How to Beat Your Competitors

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Beat Your Competitors

Beating your competition isn’t just an ambition; it’s a prerequisite for success. Here are the tactics for outperforming competitors and dominating your industry.

Excellence in Competitive Landscapes

It’s not just about products; it’s about purpose and distinction – about standing head and shoulders above your rivals.

1. Embrace Uniqueness

To carve your niche, you must amplify what sets you apart. You need to create a persuasive value proposition that removes risk and compels your ideal customers to do business with you instead of your competitors because you’re different than all the rest.

2. Position Your Business as an Innovator

Innovation is the antidote to stagnation.  Learn about the diffusion innovation curve for your industry and find where your company’s products or services appear on that curve. To make money in business, in small business in particular, you want to be an early adopter or early majority on this curve. If you’re in the innovator phase, if what you’re doing is too innovative, no one’s going to spend money with you because it’s too new of an idea. If you’re in the late majority, there’s such downward pressure on price because there are so many suppliers in the market that you have to make it on volume, which most small businesses can’t. So most small businesses, to really have a go, have to play in the early adopter/early majority space.

3. Customers Rule: No Compromises

You need to understand your customers like the back of your hand. Track your client fulfillment. Tailor your offerings to their whims, pain points, and desires. Listen to feedback, adapt, and build loyalty that rivals can’t touch. Know who your ideal customer is, what their mode of gratification is (including payment preference), and the sort of sensory impact that attracts them.  Combine this with a strung Unique Selling Proposition and Positioning Statement or Guarantee.  Every 6 months, run Customer Satisfaction Surveys and use this data to improve.

4. Marketing with Muscle

Marketing isn’t just fluff – it’s your weapon. Make sure that your Managers have developed an aggressive, measurable marketing plan to produce a predictable number of leads, improve conversion rates, increase the average revenue per transaction, and increase the transactions per customer so profits increase exponentially. The results of the marketing plan are being measured and improved on a weekly basis.  Tie your Key Performance Indicators to your profit equation (Leads x Conversion Rate = New Customers + Retained Customers = Total Customers x Revenue/Customer = Revenue x Gross Margin = Gross Profit – Fixed Costs = Net Profit).

5. Always Improve

Regularly overhaul processes, products, and services. Make sure that every team member has an incentive package that motivates them to work as hard as shareholders and managers. A blend of base and at-risk pay is used to incentivize commitment and creativity, and team members care about the business as if it was their own. Also, make sure that all team members are rallied around a commitment to eliminate wasted time, movement, and materials to continually improve efficiency, cut production costs, and compete more effectively.

6. Find Strategic Partners

You’re not an island. Find partners who complement you. Team up to grab more space, share resources, and create something bigger. Alliances mean visibility, growth, and domination.

7. Talents Win Wars: Build a Dream Team

Your team makes or breaks you. Develop a specific manager who is managing and constantly improving the effectiveness of at least 10 recruiting strategies. See that your recruiting pipeline always has more than enough qualified candidates for open positions.  Have this manager make sure that all candidates are screened using psychometric profiling bench-marks and a skills-based, test-drive process to screen out non-performers before they join the team. See that all post-hire performance data is collected and used to refine the hiring model.

8. Price – Value is King

Pricing isn’t arbitrary. If your company sells a service, make sure that price is tied to Scope, Timing, and Resources; if your company sells a product, study your market. Justify your rates with what you bring to the table – quality, exclusivity, and top-notch support. You can make competitors look like amateurs.

Smashing competitors isn’t luck – it’s strategy. Differentiation, innovation, customer obsession, marketing finesse, continuous evolution, partnerships, talent building – these are your tools. Flexibility, speed, and unyielding customer dedication propel you forward. Fuse these elements, and will gain customer loyalty, industry leadership, and the opportunity for endless expansion.

If you would like some assistance with implementing any of these steps, consider enrolling in one of our business coaching programs.   We will provide you with a Complimentary Coaching Session to provide you with a free sample of how we help our clients succeed.

Call Today at 754-333-5350.

To your success,

Aaron Venable