Every business looks for creative ways to one-up their competition to generate more revenue, corner a higher market share, and become an industry leader.
Sometimes, the only difference between an industry leader and the second best is in the market leader’s ability to emphasize their strengths more.
If this is something you’d like to replicate in your business, then here are some of the best ways to gain the necessary competitive edge you need.
Identify Underserved Areas in Your Market
Determine the areas of your market you’re not targeting properly. Customers always want a nicer, more efficient, easier-to-use product.
Can you provide that for them without increasing the price? If you can’t do so without increasing the price, then can you produce the item so the customers would be willing to pay the extra costs?
For example, Toyota not only manufactures regular sedans, they also produce trucks, commercial vehicles, minivans, and a line of luxury vehicles in the Lexus brand.
This is why the company is considered the world’s number one automaker. Their ability to identify specific underserved aspects of the market and fill that need is unmatched in the auto industry.
Go the Extra Mile With Your Marketing
All industry leaders take advantage of every marketing opportunity and use multiple media channels to spread the word about their products and services.
Where are you currently advertising and what marketing techniques are you using? Can you do more with your advertising budget? Consider attending industry trade fairs or exhibitions, conventions or conferences, and taking out billboard ads.
Also, invest in advertising media like digital, radio, TV, and social media platforms like TikTok, Instagram, and Facebook.
Define Your Unique Edge
How is your product different from the rest of the businesses in your field?
For instance, if you’re in the food grade tube packaging industry, then your unique edge might be your packaging tubes are recyclable or your packaging plants are working towards zero carbon emissions.
Find a unique angle people will love and identify with and position your products and services with that view.
Take Extra Care of Your Customers
Great customer service is so lacking that if you build a seamless customer service system, then you can dominate your market on the basis of just that.
Most consumers are often willing to switch brands after just one bad customer service encounter and go on to tell 15 other potential customers about their bad experience.
In fact, another Microsoft report showed that 56 percent of consumers have stopped doing business with a brand because of a negative customer experience. If you can surmount these issues, provide world-class customer service, and offer incredible products, then you’ll win more customers and become the brand of choice in your market.
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