A major part of running your business is knowing how to beat your competitor brands. Depending on which industry you’re working in, there will be hundreds, if not thousands, of other brands trying to claim the top spot.
But there are also lots of different strategies that you can employ to ensure that your brand stays one step ahead of others in the market.
In fact, over 73% of enterprises worldwide spend 20% of their total budget on competition research and data analytics.
If you would also like to know how to beat your business rivals quickly, then this article is here to help!
- See who your real competitors are
You might believe that only the top giants in your industry are your direct competitors, but in reality, they’re one out of many.
If you’re a business leader, you should consider the entire industry you’re working in.
Many brands in your niche might be your actual competitors, but since they aren’t very similar to you, it’s easy for you to miss out.
Therefore, check brands that sell both similar and slightly different products from what you sell.
Check out their products’ key features and prices and how you can adjust yours to make your company more favorable to consumers.
- Know your customers
If you truly wish to stand out from other brands, it’s time to notice your customers and understand their needs.
Unless you pay close attention to what your customers are buying and what they like, you won’t be able to improve your products.
The first step here is to do customer research through surveys and participation programs. Next, you can ask your existing customers to fill out these surveys and tell them what they liked or disliked about your company.
Otherwise, you can put up polls or questionnaires on social media platforms to engage with a wider audience.
- Gather data about competitors
After you have an idea of who your competitors are and what your customers want, it’s time to gather data about other brands.
Nobody expects you to go snooping around, but staying updated is a good idea. Check out any new product launches conducted by other companies or any recent blogs that have been published under their name.
These ideas will help you to fuel your mind and come up with new ideas of your own.
For example, suppose a competitor brand is using conventional business cards for promotion. In that case, you can also order business cards but switch to premium or digital ones to make your brand look more appealing.
- Determine your USP
Your USP or Unique Selling Proposition is what sets you apart from other companies. It is a clearly-defined benefit that will help your audience to choose your brand over others.
Your USP doesn’t have to be anything fancy; it just needs to be true to your brand vision and motto.
For example, if you aim to promote sustainable and eco-friendly clothing for all, use that to your advantage.
In a world where fast fashion has become rampant, you can easily make people understand that your company deals with ethical and ecologically-friendly practices. (1)
- Understand why others are winning
If other brands in your niche are winning customers while you’re having a tough time getting new clients, you must first understand what makes others attractive.
Ask yourself questions like why your competition is outperforming you and why you haven’t been able to outdo them in the last quarter or so.
Even if the answers seem harsh to you, don’t take them personally. To improve your brand, you must look at your shortcomings and other brands’ achievements.
Perhaps you might even learn a tip or two from another brand and rectify your mistake.
- Consider new territories
Moving into a new market can open up a whole new world of opportunities for your business.
For example, if a brand that sells clothes has been outperforming your clothesline for many months now, you can consider expanding your business and including jewelry. Or collaborate with other businesses that can result in mutual benefits.
By focusing on multiple markets, you can grow your company into a more extensive operation. You can even focus on a wider customer demographic after merging multiple markets. (2)
Over to you…
Even though your company is bound to face competition from other businesses, all that matters is how you handle things. So, follow these tips, and you’ll quickly be able to outperform your rivals!
Speaks from heart, always too passionate and driven by emotions. Spins the words with kindness & sharpness, intriguing your ever-inscrutable minds.