How to outwit your competitor

January 3, 2014 by Ayodeji Ayopo

Ayodeji Ayopo

Every business owner should endeavour to have strategies in place to remain solid in a competitive business environment. If an entrepreneur slumbers away when he is expected to be dynamic, competition relegates him to the background. This is actually the bane of several businesses today as they fail to critically analyse the market place and the prevailing forces that dictate the pace. To remain competitive, business organisations should concentrate on a scenario analysis that can impact positively on their business operations. To outwit and outflank your competitor is not something to be treated with levity. It is a strategic blueprint that has to be implemented properly. For any business not to be consigned to the dustbin of history, some key factors have to be focused on.

 Define your brand

There is the basic imperative for every organisation to have a differentiating edge. No two businesses can remain the same and as a result, there is the need for branding. Branding encapsulates the marketing communisation model of any business. There should be a Single Minded Proposition for every business, the business should stand for something and there should be something that differentiates the business from others. Every business should be known for something tangible in order to face intense competition. Every business should be prepared to fight competition and this is closely linked to the overall purpose of the business. The brand strategy should be properly defined and be consistently communicated to remain competitive. It is businesses that stand for noting that gets consumed by competition.

A business that will be competitive should be distinctive in all its operations. There should be something that makes customers to think uniquely about your business. When the business model is properly defined, outwitting competitor will no longer be a herculean task.

 Develop exceptional service delivery portfolio

To fight competition, every organisation should create a connection that transcends what it offers in terms of service. Authentic customer service channels should be set up to handle customer interactions and also engage customers on a consistent basis.

Customer service should move beyond the traditional customer service to just providing service. Customers want to be treated preferentially and most organisations overlook this salient part of the business relationship. This is because some business organisations focus only on efficiency while neglecting customer connection and engagement. The major priority for organisations should be on how to improve customers’ lives. To win the war against competition, the wheels of customer service needs to be reinvented while the bars of exceptional service delivery are elevated.

 Create customer database

There should be a database which has detailed information on customers. The database is the starting point of building an enduring relationship with customers. The database promotes close affinity with customers and builds loyalty. Key customer information should be utilised for business advantage. Customer database is a powerful and strategic tool that can be used against the competitor. Every organisation should be more interested in strengthening relationship with their customers.

A communication link between an organisation and its customers is a very potent tactic against intense competition. An organisation should not be interested only in the patronage of customers but strengthening the relationship with them. Every customer should be turned into a friend by caring about their lives. When you focus on improving customers’ lives, it will be hard for competition to steal them from you.

 Communication with your customers

A business organisation communicates with customers in terms of brand campaigns. Through this, customers have information about the organisation and its services as well as what it stands for. To communicate with customers also implies that the organisation embarks on market researches to generate feedback from them. There is the need to communicate constantly with customers by providing vital updates for them. An essential part of the communication may also be to motivate and encourage customers at particular periods. When a friendly communication pattern is adopted, it stimulates the interest of customers.

Perception survey is also a critical part of the communication channels with customers. It is an avenue to know how to serve customers better and gain useful insights that can drive business growth.

 Choose a competitive advantage

To remain vibrant and dynamic in the market place, every organisation should have a coherent strategy to gain significant advantage. There should be a competitive advantage for every business organisation to leverage on. A competitive advantage is what one business has over the others. This can be in terms of price, quality and service. Any of these can be chosen to beat the competition. For instance, an organisation can outwit competitor by offering exceptional service delivery. There should be a competitive strategy that dictates the marketing direction for the organisation.