Are You As Competitive As You Think You Are?
When life hands you lemons in 2016, you can’t just make lemonade anymore. Business competition has evolved to be more complex than ever over the years, especially with the rise in social media engagement and marketplace options. The good news is there are ways both internally and externally to stay aggressively sharp and keep a leg up on the competition.
Everyone knows that one of the key components to staying competitive is listening to your customers. However, in today’s digital era, engaging with customers through social media may be equally as important as interactions in person. Social media provides immediate feedback on a business’s products and services. But don’t just listen to your customers, understand them. Understand why customers are buying your product over the competitors and draw attention to those unique features in the rest of your social media and marketing materials. In all cases, use customer feedback as a means of growth and change.
In order to stay competitive, businesses must keep a pulse on their competition. Researching and staying on top of what rivals are doing in the market place is crucial to next moves. For example, according to multiple business news outlets, Uber cut the cost of its lower-end service UberX in 2014 ahead of Lyft's upcoming launch in New York. The company also guaranteed that its drivers would make a minimum of $1,000 a week for the two weeks following Lyft’s launch. The competitive assault worked as Uber vehicles surpassed the number of yellow cabs in New York less than a year later. It helps to study your competitor’s structure and position your strengths to their weakness.
But resting on one innovative product won’t keep organizations competitive for long. Just as Uber introduced UberX, Facebook developed Messenger, and Groupon unveiled Groupon Goods; stay innovative as a business or risk falling behind the competition. Updating your business with new technology, products or even content can separate it from the competition as being a successful thought leader, therefore, gaining consumer’s trust and brand loyalty.
Lastly, businesses need to keep all parties in mind. This not only includes customers and competitors, but employees, too. Creating a collaborative environment for employees allows for productivity and the possibility to quickly find solutions that work. In turn, employees can positively affect the culture of an organization, giving it a competitive edge. An effective message stems from the inside out.
With a crowded marketplace and new advancements in technology, the business world is always changing. However, one thing remains constant – the need to stay competitive. In order to perform ahead of the opposition, businesses must listen to customers, keep a pulse on competitors, embrace innovation, and encourage a collaborative work environment.
For more tips & tricks on staying competitive and helping your business thrive, check out our blog!
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For more tips on staying competitive and help your business thrive, check out our blog.