A “great idea” is a source of starting a new business. You find ways to do things better and do everything possible to make that “great idea” into reality. Sounds good right? BUT you are not the only one in this race. It can be easy to start a business but very difficult to retain it and make it successful. As our customers have lots of options on whom they invest their money. You will face competition irrespective of the industry you are in. This competition is one of the biggest reasons for the failure of businesses. To be a successful entrepreneur, it is essential that you stand out and outperform your competitors.
So, read along to find a complete entrepreneurial guide to outperform your competitors and make a lasting impression on your customers.
Positioning is one of the most basic and fundamental elements of marketing. Market positioning refers to the positive effect of your brand on the mind and hearts of your customers. While positioning, a brand must decide the ways to become as attractive and as unique as possible to customers. So, when the time comes to choose between your business and your competitors they always choose you. There have been many companies that came up with unique ideas that made them have a lasting impression on the customer. For example, McDonald’s, the world’s largest fast-food chain by revenue with a great number of competitors. It is not positioned to be the best, cheapest, or fastest. Rather, it is positioned as a family-friendly food chain that offers a fun play garden, Ronald – the clown, kid meals, and toys.
Another significant aspect of a long-term successful business is customer service. You might have an amazing product but if your customer service is not great, you might lose customers. It also helps to understand the queries and provide feedback to the customer after a purchase. Believing that customer service only matters in the service industry is a mistake. Valuing your customer’s time, positive attitude, creative problem solving, and prompt response – all contribute to great customer service. It’s your customer service that makes your customer loyalty towards your business.
According to a survey, 59% of consumers buy products from brands that they are familiar with. Having a productive branding strategy allows you to have an advantage in a highly competitive market. Branding is a marketing strategy in which your business creates a name, a logo, a symbol, or anything that is easily recognizable and connects to the business. It distinguishes your business from your competitors and makes your business known to your customers.
Branding is a time taking process, spend some time upfront and then improve over time.
Referrals and Reviews
When it comes to growing your business, reviews and word-of-mouth referrals can be excellent marketing tools. If you are a start-up, it can be difficult to gain people’s trust. Reviews and testimonials make your business trustworthy and urge consumers to choose you over your competitors. As a business, sometimes you might have a very tight budget for marketing. In such times, these reviews and referrals can do wonders for your business. When your customers are happy and satisfied with your product or services, they will do your marketing for you.
For some small businesses, referrals are the most effective way of finding new clients. You must make sure that you have a set of places where your customers can review your product or services like Google Business page, Facebook page, or Yelp.
Surprise and Delight your Customer
A simple gesture such as giving your customer personalized service or a handwritten note can make you earn the loyalty of your existing or even new customers. Most of the companies try to just make their customer happy and satisfied but only a satisfied customer isn’t compelled to share his/her experiences. You need to go above and beyond what you promised and what your customer expects, to inspire them to brag about you and remember your service.
You can find suitable ways to surprise and delight your customers by:
- Giving them phone calls, cards or thank you notes.
- Facebook groups, where customers interact with each other and share experiences.
- Gifts- Such as books, journals, webinars, live events, etc.
- Coupon codes, discounts and holiday promotions, etc.
There are plenty of other ways that can make your company stand out from your competitors, but, this list gives you a head start and hopefully will give you the inspiration to do things differently and be the best in your industry.