You know that in order to make a profit you have to make your business stand out. You have to make it and the products within it shine above those of your competitors.
It is fair to say that your competitors are going to offer services that your business offers, as well as products. Many aspects may be comparable. Due to this, you need to be able to capitalize upon what your competitors are doing.
Here is what you need to do:
1. Do market research by "mystery shopping" your competitor to see how they conduct business. Market research is something you need to carry out throughout the life of your business and not just when you start your business or during a difficult time. Find out what they do that you could do better.
2. Explore the business policies of your competitors by looking at their website. You can view their frequently asked questions and other details about how they do business.
3. You can check websites such as Amazon.com to see how the products being offered by your competitors rank. Amazon simply serves as a guide to how well a product sells.
4. Determine what makes you different from the competition and emphasize that in your advertising. Perhaps you have a better guarantee than your competition.
5. Identify the customer's pain. Customer pain refers to a need they have that must be met. An example of customer pain is a person who can't seem to find a toothbrush that does the job. Many people have this problem, so you may do some product research and find a company that offers a toothbrush that addresses their problem. Then again, you could invent the toothbrush.
6. If you are not already offering a better guarantee than your competitors, then you need one. Customers enjoy guarantees that say they are getting something that is of a high quality. If your guarantee is not better than your competitor's, but you can afford to make it better, do it.
7. Market everything you have that is of value. A web design firm may advertise their web design services, but they may forget to advertise that they offer search engine optimization. With the growing need for search engine optimization, this secondary service is very important to market.
8. Always make sure you can fulfill all claims that you make. When you fulfill customer needs that you claim you can satisfy, this will enhance your business reputation. It is your business reputation that is going to make you grow. Word of mouth travels quickly, as do online reviews.
So now you know ways you can make your business stand out from the competition. When you stand out from your competitors, you are going to be the business that attracts the new customers as well as the repeat customers. You are the business that is going to profit the most and become a more stable business within the community.