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How Your Business Can Thrive in a Competitive Industry

Healthy competition that hurts 

A little competition never hurt anyone. Humans have been competing with each other since the Stone Age. As entrepreneur Peter Diamandis once said, “As humans, we have evolved to compete.” Healthy competition can actually be the driving force your company needs to push you and your team to take the bull by the horns and make quick, goal-oriented decisions.

However, many businesses are finding it hard to get by with the current situation of the world. The business world shows no mercy to anyone, especially not last year—one by one companies all over the world, both small businesses and large enterprises, declared bankruptcy and went insolvent by the end of the year. And while competition can drive us forward, it can also make us lose sight of our goals or big picture. Tactics starts to muddle in with strategy and suddenly, you find your company aimlessly charging forward.

Here are our top tips to help your business outshine your competitors. 

  1. Stay active online

C-level executives are just beginning to understand just how important it is to have a solid, online presence. The Digital Age has taken brand awareness to a whole new level.

This is only a marketer’s concern; every year more and more customers expect to engage with a company’s brand online in some way—clients want quick responses to their questions, a streamlined online platform or website they can engage with, and a concrete brand voice that they can easily recognize.

Strive to create a website that is easy to use and navigable, has clear CTAs, clearly demonstrates your brand, and establishes your authority and expertise within an industry.

Make yourself and your product easier to reach for your digital customers.

  1. Get to know your customers

 

Did you know that 42% of companies don’t listen to their customers much? How can you create an effective marketing campaign, address common issues, and improve customer service is you hardly listen to your clients?

Your marketing team should understand and carefully monitor your customers’ patterns of behavior when interacting with your products. This is useful data for understanding what your customers are buying, which webpages they most often visit, and what exactly they’re looking for in a product.

Gathering customer feedback on a consistent basis, whether by creating surveys or online forms, will give you an idea of what their needs are and whether or not your products or services are satisfying those needs. Client feedback can also help you create more effective landing pages, more engaging social media posts, and improve your inbound marketing efforts by a huge margin.

  1. Revisit your OKRs

How long has it been since you and your teams last met to discuss everyone’s and the company’s OKRs?

Your Objective Key Results (OKRs) are your company’s lifeline. And as each industry changes at a rapid pace and new trends emerge left and right, your OKRs should be reviewed on a more regular basis than a quarterly one.

If you want your business to stay relevant in a competitive industry—especially in times like these—, then you need to consistently make sure that everyone’s goals are up to speed on business trends and aligned with the company’s vision.

There’s no value in setting OKRs that aren’t evaluated regularly. If employees or team members are finding it hard to commit to their own OKRs, do what Google does and make them public. That’ll help keep everyone accountable and responsible for achieving their weekly targets.

Don’t skip those OKR meetings.

  1. Be honest and direct

Your company should have a clear message and purpose. Your customers should know exactly what you can do for them so they don’t get the wrong idea. Too many companies take the easy route by deceiving their customers, giving out false guarantees, making promises they can’t keep, and using immoral business tactics. You might win a few sales or two, but your clients aren’t stupid. They’ll figure it out eventually. And that will cost you more than you it would’ve if you had only been honest with them.

Clearly state what kind of services you provide and what your products are. Be genuine in your approach to your client’s needs and concentrate your efforts on creating a unique selling point that’ll have customers flooding in to use your services.

It’s true, honesty really is the best policy. Customers love a business they can trust and rely on. Be that kind of business they can always go back to.

  1. Think strategy, not tactics

Thinking about your business plan tactics is no doubt important to ensure daily operations go smoothly, but if you find yourself thinking more tactically rather than strategically, you’re going to end up with a company with no direction. Focusing on tactics too much means you’re losing sight of the “big picture.”

Long-term goals are just as important as short-term ones, and in times like these, it’s more impotent than ever to have direction. Assigning strategic leaders to more senior positions within your company could be just what you need to get ahead of the game.

Strategic thinkers are calculated risk-takers who aren’t afraid to take on ambitious projects and opportunities for the sake of the company. A fast-moving industry needs a fast-moving thinker, and strategic thinkers know how to move fast.

  1. Find your Blue Ocean

For companies working in highly competitive industries, common wisdom dictates that you narrow down your niche, develop a new business plan based on that niche, and build your strategy around that.

Finding that one, unique niche is easier said than done in an industry that’s already saturated with ideas. But what if we tell you, that no matter the industry or current resources available, there is a dynamite idea out there worth double your current revenue? That is the idea behind the The Blue Ocean Strategy. Swim away from the competitive “red ocean” and into the clearer, uncharted “blue ocean” and give your company a competitive edge that’ll skyrocket your sales.

Strategy isn’t a waste of time, so put everything you can into creating a solid big picture. 

A lot of the tips mentioned above won’t help you if your company is operating on no clear vision, goals, or big picture. Your OKRs and your company’s vision are the fuel your team needs to perform quickly, efficiently, strategically, and most importantly, with purpose.

If feel that your company is floundering in its current position in the market, we may have the tools to help you get back on your feet. We want your business to become the best version of itself as it can be. Feel free to get in touch with us and we’ll do what we can to offer you a wide range of solutions that best suit your company goals and objective

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