4 effective tactics to grow your business, stay ahead of competition

| July 22, 2019

We all know that the business world of today is rough and that competition is fierce. Beneath those fine suits and manners lies a firm desire not only to succeed but to be top-notch in their field. That kind of attitude means that a prosperous business has to constantly be in tune with the innovations on the market, cater to their clients’ needs and adapt whenever necessary.

Keeping tabs on your competition is important so you can be realistic about your position on the market and take an objective stance when assessing the good and the bad practices you implemented. There is a chance that some of the competitors’ strategies will inspire you to venture into a new field or try a different approach. But one thing is certain, you have to be flexible if you wish your business to thrive.

Liven it up with new products and services 

No matter whether you are in the event management or handmade jewelry business, you need to freshen up your offer from time to time. Of course, the extent of the change will mostly depend on the nature of your business, as well as your creativity. 

It goes without saying that you first have to do some research on the general interests, likes and dislikes before you decide what to add, but you can always start small and see how it goes. For example, if you are a wedding planner, you can add a bachelorette party organization as one of the services you offer. 

Or if that seems too large of a step, you can recommend to your future couple the perfect seamstress for their wedding attire or a beauty parlour which will groom the brides and the bridesmaids from head to toe. In return, those small business owners will recommend you to their other customers, so you will build a steady collaborative network.

Explore new territories 

A good way to expand your business, in addition to enriching your offer, is to look for a way to spread into new territories. Let’s say you are a Europe-based company that manufactures car parts, so why not try the American market and see if there is a need for your products.

If you are short for cash, one of the ways to acquire the funds for this endeavour, besides bank loans, is through Non-Banking Financial Corporations (NBFCs). Many start-up businesses opt for their reliable unsecured business loans because they are extended without the guarantee of collateral. Another advantage of these loans is that the decision-making process is shorter, so you will not wait long to learn whether your loan was granted or not. Naturally, you need to research in detail each corporation whose offer you find interesting, and so you will be able to make an informed decision.

Spice up your sales tactics 

If you are solely a brick-and-mortar business with a website which has been last updated two years ago, you need to migrate online as soon as possible, otherwise, you will become a dinosaur, in a matter of speaking. Create a profile on one of the social networks (e.g. Instagram, Facebook) and give your customers content which will motivate them to decide on a product or service. 

If you are new to that world, it would be best to hire either an in-house or an external team to help you with the campaigns. They will know how to create an engaging post, how to reach a wider audience with a video or how to grab the attention of brand advocates with a photo. Also, since mobile phones have become indispensable in everyday lives, it would be a good idea to invest in Mcommerce. A move like this is only possible if you have enough funds to allocate, which means you have to plan expenses and your budget very carefully.

Create a rapport with your existing customers

Renew the relationship with your current clients by gently reminding them of your existence. This means that you can add a blog post, send a Newsletter or an email with relevant information and practice that from time to time. 

However, be careful not to bombard them with unnecessary data because that will have the opposite effect and turn them away from you. Think carefully about the content and the frequency of your ‘reminders’ so that you come across as enterprising and not obtrusive. Besides creating a rapport, it would be good to add segmentation on your to-do list: grouping your customers by age, buying history and/or location can help you observe their needs better. In return, you will be able to plan different strategies and connect with them on a deeper level, which will result in higher sales.

Wrapping up

Maintaining a business is one thing, but if you wish to stay ahead of the game, you need to be ready to make some changes to your business perspective. Fierce competition can be outplayed by dedication and implementing new strategies which are the result of in-depth market research. 

Although frustrating, leaving your comfort zone is necessary for the sake of progress. Creating an online presence is a vital step in this process, as well as honouring your existing customers, as opposed to just chasing after new ones. This will strengthen the loyalty towards your brand and make your competition start trailing after you. Even adding new products sounds risky, but your business can only excel if you are willing to adapt.