announced its closure in 2012 and shoppers were sad to see it go, but they weren’t buying its products because they had lost their relevance. In other words, while tradition is a wonderful thing, if you’re not useful, consumers will drop you like a stone. You must be willing to adapt and meet changing market trends.
Why a Clear Brand and Constant Communication Are Key to Success
The contemporary brands that grow and thrive are the ones that are willing to admit that they don’t know everything about the market. In fact, the people who know more than they do are the customers. They know exactly what they want, how they want to get it, and whether they want it to change in the future. Your customers can tell you everything you need to know about how to shape, develop, and package your brand.
So, mine them for information and insights. Don’t be afraid to lavish your customer base with devotion, because they’ll respond in kind. Ultimately, success in business is all about maintaining a strong relationship between the product and the user base. If your customers are happy, they’ll never abandon you for market rivals.
The Not-So-Secret Ingredients to Keeping Your Business Alive first appeared on Mompreneur Media