Business
How to avoid falling behind your competition
In the history of business, not once has a company strived to be second best. Of course, we all want to be the best, but it’s inevitable that we have to fight for that top spot.
We also can’t become complacent once we’ve reached that top spot – after all, the underdog is often more compelled to push harder and faster.
So, how can we avoid falling behind the competition?
- Keep one eye on the competition at all times
Keeping a constant eye on your competition is the name of the game when it comes to not falling behind. If they suddenly release a breath-taking new product, or drop their prices then the chances are it’ll affect your business.
Make sure that you keep your prices competitive while remembering your USPs. Have they dropped their prices because they’ve reduced the quality? Make sure that these key differences are clear to see to make the purchasers decision easier… of course in your favour!
- Draw attention
If you have a shop, or outdoor area to use, then flags for outdoor advertising are great to make sure that you’re being seen by passers-by.
Whether you only use them when you have a special offer or promotion, they can be a great way of attracting more than your usual amount of attention to your shop. It may even help to sway a potential customer to walk inside if you’ve caught their eye.
- Think outside the box
Innovation is the key to business success. Being seen to be static can give your brand a shelf-life. Think about what your next step is to further push your business forward.
In the battle between your competitors, you want to be seen as the one who goes the extra mile and delivers new and exciting products. Make them constantly chase your tail by thinking a step ahead and think “why didn’t we think of that?”
- Be true to your brand
As you strive to not fall behind your competition, it’s important to keep your business values in mind. Keeping true to your brand will make sure that you stay on-track and don’t alienate your current clients.
For example, if you have a local business keen on local produce, then deciding to drop your prices by purchasing in bulk from China may not be the best business decision for your brand.
- Be realistic
If your competitors really start to push to overtake you, then be realistic about whether it’s sustainable to attack them back.
Would it do more harm than good to be number one for the sake of a title? What’s more important is that you can deliver a healthy return on investment.
Of course, if it’s sustainable to fight back then make sure you’re ready to drop that business gauntlet and show them who’s boss.
