9 Tips & Tricks for your business to gain competitive advantage

Being cheaper than a competitor is not your only weapon. All too often, business owners are upset when a rival is undercutting them on price, and they can't keep up. Trying to compete on cost is a losing battle - you squeeze your margins so thin you're left with nothing. If you can compete on price, then of course do. If you can't, get on top with a combination of these helpful tips.

• Analyse your target market and identify your competition: Finding and understanding your target market is crucial – knowing who you are trying to sell to means you will find the best way to reach and communicate with them, thereby increasing your chances of making a sale. In order to determine who your target market is just answer the following simple questions: What am I selling? Who will most likely buy or consume my product or service? Before you can challenge your competition, you need to know who they are. Find out which businesses are going after your same target market. How do they differentiate themselves from other companies in the industry? Where are they located? What products/services do they offer that you don’t? Once you’ve gathered all this essential information you’ll be well equipped to develop effective sales and marketing plans and processes with greater success than competitors.
• Be speedy in responding: Often consumers will weigh up a number of different solutions offered by different companies when considering the purchase of a product/service. Thus it is key that you respond to them in a timely manner, ideally very soon after their initial enquiry – being the first out the door with a follow-up mail or call to an initial query will reflect well on your business and your business’ name will likely stick in the mind of the prospect as a strong contender for them to purchase the product/service from. Access to the internet on your mobile device will not only make your life easier, it will also help you maintain a positive reputation for your business. For example, if you are able to follow up with a client by email immediately after a meeting, you will be showing that you are accessible, timely and professional.
• Appear more professional and engage: It can be intimidating when many of your competitors are from much bigger organisations which may be longer established than your own. However there are also lots of advantages to being part of a smaller business; you have fewer internal hurdles to clear when making changes to the business and can offer better more hands-on customer service. Social media is a great way for small businesses to engage with its customers. The Social Media Marketing Industry Report found that SMEs benefit more than bigger companies from using social media when it comes to making sales, generating leads and partnerships, increasing traffic to their website, subscriptions and overall marketplace exposure, and cutting marketing costs. Maintaining a professional image across all your tough-points with customers is essential. From adding a detailed signature line to all of your emails, to creating professional-looking product brochures to distribute, there are many small but efficient ways for your business to shine and appear bigger and more professional, while still enjoying the benefits that being part of a small business allows you. Use free Microsoft Office templates to help create professional collateral for your business. Find how Microsoft Office 365 can help your business look even more professional.
• Be prepared: Extensive research has found that one of the main ways small business owners can stay competitive is by being prepared. Future thinking and proactive planning is critical. If the economy were to face another downturn, your business needs to be prepared to weather market weakness. Being prepared means taking action in case of a ‘rainy day’ such as reducing costs, renegotiating contracts and operating leaner.
• Improve your product/service offering: Small, subtle improvements to your product/service offering can make the world of difference. You could try making your product rarer, more efficient or better quality than competitive offerings. Depending on what it is you sell you can work to make it: fresher, quieter, greener/more ethical, home-made. Having the stamp of approval or endorsement from a respected local figure or organisation is always good. Jump through the hoops to win the support of a respected figure/organisation and then stick their approval seal on every bit of marketing material you've got.
• Offer better customer service. This is a really easy one and also free, it’s also imperative for business success. Smile, be polite, build relationships with your customers and respond to complaints quickly and calmly. It's that simple. Following these simple but important steps will allow you to develop customer loyalty and build a happy customer base who will likely refer you to others and be more than willing to offer glowing testimonials for you. You’re also likely to get repeat business from satisfied customers. Up-selling to existing customers comes at much lower cost than acquiring new customers.
• Offer online ordering where competitors don't. Convenience is a number one priority for an Irish consumers these days. So let them buy your products/enquire about your services while they're browsing the web at work - and get sales coming in 24/7 too.
• Make your website more efficient/reliable/quicker/simpler. Websites are key these days. Get a good one, and you look professional and encourage people to get on there all the time. Read these great tips on Improving your Company Website.
• Offer freebies/offers that competitors don't. This can be something as simple as offering free postage on delivery of your product, or having a cup of tea at the ready when a customer/prospect visits your office. It really does make all the difference.