One of the greatest difficulties with the modern business worlds is the fact that there are startups and SMBs behind every corner. Regardless of what you decide to do, you will find that your niche is most likely already oversaturated. This means that staying in the game might be demanding on its own, let alone staying ahead of your competition all the time. Still, with these five simple tricks, you can make the impossible happen.
1. Become better at one thing
One of the greatest military minds in history, Napoleon Bonaparte, once said that you don’t have to be stronger across the entire battlefield in order to win a battle. All you need to do is find a single weak spot to exploit and make a crucial breakthrough there. Same goes for the business world. You don’t have to be better than all your competitors in everything that you do. What you need to do is focus on a single aspect of the product/service you provide, make it your selling point and focus your entire marketing campaign around it.
2. Lower the prices
Another thing you absolutely must do in order to gain a competitive edge is lower your prices. Sure, a quality product always costs more than its inferior counterpart but if what you have is the same as what your competitors offer, you need a change of plan. Unfortunately, your prices cannot drop indefinitely, seeing how at one point you will start losing money. In order to postpone this as much as possible, you need to find alternative ways of saving money. This goes from simple steps such as outsourcing expensive non-core tasks to the advanced idea of switching to smart freight. Either way, there are no one-size-fits all solutions in the world of business.
3. Focus on customer feedback
Instead of investing heavily in elaborate analytic tools and consultations you might want to try actively listening to your customers every once in a while. Employees from your customer service need to file elaborate reports on the issues your customers complain the most about. Outside of this, you also need to think about the brand mentions you are getting online. Sometimes, people will be direct about all shortcomings of your product or business and will even go as far as to express their opinion on your social media page or various forums. All you need to do here is register on most of these platforms and start listening to what people are talking about your work.
4. Return business at the forefront
The next thing you should focus on is creating as much return business as you possibly can. Why? Well, simply because this course of action results in an insanely lucrative ROI. Just look at it this way, a person who bought from you once has a 27 percent chance to return on their own. Those who bought from you twice have a 45 percent chance of returning, while those who purchased from you on at least three occasions have a 54 percent chance to buy from you once more. In time, you get to the point where 8 percent of your regular customers make up for about 40 percent of your entire profit.
Any of the above-listed four ideas can be used as a standalone doctrine or combined with others in order to further improve your business model. The beauty of this entire situation lies in the fact that while these four ideas are a backbone of a successful business structure, they are highly flexible and easy to integrate into virtually any industry. One last thing, even though most of these tips (if not all of them) may seem quite intuitive, you would be surprised at just how many business owners tend to ignore them. Just by avoiding this crucial mistake you can stay ahead of your competition.