4 Tactics to Put You Ahead of the Competition

Owning your own company is a great opportunity for gaining flexibility in your career, achieving more profits and working for something you believe in. This often gives way to becoming the victim of a rival company as well, especially in smaller niche markets and local areas.

While few legal options exist that would abolish the competition entirely, it is important to become savvy to business tactics that can help you remain ahead. Even the most prestigious of business degrees require brushing up on the new and current information and technology available. Keeping up to date can send you ahead of the competition and aid you in the long run. Some of the most effective methods to keep you ahead of the competition are found below.

Know Your Target Audience and Adjust Accordingly

Clearly you know your business and what it is all about, and while you know your target audience, you might not know that the audience is subject to changing their tastes. Say, for example, you are a company specializing in cosmetics for teenage girls. Your target audience is young, trendy, and female, right? Well, as times change and new icons appear, teenage girls adjust their tastes accordingly, so it is crucial that your flesh-tone, nude cosmetics transition to a more colorful, animated line if that happens to be the current trend.

Additionally, your business location is important for reaching a target audience. Invest in learning the demographics of the area before setting up shop. If demographics change, you might need to switch locations, too. Your research can be the way that you stay ahead of your rivals.

What Makes You Different?

Any company can claim that they are different, but only those who reign supreme can prove it. A consumer should never have to do research that proves a certain company is different from a competitor; your business should demonstrate it. If your prices are different, market that. If you care more about your customers, what do you do to prove that? Business is about proof and clarity–not assumptions. Highlight what sets you apart and use it to bring your target audience to the door.

Say No to Marketing Stagnation

Traditional forms of advertisement are seemingly a thing of the past, and statistics readily prove that social media trumps the newspaper industry right now. With this in mind, failing to take to social media to market a business can prove devastating to your business. Regular social media posts, hype, and general advertisement can differentiate one business from another, and quite drastically.

It is important to note that treating your social media as a business in and of itself is crucial. Your business image is often more apparent on social media, so acting in a professional manner on these relaxed platforms is key. Social media giveaways or discounts are a great means to gain business exposure at no cost to you!

Update and Target New Audiences

The expression “if it’s not broke, don’t fix it” gives way to a gray area. Updating a business with new technology, including adapting to social media, is effective to keep up with a growing population and potential demand. Additionally, your target audience should never be the end all, be all of your business, but should be used a means to build your skill to eventually focus on a new consumer, while maintaining a solid relationship with your prior.

As an example, as wood flooring grows in popularity, the carpet cleaning industry becomes more competitive. In order to obtain and retain customers, a small carpet cleaning business might offer services the competition might shudder at. Perhaps every tenth wash, you can provide one wash for free. On your business blog, incorporate articles describing the benefits of carpet cleaning services, and how your company meets those points.

To finalize, business and competition often coincide. Stagnation is detrimental to business owners, so remaining savvy to new business procedures is essential. Remaining true yourself and true to your business image is important, but keeping a keen interest in the changing ways of the industry can help keep you stay ahead.

Author: Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking and gardening. If interested in more information on franchising a small company like a carpet cleaning business for sale, check out investment opportunities here. For more information contact Brooke via Twitter @BrookeChaplan.