How can you defend your position in the market whenever consumer spending slows down? How will you be able to stay competitive during those trying times?
Being able to effectively address these important questions will determine how you will survive a down trend or even an economic recession.
In a bid to answer this, I’ve compiled this killer list just for you.
Stay Ahead of the Competition with this 5 Tips
Recognize the Competition
Being able to know your competitors’ unique selling point (USP) will give you insights on what you need to improve and/or how you can leverage your product as against theirs.
Do a market research or survey to achieve this or if you can just simply compare what you offer as against them, this will give you a first hand information on what you should consider.
Know your Customers
Economic conditions such as recession or inflation can drastically affect customers’ market behaviour.
It’s important that you are able to recognize these determinants.
Are your customers after cheaper products? latest products? Flexible service? Extra service?
This entails a bit of market research to be able to come up with an effective solution.
Once you have an idea what these factors are, you can then adjust or revise your marketing strategy to address these.
Leverage your Uniqueness
Give your customers good reasons on why they should come to you and not your rivals.
Make sure that your USP is evident and obvious so that they can tell right away what makes you stand out.
Do you offer extra service like free delivery? Does your product comes with something extra? Customers are always after on where they can get the most out of their hard earned cash.
Double your Efforts
Spruce up your marketing campaign so that you can reach more people to tell who you are, what you sell and why they should come to you.
This campaign need not be expensive. You just have to reach more people.
You can distribute flyers and leaflets to execute this. You can also use your local community billboard to post your marketing ad.
Tidy up your Image
You can also try to move things around if you have a physical store.
You know move a shelf here, there. The rationale behind this is that customers associate “new look” with freshness, invigorating their desire to patronize you all over again.
If you have a website, you can also experiment with different themes and colours.
If you’re handling out business card, take a second look to see what you can improve on. Even a simple colour change can drastically alter customers market behaviour.
There you go, if you have something to add, please free to leave your comment below.
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