I am going to share the Real Secret on how to beat our competitors especially during this extreme situation that we are facing after the pandemic outbreak. Competition in business is definitely healthy and there is nothing you need to worry about. The following are the Five (5) Ways that I believe and it really helps no matter what business you are in.
Develop Our Team
To develop our team is not only giving input. Cultivating the environment of having the need to improve is essential. Creating the right soil (Growth) for our team to live in. Creating the right air (Purpose) for our team to breathe in. Be aligned with the team on the importance of “Growth” and the “Purpose” that keeps the team moving forward. Developing our team requires a period of time, be patient so that we can see the result in the long run.
However, “Development” also includes “Disrupting the team and Stimulates the growth”. Disrupting ourselves before someone else does. We cannot avoid being disrupted, but we can disrupt ourselves / our team before other people do it on us. It is important for us to shape the disruption through our own initiative instead of being the victim of others. Never be complacent about winning.
Knowing Your Market
Targeting the right market is not enough. We must be able to deliver the “needs” of the market. Do research on the market that we are targeting. Are we delivering what the market requires? Doing what our competitors are doing is definitely insufficient.
To know our market’s demand better, we can create our own circle, group, or community that will ease us to do more research on our market. One of the common ways is to create a discussion group that allows us to gather the like-minded person or interested groups to get together.
Focusing Out
When competitors are competing with your services/products, it requires “Energy”. Turn that “Energy” coming from competition to become the strength that pushes us from our back. With that “Energy”, we may use it to focus out – to our customers. Our customers are the source of revenue. The energy should be flowing out to the customers and making an effort to deliver to our customers’ needs. Showing our interest in our customers, use this energy to push us to create a good relationship with our customers. IT IS ALWAYS ABOUT THEM, NOT US.
Read also: Building Relationships
Determine Your Unique Selling Point (U.S.P.)
Standing out from the crowd requires distinction. Brainstorming with our team to determine the USP of our product or services. If we are unable to determine our USP, how are we expecting the market to see us? Breaking down our services or products so that we are able to deliver our USP to our target market. Dissecting our services or products allows us to communicate better and faster to the targeted audience about our USP. It also allows our customers to remember our services/products better “TOGETHER WITH OUR USP”
Retaining Your Clients
Working on Retention. Instead of hunting for new business, work on retaining our own customers/clients. Looking for a new customer will cost FOUR TIMES even more than retaining a repeat customer. Learn to discover how can we handle our existing customers’ needs instead of spending the effort to discover our new customers’ interests. We are able to save much cost and time if we are selling to our retainer customers as the trust between them and our company have already existed. Businesses should focus on retaining their profit rather than spending the effort on making "new profits". With good retention of customers, we may indirectly develop a “word-of-mouth” marketing through the retained customers, and they will be our best testimonial to our services/products.
Read also: Customer-Driven Company
If you have read this write up, I hope you can share it on your social media so that your friends will not miss this opportunity to get to know the “Real Secret” on how to beat their competitors harmoniously.
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