Business has always been a world of competition. But in the digital age, retaining your competitive edge—and ensuring your company’s long-term survival—is more challenging than ever.
Consider this 2018 study by the U.S. Small Business Administration, which found that, among small businesses:
- Less than 80% last over one year.
- Approximately 50% hang on over five years.
- Just 33% survive over a decade.
How to Stand Out
Surviving today’s hyper-competitive marketplace requires a marketing strategy that not only addresses the demands of online consumers, but that also maximizes your brand’s digital visibility.
Not sure where to begin? Here are the top ten ways to set your business apart:
1. Engage Your Audience on Social Media
Regular audience engagement on your company’s top social media and review platforms is critical. Consumers want to be heard. This means responding to every review, message or comment your company receives in a timely manner, and using a voice that represents your branding well.
2. Focus on Customer Service
Customer service extends beyond communication in today’s environment. If another company makes customers feel more special than your business does, you’re going to see it reflected in your bottom line.
3. Find Your Niche and Target it in Advertising
Gone are the days of relying on newspaper and billboard adverts to draw your audience in. Find your niche and target your advertising accordingly. This allows you to connect directly with interested consumers instead of being overlooked by a general audience.
4. Interact Weekly Through Blogs
Regular interaction through value-add content is one of the most effective ways to improve your marketing. Provide quality work that directly answers a demand from your audience or pertains to their interest, and you will begin to build a larger following.
5. Offer Guarantees
In the world of one-day shipping, satisfaction guarantees are not optional. Offer comprehensive guarantees that make your customers feel secure when spending their hard-earned money with your company.
6. Customer Satisfaction Surveys
The digital age makes competitive marketing more difficult in some ways, but easier in others. By using customer satisfaction surveys, you show your audience that you value their opinion. Additionally, the data you obtain can be used to improve your marketing success.
7. Do What Your Competitors Are Doing (Better)
Researching your competition is one of the best ways to get a foothold in an industry. Go a step further by doing what your competitors are doing, only better. Learn how to build and improve on their models.
8. Hire the Best Team
You don’t want the cheapest team working on your marketing—you want the best. Quality professionals don’t work for pennies; they work for rates that let them focus on delivering the best for your company. This goes for all areas of hiring, but especially for marketing.
9. Offer Insight and Experience
Offer expert knowledge on your industry as part of the customer experience. Base insights on your own experience, even if it means your company isn’t the right answer for the customer. This is an integral part of quality customer service and helps you stand out.
10. Diversify Your Services
While you want to find a niche and avoid over-diversification—i.e. “We specialize in all types of services!”—you don’t want to pinhole your business. Diversify to match and expand on what your competition offers. This shows consumers your willingness to go above and beyond.
Ready to Get Started?
If you’re ready to get started on your new competitive marketing plan today, contact us for a complimentary consultation. We’ll put our team’s marketing experience to work so you can keep up with your competition and improve your bottom line.
We look forward to hearing from you!
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