Prioritize Competing With Low Cost Providers To Maximize the Value of Your Company
With the recent changes in the economy, companies are consistently trying to find ways to stay on top. There are companies offering the same services for a lower price and that presents open room for competition. How are you going to compete with a company that offers the same service for a lower price? Figuring out how to differentiate your approach can be challenging but at the end of the day, it will be rewarding. When you’re competing with your competitors, think about the ways you can stand out. Don’t get sucked into trying to just compete with companies just because they’re performing better. Understand what may need to be adjusted or tweaked in your product or service in order to attract customers while maintaining your competitive advantage.
This may sound odd, but looking at other companies in similar spaces to see what they’re doing will help to figure out how to make changes to your business. Sales representatives understand that times are tough and customers want lower prices for the same value. Businesses have to show customers why their product or service is worth the price that they’re paying for said product or service. Performing targeted research is the best way to figure out what works and what doesn’t. Figure out what competitor offers the same service and see what they’re doing to generate ideas of how you can outperform your competitors.
Invest in your marketing team as well. They are the ones who generate demand from current and potential customers and know how to manage and measure the target audience. Trying new channels to promote your company might set you apart from your competitors and what they’re offering. Knowing how to effectively use digital marketing is the key to standing out from the competition. Having digital marketing is only useful if you’re using it correctly to strategically and creatively reach customers.
Focus on your main product that continuously brings customers back. See what is and has been working for your company and continue to build on that foundation. Have unique messaging about your product and your brand overall. Figure out the goals you’re trying to reach within your company before trying to compete with others.
Understand what your customers’ pain points are and how to best solve them above any other company’s in your space. Ask your customers what your competitors may have approached them with (do the appropriate research first – ask that question to those who are appropriate to ask it to). It may seem odd to be asking your customers for feedback, but it will help with inside competitive advantage. Companies can only go so far with the resources they have and customers are one of the biggest resources a business can have.
Treat your customers right and they will pay for the proper customer service. Offer them extensive customer service help and additional resources to get the best out of the services provided. Everyone is busy and has different ways of contacting and being contacted. Give your customers multiple ways to connect with you. Believe it or not, great customer service is what keeps customers coming back for more. Relying on technology is a plus but it can also be a disadvantage if your company is solely relying on it to create human connections.
Train your teams properly so they thoroughly understand your product and services being offered. Employees need to know the ins and outs of what they are offering to customers. They need to be the undoubtable subject matter expert. The more employees know about the product or service being offered the better they know how to assist (and upsell to!) customers. Having employees with unlimited knowledge about the product is always great for the company. That will save money when it comes to showcasing a product as well.
If your company is focused on beating the competition, focus on competitive-based selling and how that works. Research your competitors to see what their prices are and what they offer to customers. Competing with lower cost is not offering low prices. It is offering lower prices while still maintaining the value of the company and satisfying customers. Customers are the main focus when it comes to competing with other companies. Understanding how to stand out from the competition will take a little time – but it will be worth it.