The market competition is becoming more competitive than it used to be when compared to 10 or 20 years ago.
Some many entrepreneurs and business owners are coming on board with different brand names, business strategies and innovations.
Everyone wants to be on top of their niche market irrespective of how competitive it might be.
Entrepreneurs are becoming smarter by the day by introducing different strategies to boost their daily sales to income income and productivity so they can make more money.
Therefore, if you must sell in a competitive market, you must be strategic, innovative and disciplined.
The good thing is that so many successful entrepreneurs are still taking the bull by the horn not minding the heat of the market.
Hence, how are they succeeding in doing it? What do they know that others do not know?
In this article, we’ll discuss some 8 striking and creative ways to beat your market competition in 2022.
These strategies work for all business niches and makes it easy for anyone to scale up their game and win over their market competition.
Table of Contents
1. You must narrow down your target market to win your market competition:
Since market competition is all about taking the lead, it becomes very easy to succeed when you narrow down your target market.
This is just a way of saying that you should focus on one niche.
For instance, if you happen to find yourself in a market where you sell spare parts for cars.
Narrowing your market might mean that you only deal on batteries and tires for all types of Mercedes Benz and Toyota cars.
Hence, customers who need to fix their Toyota cars and Mercedes Benz will always reach down to you.
This way, customers will know you only deal on batteries and tires.
Hence, when a need that involves battries and tires comes to their mind, you become the first person they call.
This is one good advantage of narrowing down your target market.
2. Focus on superior customer service:
If you must conquer your market competition, you must focus on your customers.
Even with a narrowed down market, watch out for good customers service.
If you must stand the test of time in business to make money, then you must be committed to building up your customers trust.
Business to customers relationship is vital to secure good and consistent sales in business.
You must be ever ready to attend to their needs and resolve their disputes.
Quick resolutions must also be your business culture if you must beat your market competitions.
The best customers service is if the customer doesn’t need to talk to you, doesn’t need to call you, it just works.Jeff Bezos – Executive chairman of Amazon
3. Solve problems in the most simplified ways :
There is no doubt that the world is becoming a den of creativity and problem solvers.
However, only few are solving the problems in the most simplified way.
Introduce division of labor to reduce job stress on employees.
Similarly, introduce self service portals in your customer representative section to enable customers get self solutions when they run into troubles without contacting you.
Use smart technologies where possible.
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4. You can conquered your market competition through innovations:
Being innovative is all about setting new records and pulling them off with another bigger record.
The market is too crowded and no one wants to keep seeing the same type of product year in year out.
Once a champion is not a champion forever, this calls for true innovation.
You must be strictly innovative.
Even in human resource management, zero innovation will lead to low workforce productivity.
5. Create offers that are too hard to ignore:
Just like blogging, there are articles with attention grabbing headlines that are a bit too hard to ignore.
These are contents with rich information’s the writer doesn’t want you to skip so he adds attention to the title of the content.
In the same vein, create mind blowing offers that are too hard to ignore.
Offer your customers a little more value compared to what they are actually paying for.
For instance, if you sell engine oil, you might offer to service your customers car for free every time they buy oils worth $100 from you.
Everyone likes to get a bit more value for their money, hence you should check your business niche to find ways to add more value to your products and services.
6. Be known as an expert in your field:
Become an authority in your business.
Be a voice to call out to when they need what you sell or the services you offer.
One good way to do that is to publicize your brand by pushing it into the mind of your customers.
You can also become an expert in your niche by giving proper educations to customers.
This can be done via seminars or through one on one coaching.
Becoming an expert comes with a lot of challenges, like showing up no matter what, always innovating and seeking for better ways to serve your customers.
7. Set up a platform that makes it easy for customers to work with you:
Making it easy for customers to do business with you is so important.
Build your business on a very good customer support service.
Make your payment methods easily available to all by adding multiple payments method.
Also, introduce money return guaranty on deficient products and services not rendered.
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8. Entrepreneurs who lead their market competition have a unique business model:
The person who follows the crowd will eventually go no forward than the crowd.
Let your business model be as unique as possible.
Allow workers to bring out their true creativity.
Customers must also be able to reach you through various customer service platforms in place in your business.
Design your finance team to ensure your business keep running at profits.
The person who walks alone is likely to find himself in places no one has ever seen before.Albert Einstein.
Therefore, find a business model that works for your customers, then stick to it.
9. Winning over your market competition also involves finding your weakness:
Even the world conglomerates still have their own weaknesses.
You might not know the weakness of Amazon and how Jeff Bezos was able to curb it in Amazon’s early days.
Finding your weakness will help you plan out strategies to convert them to strength and tighten your market competitions.
Sometimes, competitors will capitalize on your weakness when serving customers.
This is one strategy brands implement in winning over your customers.
One of the best ways to beat your market competition is by finding avenues to convert your weaknesses to strength.
10. Encourage workers productivity:
One of the best ways to get the best out of every workforce is to reward workers.
Give incentives and offer huge rewards to workers who go extra miles in making your business successful.
Increase their allowance and salaries if possible to enable them build up more willingness to work.
Encouraging workers creativity breeds motivation amongst workers.
At the end of it all, creative workers can help your business beat market competitions faster than a mere workforce
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