6 Ways Small Businesses Can Stay Ahead of the Competition

If you’re an unassuming business, you will likely face at least one form of competition, direct or indirect. You are probably looking at how companies compete and try to be more than your customer service practices.

How can your company stay ahead of the competition without being overly apparent? Use these suggestions to get an edge in the market.

Read Industry Reports

The fastest method to gain a competitive advantage in your field is to consume, rest and be in the business you operate in.

Find market reports, strategic planning guides, and forecasts for trends from analysts’ firms such as Gartner and Forrester Research. Keep an eye on the pulse of the current trends and identify ways for your company to help in the discussion. Your business will stand from the crowd and keep ahead of the pack when it is aware of the details of its business.

Monitor Your Competition’s Social Media Accounts

Monitor Your Competition's Social Media Accounts

The study of competitors’ social media profiles is more than observing their active platforms. What type of content do they share? What frequency do they update their content? How many of their followers are engaged in their blog posts? What kind types of feedback do you read most often? Do you recognize the company’s voices simply by looking at their website? How often do their followers grow per platform?

Make notes of how rival companies utilize the social networks, regardless of whether for their benefit. Utilize your knowledge to determine your social media strategy, including what you’ll do to produce content and share the information, engage with your followers already on the platform, and draw new ones.

Read Customer Reviews

Check out every online review platform on which your competitor could be listed, such as Yelp and Trustpilot Read what real customers have had to review the company.

What do customers love or dislike most about their experience? Understanding what customers dislike about competing businesses allows your company to deliver a better experience that will entice unhappy customers away from a rival firm to your company.

Read Employee Reviews

Alongside knowing what customers think of and don’t like about the business they are competing with, It can also be beneficial to check out sites such as Glassdoor and gain personal insight from current and former employees about how the business is managed. If you’re having difficulty hiring and you’re looking for a way to utilize the information you gather on Glassdoor to attract talented employees who aren’t from rival businesses to join your business.

Share Evidence From Happy Customers

Don’t forget to mention your achievements when you look at what your competitors do, okay or wrong. If a customer leaves an excellent company review, post it via your social media profiles. Business owners may promptly write back to the reviewer on platforms such as Yelp. Also, the business could be able to respond via social media platforms such as Facebook or Instagram.

If a customer review is not happy or positive, Do not attempt to conceal it from you or not respond. Contact the person to inform them you have received their review. You can discuss it privately via a DM or PM based on the social network.

Develop a Unique Selling Proposition (USP)

Can you identify a particular advantage that differentiates your company and the products it offers from your competitors? It is your distinctive selling point or USP.

As an example, your business could sell T-shirts. Suppose you own two companies competing, such as businesses A and B. Business A does not utilize organic cotton for its products. This gives your business a USP as you are using organic cotton.

But wait! Business B also uses organic cotton to sell its T-shirts. What’s next? Examine business B and determine whether there’s anything another way to differentiate. Perhaps it relies on advertisements that are popular but are not always sincere. This could be a different USP for your business Honest advertising.

Continue to look for every opportunity to show off your strengths. Recognizing your USP will help you differentiate yourself from your competitors and let your company provide its customers with the most satisfying experience.

 

By Mia

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