How can you beat your competition? This is important and always an actual question that you will ask yourself as an entrepreneur.
This question sounds like asked with too much military voice. Beating is something that military persons use. However, this is the most frequently asked question from entrepreneurs. If you succeed in beating your competition, you will have more market shares. If you have more market share, you will have more customers. More customers will bring you higher sales and profit.
Here, I want to share 13 steps to help you win a battle, but not a war, because this war is a never-ending process in the business world.
1. Follow the Steps of Your Competitors
I know that you have strategies, tactics, and plans. But, do you know that also your competitors have the same things to compete with you and other competitors on the market.
What are they doing? How are they doing business? How do they approach doing business in the market? What are they doing to make their customers happy?
These and a million other questions can give you an accurate picture of your competitors. These answers will help you to build better strategies, tactics, and plans for the competitive battle.
2. Make Competitive Analysis
When you collect enough information about your competitors, you can start making a brief competitive analysis. With this step, you will identify your most important competitors and evaluate their positions according to different factors.
Before some period, I’ve made a Competitive Analysis Template that you can use for this purpose.
3. Compare Your Competitor’s Offers to Yours
The offer is one of the essential elements that differentiate one business from another. An irresistible offer is something that no one can refuse it. Because of that, make a more in-depth analysis of the offers of your most important competitors. Find their advantage and disadvantage. What is better for your offer? Also, what is the most critical part of their offer? What do they try to achieve with their offer?
4. Make a Better Offer From Them
With all the collected information and analysis, why don’t you try to make a better offer from them? All their advantage, let’s be your advantage. All their disadvantage, let’s be your advantage.
5. Solve Real Customer’s Problems
Find real customer’s problems, not what you think or what your competition thinks is a problem for them. But, find the real and actual problems that your customers have and want to solve. For those problems, develop a practical solution that you can offer.
6. Know Who Are Your Customers
If you know your customers, you will better understand their needs.
There are two negative effects from unsatisfied customers’ needs: losing potential energy from customers and marketing activities and losing potential energy stored in your cash.
7. Differentiate Your Business From Your Competitors
How can I know that your business is different from your competitors? If you show me, I will know. If you want to show me, start brainstorming all vital business aspects that differentiate your business from your competitors and use them everywhere.
Use them in all your marketing weapons and all your social networks. Make them shareable. You can read more in 10 Steps to Better Understand Your Customers Needs.
8. Let’s Customers Tell You How Your Business Can Be Better
The most significant mistake that entrepreneurs can make is not asking their customers what they think. Simply ask. Ask what they think about your products and services. Also, ask what they want. Ask how you can improve the business with them.
9. Always Be There Where Your and Your Competitions Customers Are
You must find ways somehow to be present where your customers are. However, why not be present at the places where your competitor’s customers are? If they are on Facebook, let your business be there. Also, if they are on Twitter, let your business be there. If they are on the specific trade show, make your business be there.
10. Personalize Your Marketing Messages With Your Customers
Personalization of your marketing messages is a part of your overall work on your business optimization for customers. You must use different segmentation of your current and potential customers list. For all different types of customers, you must send personalized marketing messages for each kind of list.
11. Be Prepared for Dirty Playing
Dirty playing can be part of the strategy of your competitors. Be prepared to use a similar defense mechanism if they attack you in such a way.
12. Be Creative
Creativity is directly related to discovering new ideas or concepts or modifying existing ideas and concepts. At the same time, you cannot easily copy it from your competitors.
13. Be the First in More Things Then Your Competition
Someone who will be the first in changes, innovation, and improvements of all business processes will become better than the competition. It’s better to be a leader than a follower.