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Posts tagged ‘value’

15
Dec

21 Ways to Keep the Competition from Taking Your Business

Does it seem like the shop down the street always has more business than you do? Or that your consulting calendar has plenty of free space, but Rick Consultant is always booked. There are only four reasons this could be the case…and the following 21 points will help your business not only compete, but win.None of these areas are exclusive, and you will need to do all of them well in order to stop that flow of business to the competitors. Ready? Let’s get to it…

What four areas make you the provider of choice?

  • Marketing
  • Quality
  • Value
  • Simplicity

Marketing

  • Realize all business owners are in the marketing business.
  • If your competitors are getting the business, they are doing a better job at letting the target market know they exist.
  • The #1 reason you aren’t getting the customers you deserve is that they don’t know about you yet.
  • Spend time crafting a marketing plan that will reach your target market. Your messaging in your marketing materials should cover the three other main points below.

Quality

  • Customers want quality plain and simple.
  • They are going to your competitors because they perceive the quality to be better than what you provide.
  • If what you provide is of superior quality, or your service is of superior quality to that of your competitors, it’s your job to make sure your target audience knows and understands that.
  • Market yourself in such a way that customers immediately understand the quality you provide.
  • Even better if you market yourself so that your customers understand the quality you provide in relation to the quality your competitors provide.

Value

  • Right behind quality comes value. Give your customers value and they will buy from you
  • Find ways to provide more value than your competitors
  • Adding value does not mean discounting prices
  • In fact, adding value usually doesn’t directly cost you anything
  • If you add more perceived value you can sometimes raise your prices, get more business, and make more per customer
  • Need an example? Offer 6 months free service on a product you sell. Most people will never take you up on it, you can probably charge the same or a little more than a competitor, and if they don’t offer such a service you take business from them

Simplicity

  • Are you harder to do business with than your competitor?
  • If yes, stop what you are doing right now and fix that!
  • Simplicity works as a perceived value to your customers, and again doesn’t cost you anything
  • Streamline your processes and procedures to the point they are seamless.
  • Be easier than your competitor. Easier at what? Everything!
  • Customers are in a hurry. Make it quicker to do business, quicker to pay, and quicker to benefit from your product, and you’ll get the business from slower competition

That’s it. If you market your services to your target market, then follow up with quality, value, and simplicity you’ll be able to redirect the flow of customers from the shop across the street to yours, and it will be Rick Consultant with all the free time on his hands.

Photo Credits: Jaminwell