When it comes to running a successful business, the one thing that defines how successful you are is how you deal with competitors. In a market with no rivals, your product will reign supreme and you can charge whatever ludicrous prices you want and provide whatever level or service you deem necessary. That’s because there is no one to challenge you, and with no competition, it means that your product can sometimes lack the extra kick it needs to attract a wider audience.
Pexels.comSadly, there is no industry in this world that doesn’t have less than a dozen companies competing with each other. But instead of thinking of it as a problem, think of it as a way to improve your business so that the customer experience is better. Every successful entrepreneur understands the importance of having rivals. Not only does it push you to perform better and improve your business, it also forces you to grow your business to outperform your competitors.
Offer a service that they can’t
When you want to compete against your rivals, you need to offer something that they can’t beat you in. You need to be the first to innovate in your industry, and you have to be one of the first to take the plunge and try something new. For example, if you are trying to compete against medical services near you and you run a medical practice, then you need to offer a service that warrants people going to your establishment instead of another. Some examples of this include a HIPAA compliant call center to accommodate after-hours support, setting up a premium private appointments service, and providing support for home visits.
By offering something that your competitors don’t, it gives you the edge and tempts people to switch to your service provided that what you offer is relevant to their interests. If you offer something trivial like free coffee to patients, then you might not get the desired results because free coffee isn’t exactly something your patients look for.
Focus on customer support
It can’t be stressed enough how important customer service is. If you provide excellent support for people that use your services and businesses, their overall experience working with your business improves and they are more likely to use your services in the future or recommend you to their friends.
From star ratings on Google’s directories to word-of-mouth mentions on social media, your business will spread because it offers a good service. This is one of the few things that even experienced business owners neglect. They don’t realise that if their customers have a horrible service, those frustrated people will cause a lot of fuss and spread the word that your business is horrible or make up false claims to support their accusations. This can negatively affect many other potential customers that would’ve thought about using your business.
In addition, you need to provide great aftermarket care to your customers. Offer lengthy warranties on your products, replacements, refund services, and of course support to help someone get a device or product set up, working and maintained.
