How to Thrive in a Competitive Industry
There are many competitive industries in the UK. Keeping a close eye on what your competitors are doing is essential to ensuring that your business can stay one step ahead of the competition.
Consumers can now find companies in the comfort of their own homes. Your business may be great, but it also needs to be discovered by the right audience online. If you get lost amongst your competitors, try a new angle and give customers something different.
Kamran Mirshahi is the director of Canary Claims, specializing in PPI claims. Customers can choose to claim themselves or use a reputable PPI claims company. But, even if a customer decides to use a PPI claims service, there are a number to choose from.
In July 2018, the government put in place a fee cap for all PPI claims companies – and this created even greater competition as many companies now charge the same price.
Despite challenges and rogue PPI claims companies give the industry a bad name, Kamran has succeeded and thrived. Below, he outlines how your business can do the same.
Create a Unique Selling Point
What is your business’s unique selling point? There needs to be something different about you to stand out. It could be that all UK deliveries are free, or you only stock ethical products. Do you offer something free to try and convert customers for service businesses? Whatever it is, make sure it’s different from your competitors.
As a PPI claims company, making our price substantially lower than many other companies was one way to thrive.
Offer the Best Price
The price point is essential for all companies. How do you balance making enough profit by giving customers a fair price? Return on Investment (ROI) is an important sum to understand. If you believe that a lower price for customers will result in more sales, it could be the right choice for your business. If you are charging a higher rate than your competitors, you should clarify to customers why this is – and what value you bring to them by charging more.
Have an Easy-to-Use Website
It’s been thirty years since the World Wide Web launched. The technology has revolutionised the way that individuals and companies operate.
For companies, the need to stand out during a user’s search is pivotal to success. Creating an SEO-optimised website has never been so important.
But, even once a user lands on your website, they need to access all of the information they require quickly. This means your website needs to be user-friendly and transparent. Your target audience might not be tech-savvy – how does the site look to them?
Having an easily accessible website is a winner. Does it have a clear call to action? Is the language easy to read? Can the customer find out all of the information they need quickly and concisely? If not, address these issues.
Be Upfront with Customers
Honesty and integrity are words that a lot of businesses use. But do they all follow them through? Being upfront with customers about what they can expect from your product or service and the cost is vital.
One of the reasons for shopping cart abandonment is due to high shipping fees that customers weren’t aware of when they started their online shopping. Giving this information to customers can help to reduce this from happening. For those offering services, be clear with your fees upfront.
In the PPI claims market, the percentage of a successful claim can make a massive difference to people, and showing off a low price can help to increase the number of sales.
Even in competitive markets, you can make your business stand out. Create the best possible website and tell customers why you are the best in your industry.