During the times when consumer spending starts to slow down, you need to defend your market share in any way that you can.
This way, you can maintain your competitive advantage over your rivals and ensure that your business rides out the difficult times.
So, here we will talk about just a few of the ways that you can keep your business competitive no matter what.
#1 Know Your Customers
First and foremost, you need to know your customers in the most thorough way possible so you can find out what they are looking for in your business.
Customer behavior can change significantly as the external factors like the economy shift around them. So, you need to be ready to move with the times and take every effort presented to get to know your customers better.
#2 Know Your Competitors
Of course, knowing your customers is important, but so too is knowing your competition. Who they are, what they are offering and what their unique selling points are should all be informed that you know like the back of your hand.
The only way that you will be able to stand out from them is by knowing what they are doing and why you are doing things differently.
#3 Refine Your Market Strategy
Once you have covered the first two steps, the time has come to refine your market strategy. Start by looking closely at your market access strategy.
Next up, you need to examine closely the different ways of marketing your company. If your current strategy leaves something to be desired, why not try an entirely different approach?
#4 Update Your Image
You may feel that the issue is that your business image is a little stale and in need of a refresh. If you have a physical store, there are plenty of affordable methods of making it look more inviting such as a simple lick of paint.
However, if you want to go for a total brand overhaul, look to update your business card, stationery, website, branded packaging etc.
#5 Look After Your Existing Customers
Your existing customers are already converting to your business and its benefits, so they are the ones that you need to look after as your primary responsibility.
Perhaps you could look into offering them loyalty schemes, discounts or other benefits to keep them loyal to your company. With so much competition out there these days, you need to inspire their loyalty in any way that you can.
#6 Target New Markets
The final point that we are going to talk about is targeting new markets, which has the advantage of increasing your customer base and therefore spreading your risk.
Maybe you can launch your services in a new country entirely. Perhaps there is a demographic of people that you have not thought about in the past.
However, you need to ensure that you are looking after your core of customers as you don’t want to risk spreading yourself too thin.
So what are you doing to keep your business competitive? Share your thoughts and comments below.