Competing In A Rapidly Changing Business Landscape
Just like hyperinflationary conditions, a rapidly changing business landscape can bewilder you as a business owner.
There will be a rush of questions that need answers, including:
- How can my business remain competitive?
- How can my business improve and evolve when it’s simply trying to keep up with the current challenges?
These are tough questions, and it’s increasingly the case that business owners have to reckon with these questions because there is no alternative.
Your business can take many actions to stay relevant and retain or grow its market share when things change around it. Sure, it’s not going to be easy, and you should never assume that it will be because if you take that approach to business, you and your business will never truly reach its potential.
This business blog article looks at how you can implement change, hone your unique selling points, and create and modify your business’s unique selling points to be a market leader. Plus
Know Your USPs
Every business needs unique selling points. However, many business owners don’t know what their USPs are nor how to create more to grab more market share.
What Is a USP?
Your USPs set your business apart, which is why your business is better than the others. USPs can be anything from the size of the company’s parking lot to the shape of the building to the service offered by the company. Your USPs are what makes a brand special.
Do you know what makes your products or services unique?
If you don’t know why your customers are buying from your business instead of your competitors. You need to figure out what makes your business unique and find a way to express that in your marketing materials. This will help you stand out from the crowd and build a better first impression with potential customers.
When you clearly understand what makes your business unique, you’re better prepared to develop a strong branding strategy that will help you attract new customers. This will also help you keep current customers coming back for more.
Once you know what makes your company better than the competition, you can communicate it as value propositions.
Value propositions communicate what consumers will get when they purchase a particular product or service. They identify what makes a company different from its competitors and help it to stand out. Because they are so important, a company’s unique selling points must be communicated effectively.
Plus, your unique selling points are a fundamental part of your brand and should be the central focus of your marketing strategy. Your USPs will help you build a compelling story to help people understand why they should choose your business over the other choices. USPs will also help you create a stronger relationship with your current customers, which will help you expand your market reach, sales, and market share.
To find out what your USPs are – reach out to your customers and followers via your social media pages. Incentivize everyone who provides feedback. For example, set up a quiz asking questions with multi-choice answers. Offer a discount on the next purchase for everyone who participates.
Your USPs are constantly evolving and integral to your business staying relevant with its core customers.
Understand What’s Changing and Why
When everything is changing around you, it’s important that you actually understand what those changes are and what they might mean for your business now and in the future ahead of you. You will also want to look into why things are changing so much. Unfortunately, it’s not always apparent until you start digging deeper and thinking about what’s going on in your industry and business. Subscribe to relevant industry sites for news and views on market conditions. Keep learning and improve your knowledge of managing finances, staff, and technology.
Watch the Main Competition
The main competition your business has might be struggling too at the moment. But they might also handle the new situation better than your business currently. So you should keep an eye on them to ensure that your business is ahead of the rest. Competitor analysis is made more accessible with analysis tools.
Embrace New Sales Channels
There are many ways to sell your products to interested customers including on your website via your online store and payment gateway. Plus, via other platforms like Amazon and Shopify or Facebook marketplace. It’s up to you to ensure you seek out new sites to reach more eyeballs and sales.
There are plenty of ways to succeed in your attempt to carve out new sales paths, such as creating an app to which you can sell people directly or going to events where there are sales booths where you can find new customers to sell to. But, again, it’s up to you to find ways to make this work.
Affiliate marketing is worth exploring too. Affiliate marketers are part of your sales team. It is up to them to market your products or services so they can make money. Instead of directly selling products, an affiliate marketer generates income by driving traffic to other sites where products are sold.
Offering affiliate marketing is low risk, and payment is on success. How it works is – an affiliate marketer builds a website, social media profiles, and probably also an email marketing list. Then they create content that will get people to their online assets and earn a percentage of the sales when people click on the links in the content.
Use Tech and Apps
Perception is everything, and your customers know if you’re remaining current, using emerging technology that makes life easier for them, or lagging behind.
Be part of the technology revolution, and your customers will thank you for it with loyalty, sales, and referrals. Get a mobile app, and use cloud-based services.
Suppose you’re trying to compete with a slow-loading site and legacy software that’s unintuitive and probably outdated. In that case, you will always be at a disadvantage to the innovators and early adopters of the technology adoption curve.
Plan and roll out continuous improvements. Change is more acceptable to users when it’s gradual. Business process improvement and digital transformation are necessary for businesses keen to cut costs, improve productivity and acquire customers. And It’s always moving in the right direction rather than aiming for rare revolutionary changes. It’s much more sustainable to aim for incremental changes rather than huge ones that risk alienating customers and slowing sales for your business.
There are always ways to improve. Therefore plan for continuous improvement. Prioritize projects and milestones, so your business reaps the rewards faster. What you want to avoid is starting too many projects simultaneously. Use project management software to ensure tasks are completed, and goals are met.
Add Value to the Customer Experience
Regarding improvements, work on how you can add value to customers’ experience. Use a chatbot, so online sales grow quickly with less cart abandonment. Provide incentives like free gifts or discounts on future purchases to keep customers loyal to your business instead of your competition.
Create a Positive Brand Image by Doing the Right Thing
Having a positive brand image in the minds of customers and the public can be really important when trying to remain competitive in the business world.
You should adopt the mentality of always trying to do the right thing, and that’s something that can apply to your role as an employer of workers in how you deal with customers when they have a complaint. Always do the right thing and put people first because this will endear people to your brand.
Doing the right thing is your business taking actions including:
- Avoid greenwashing marketing
- Have an HR hiring policy for DEI and employee recognition
- Create a CSR (Corporate Social Responsibility) program
The world is changing fast, and businesses must be at the forefront of change. As the business owner or executive management, it’s up to you to ensure that your company is competitive.
Find the solutions that work for you, including some of the abovementioned steps. There is no right or wrong way, just your way, as no one knows your business quite like you do.