The best way to make jaw breaking sales in your business is for you to dominate and be the authority in your niche. The only way to achieve this is by staying ahead of every competition. If you do not outsmart your competitors, it means you will only partake from the crumbs of customers that fall from the table of your competitors.
The following are the ways to outsmart your competitors:
KNOW YOUR COMPETITORS
It’s funny that some business owners do not know who is stopping them from having the customers they are trying to serve. If you don’t know your enemy on the battlefield, do you think winning is possible? As you try to grow your brand, keep an eye on your competition.
CONDUCT A COMPETITIVE ANALYSIS
A competitive analysis is the analysis of your competitors and how your business compares. By evaluating the strengths and weaknesses of your competition, you can begin to formulate how to give your company an advantage. It helps you to understand the latest shift in the market and gives you the ability to determine the advantage and barrier of a particular product or service. It helps brands monitor how direct and indirect competitors are executing tactics like marketing, pricing, and distribution.
IDENTIFY THE WEAKNESS OF YOUR COMPETITORS
One of the best ways to outsmart your competitors is to capitalize on their weaknesses and use them to build up your brand’s strength. What is that thing that no one has ever tried in your niche that you can take advantage of? Which problem persists in your niche that none of your competitors has ever thought of solving? Solve it or reinvent the existing solutions in a better way to get ahead of others.
LEARN FROM CUSTOMERS
You can’t learn from customers except you understand your target audience, therefore have a clear understanding of the market your product and services are targeted at. Conduct research to know what they want and why they buy. Knowing why customers buy will automatically place you ahead of every competition.
LEARN AND EMULATE WHAT YOUR COMPETITORS ARE DOING BETTER
There is always one or two things your competitors are doing that makes them stay ahead of your brand. Watch them closely, follow them on social media, subscribe to their newsletter. What do they seem to be doing well, and how can you better emulate them in this respect? What are they doing poorly that you can capitalize on?
Importantly, don’t just copy your competitors until you know what they are doing works. For example, if a competitor starts offering a 25% discount for new customers, don’t copy them right away. Rather, wait and see what happens. If the competitor stops offering the discount quickly, then the promotion probably didn’t work. Conversely, if the competitor is still offering the discount 6 months later, it probably did work. Only copy the competitor’s “winners.”
Also, try to figure out what competitors are saying about you. And, if criticism from a competitor gets back to you, don’t become defensive or dismiss it casually. Rather, engage critically with it. The criticism may prove to be quite helpful. A competitor may be aware of your weaknesses in a way a friend or customer cannot be. So don’t disregard negative feedback, but rather consider it carefully, and take corrective action as appropriate.
The best gift you can give to your brand is to understand the trend of the future in your industry and set up a process that will comfortably make you the dominator and game-changer. Be at the forefront of your industry.