With the rise of digital technologies, and significant changes in consumer behaviour, the business world has become a highly competitive place. Consumers have so much more choice over where to buy products and services than ever before, and it’s vital you take steps to stay ahead of your competition.
In this article, we are looking at some of the best ways your business can stay ahead of the game, how to beat your competitors and tips on building brand loyalty to keep customers coming back to you time and time again.
Industry benchmarking is used to compare your business processes and performance metrics to those of your competitors to discover how you can improve your practices. If you’re unsure of how to benchmark then what you will need to do is dedicate some time to looking at how your business operates compared to your competitors. From here, you can identify ways to improve upon what you’re already doing. Some of the most common metrics for benchmarking include cost per unit, production time per unit, product/service quality, customer satisfaction, loyalty, and brand recognition.
Prioritise social media and digital marketing
Social media, digital marketing and Search Engine Optimisation (SEO) should be a significant part of your business strategy for customer acquisition. By implementing digital campaigns across various platforms, you can regularly build on your knowledge of your target demographics, and you’ll be able to quickly identify your perfect customers as those that take action from your campaigns.
Understanding who your customers are and what they want gives you the ultimate power. You can use these insights to continue to target this audience on a larger scale and build customer growth and loyalty by tailoring your services to them.
Focus on providing excellent customer service
Nowadays, it’s easy for customers to leave reviews of your business on social media, search engines such as Google and specialised review platforms. This means you need to be focusing on keeping your customers happy. Research by Hubspot found that 93% of customers are likely to make repeat purchases with companies who offer excellent customer service.
Identify where customers could leave reviews of your business and make sure that you monitor these platforms so that you can respond quickly to both the positive and negative feedback. Ensure that you respond in a professional manner to negative feedback, and use this as an opportunity to improve business practices if possible.
For example, if a customer complains that the delivery of your products is too slow, then you could look at switching to a new dedicated courier service. The extra money spent on this could be well worth the positive feedback you’ll receive. Plus, this helps you build brand loyalty as you have actively made changes to the business based on customer feedback, making those individuals feel like valued customers.
Technology and environmental impacts
We all know that technology is at the forefront of business practices these days, and that many processes are becoming automated thanks to advances in technology. Look at the ways that tech can benefit your business in both saving you money and making your operations more efficient.
Tied into this, you also need to consider the impact that your business has on the environment. Over half of the British population would describe themselves as an ‘ethical consumer’, and this trend is likely to increase over time. Incorporating technology and environmentally friendly processes should put you on a winning path.
Now is the time to start thinking about staying ahead of the game by carrying out industry bench-marking and focusing on social media, digital marketing, customer service and advancements in technology. With these factors in mind, you’ll be able to stay one step ahead of your competitors as well as learning that regularly working on improving your business is the key to success.