Change Your Strategy
Be aware that your competitors will also be watching you just as closely. If business begins to dwindle, then a change in strategy might be in order. Begin by analyzing your competitors’ business techniques and weaknesses.
At the same time, you’ll need to strengthen your own weaknesses.
Specialize In Certain Products or Services
It’s a good idea to supply products or services that your competition cannot deliver. By meeting customer demand, you will increase your consumer base and get ahead of the game.
By the time your competitors catch on, your reputation will already be established and they will be scrambling to catch up.
Know Their Products & Services
Remember that good research will serve your business well. Track everything about your competition, from their products and services to marketing and advertising. Obtain sales flyers or brochures or anything tangible that will help you learn more about their business.
You want to collect as much information as possible and use it to improve your own business. Their company website is a terrific place to gather vital information. You may also want to try sending “secret shoppers” to their stores – this is a great strategy for collecting business intelligence.
Keep Your Employees Loyal – And Motivated
The truth is that unhappy employees that change jobs take your business strategies with them, most often to one of your competitors. Keep them loyal to you by establishing an incentive program. An incentive program shows them that you value their dedication to you, thereby improving employee retention rates.
Get to know your employees and what makes them tick. If they get bored with day-to-day activities, then frequently change their objectives. If they seem to love staying in one place then let them be. The idea is to know how they work best – and this will vary from one individual to another.
Also, show that you care about their families by giving gifts during the holiday season that they can share. Going the extra mile will benefit everyone involved, especially your business.
Get Customer Feedback
One of the best ways to improve or expand your services is by getting feedback from your customers. You might want to ask your loyal ones what they think or where you can improve. You could leave a suggestion box at your retail store where they can fill out cards or offer online surveys.
The suggestions that they give, even if negative, will tell you what areas you’re doing well in and where you can make improvements. The life of your business is directly related to the happiness of your customers.
Make sure you send thank you notes, advance notice of sales, and birthday cards to show them you care.
Don’t Let the Competition Get to You
While it is true that you need to keep a watchful eye on the competition, don’t let it sidetrack you to the point where you can’t focus on your own business. Let your instincts work to your advantage. You will make some mistakes, as all business owners do, but learn from them and move on. Invest time and money in hiring a great staff and work to build the best business you can.
As the New Year gets underway, use these six points to get and stay ahead of the competition. Your competitors force you to be the best at all times and they also give you the incentive to grow your business. Keep your eyes focused on your own goals and you will eventually get to where you want to be.
