Sometimes it feels like you really are running a race. It may even make you tired of the daily battle of trying to stay ahead of the competition. Maybe it’s a new business opening up in town. If you suddenly find that your customers have another option, what can you do to fight back? You’ve always been the go-to store for your products in town and your not sure how you should react. Sometimes Soak the Competition is good, sometimes it’s not.
How to Stay Ahead of the Competition in Business?
If you are starting to see customers leave your business, there has to be a reason. Identify what your customers are seeing at the new business that you aren’t providing. Check all areas of your business, your location, your products, your staff, your brand, and so on. Use this information to tweak your business model based on what your customers’ need, not on what you want.
Remember, your business is unique, often it’s a combination of you, your team, and all the other nuances that separate you from your competition. Make sure your sales, operational, and marketing strategies emphasize the unique customer experience that you offer.
If you are facing competition from a bigger brand, remember that there is something very special about being a small business. Use it to your advantage. Do your homework and find their weaknesses. Start by reading media reviews of their business or check out online reviews. Websites such as Yelp.com, Google Reviews, Angie’s List, and local community discussion boards offer honest customer reviews of many businesses. And don’t be afraid to check your business’ reviews also. Many times there can be a few eye-openers for you, also.
Sure, many of your customers will check out the new store, but if your customers appreciate your services and your products, they will probably keep shopping at your business
Remember the old saying, You catch fish on the lure they like, not the one you like.