Strategies to Gain a Competitive Edge

For your company to stand out, it needs to have a competitive advantage by offering some compelling value proposition. Companies such has have had to strategize to stand ahead of intense competition in their niche. To be ahead of the competition, it doesn’t only mean you have to lower your prices. You only need to have some special angle and some compelling value proposition that makes everyone want to do business with you.

A competitive advantage is what makes you better than the competition in your customers. There should be a reason you keep going back to the company you always do business with. It can be just because of its proximity, pricing, or customer service. Whether you sell products or services, here are simple ways to have a competitive advantage over others.

Charge More

While many businesses think of slashing their prices to stand out, there is value in going the other way. Think about it this way, do you buy a Rolex to tell time? The answer is no. Charging more is what is referred to as prestige pricing. it is used to boost margins and also increase the image of a brand. It appeals to buyers who don’t take cheap products seriously. You only need to ensure your products and services can justify the higher price they command.

Be an online influencer

The more people who know and respect your company, the more customers you will acquire for your business. These will be people who have a problem you can solve. Ensure you have a huge following of people who like and share your products and build your online presence as someone who always offers a lot of value to customers. If there are events in your industry, get an opportunity to speak in those events, and build a large network.

Create your data

Businesses are now being encouraged to create data points and statistics to boost their marketing and offer more value. Ensure you adhere to proper surveying and sampling protocols by gathering market data and doing surveys that targeting extracting as much data as possible from your customers. For every data, you collect, analyze it keenly to extract as much value from it as possible.

Make use of technology

Another way to stand out from the rest is to make full use of technology that no one else is using. You can incorporate aspects such as live chat, visuals, and chatbots to enhance customer experience and deliver value. Adding technology to your digital presence will give customers a great reason to shop with you rather than going to a competitor. Just be creative and do something no one else is doing.

Delight your customers

Delighting your customers is no brainier. Everyone wants to be associated with a company that values them and makes them feel special. Come up with strategies that make the post-purchase experience as smooth as possible. Give a reason for your customers to shop with you again. Simple strategies may make your customers want to refer their friends to do business with you.

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