There is no secret: competition exists in all markets. And the competitive differential for your brand to stand out is to be ahead of your competitors.
We are well aware that this is not an easy task. For this reason, we’ve listed below five simple tips for your company to stand out.
IDENTIFY AND RESOLVE YOUR CLIENTS’ PAIN
Ask direct questions to understand the type of experience your customers are looking for or wish to get when using your products or services.
Keep in mind that the important thing is to provide solutions that meet customers’ needs and not just offer what you think is necessary. In other words, understanding and meeting the needs of the market is a competitive advantage.
CREATE YOUR OWN NICHE MARKET
A market that is already crowded has less room for expansion. That is why it is essential to offer something exclusive to your customers to create your own niche, minimize existing competition and get ahead with a competitive edge.
Storytelling is a great way to create your own niche. That’s because, by addressing creative stories around your products, you become part of your prospect’s lifestyle. The important thing is to be creative and find details in your business that will help in promoting stories about your brand on social media.
In fact, specialization always leads to a scalable and successful business. When a niche is determined, the chances to succeed become higher. In addition, the customer retention rate is good. Start targeting locally relevant platforms where your target customers can be present and adopt a niche marketing strategy for them. This is another differential of the market that will help you to grow.
The perfect pricing strategy revolves around the psychology of marketing. Before defining your own pricing strategy, it is essential to know the competition. You must identify who is offering the best value. The price you set must be standard and should have a competitive advantage.
Here, the market differential is combined with an excellent pricing strategy. But don’t think that lowering prices for existing products or services is the best way to reach new customers. Every market is divided into three segments: low, middle and upper classes. The first step is to identify the class you want to target. Once you get an answer to that, it will be much easier to set a price that your audience agrees to pay.
So, don’t forget that using a pricing strategy is extremely important.
INNOVATION MAY BE YOUR BEST FRIEND
Change always occurs and it is very important that you know how to innovate in your business.
An example is Urban Outfitters, a clothing store in the United States, which has managed to create a powerful disruptive force by hiring artists instead of entrepreneurs to manage its stores. The artists had complete freedom to shape the interior of the stores and the result was remarkable. Each store was unique, while competitors looked the same. As a result, the company was able to increase revenue by 500%.
With all this innovation, companies that were once giants no longer exist in the market because they are not interested in the competitive differential. Therefore, always remember that your competitors are innovating regularly and new participants are disrupting the market. So, your company must innovate frequently and in a creative way.
People love companies that offer a unique user experience. Often it is not the price, but the service that favors the consumers and makes them refer new customers.
Contrary to what many companies have been doing out there, we believe that a competitive differential is the time to hire employees who willingly serve the customer and know the solutions that the company offers in a wide way. That way, they talk to customers and prospects with ownership.
It is essential that your employees are always polite and respectful. Having a problem-solving approach and always asking for customer feedback is also very important. Customer-centric companies have a reliable team that increases the level of satisfaction with the services provided.
Therefore, it is essential to define your brand and stay ahead of the competition in terms of quality, price and customer service. In addition, a satisfaction survey can be very important to understand what your customer thinks about your business, products and services.
To keep their employees interested in the business, many companies rely on internal communication. Thus, we separate here an article from our blog about an internal communication tool to engage employees. If you haven’t read it yet, take the time to stay informed.
We hope that these tips are of great value to your business and that your company stands out with a strong competitive advantage!