Navigating around competitors
Published On April 20, 2022 » 1849 Views» By Times Reporter » Business, Columns
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COMPETITION has become a fierce thing among market players particularly in the flooded market.
It strongly demonstrates that firms can compete for customers leading to production of high-quality products and services. In addition to that, competition tends to drive price differentiation depending on the quality of service or product one is providing.
In last week’s article, there was a stress on customers having a variety of where to buy from due to fierce competition today which then leads to more innovation, which is literally fundamental for a well-functioning and healthy economy.
How then should those in business reposition themselves to maintain a competitive advantage? Searching and identifying what your competitors do, how they do it and knowing how their customers perceive their products and services from their reviews could help you reposition your business uniquely.
Knowing your customer’s strengths and weaknesses helps to determine where to place yourself in the market place.
Such information will help you understand your market and review trends in the market place that your business could have missed. Information obtained is helpful in establishing a solid value proposition for customers.
Customer service in any industry is a key phenomenon to business. To maintain and attract more customers, the aim of any business is to maintain satisfied customers and treat them with utmost care at all times. To go an extra mile to serve your customers, businesses today are offering personalized services such as delivery of products at your door step.
Additionally, online business is on the rise because of the robust technologies that are being implemented considering that they can provide customer satisfaction. It is expected that every business must have online presence for more visibility to the public and ease access of the products and services. Online platforms can be cheaper and have a wider coverage to the public domain unlike the ordinary way of advertising.
A good brand is eye catching and automatically entices customers to buy. An attractive brand can help a business stand out from the rest and can allow your firm maintain a competitive advantage. Competition decreases an individual share while shrinking customer base, therefore care must be taken in terms of being more innovative to onboard not only new customers but including existing and loyal customers at all cost.
When a good relationship with your customers is established, it is easy to create a loyal clientele who will stand with you even in difficult times. This can be achieved if a business has a strong customer value proposition in place which can stand the test of time.
When a problem arises in business, it is only wise to quickly fix the problem before it gets out of hand. Business owners who are customer centric always find a platform to solve a problem by doing damage control to prevent further damage to the business. This can be done by quickly coming out in the open and telling the truth to your customers without leaving any stone unturned. Find a way of responding to the concerns of your customers before they lose confidence and leave you. Reputational risk can damage the business if not tackled early.
This has been increasing over the years as the business environment is changing at a fast rate. It can be done in various forms such as donating some of the products or volunteering to provide a free service, financial contributions as well joining in community service at a hospital or prison. This entails that you are not only interested in your business but in the plight of the communities at large. Corporate social responsibility also gives confidence to your customers as well in the sense that it perverts the act of greed.
Small and medium enterprises must always be ready for competition to remain in business but new ideas must always trickle in the business for the business to be kept alive. Thinking outside the box is the ingredient to innovation.
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