stand out competitive world

In a highly competitive industry, it is difficult to build your own brand. Yes, it is challenging but it is not impossible.

One of the challenges that businesses face is effective differentiation because if you start a business now, you will be forced to compete against well-established companies. Strategy and change consultants share six ways to help your business truly standout in a highly competitive industry.

  1. 1. Provide excellent customer service: Even when you’re not in the service industry, you must treat all your customers like royalty. All customers expect excellent customer service. They would not want to wait in long lines or receive poor responses from customer representatives.
    In fact, about 76% of customers claim that they look at customer service as a test of a company’s
    competence[1]. Business experts further emphasize that remarkable customer support has loyalty-generating power.
  2. 2. Build stronger customer relationships: Customers today equate experience with brands. Once they have a bad experience that remains unsolved, they’ll most likely write off that brand. Remember that negative feedback can spread instantly through word of mouth and social media.

    So aside from giving excellent customer service, you should admit your mistakes and fix problems immediately. Whether the mistake is your fault or someone else’s, you should accept it. In fact, more and more customers opt for businesses that admit their mistakes and take steps to fix them.

    If problems have been dealt with properly, you can even build stronger customer relationships.

  3. 3. Price your products or services right: Regardless of the industry you are in, all customers want high-quality products or services at a reasonable price. How reasonable the pricing is will depend on various opinions, but it is your obligation to find the right balance and price your products right[2].

    Remember that this will either make or break your offering’s popularity. The key here is to let your customers know exactly what they are paying for because, really, there is nothing like honesty and integrity when it comes to brand building.




  4. 4. Develop something new: Never stop reinventing your business as new technologies, processes, and solutions are introduced. For instance, use mobile apps and social media to promote your products and services.

    Today, an increasing number of buyers are using their smartphones to get what they want and need. These attention-grabbers can help your business stand out from the crowd.

  5. 5. Offer a guarantee: If you are 100% confident about your products and/or services, guarantee it. Adding such type of assurance to your campaigns conveys a strong message that you really care about your customers’ satisfaction. Make sure, though, that you can back up such guarantees when the time comes.
  6. 6. Invest in future leaders: To ensure the success of your business, you must invest in top talent. When meeting with jobseekers, you should think about the future and not about the short term.

    Top talent are usually missed by companies because of a lack of certain skills and experience that can easily be taught in a short period of time.

    As a business owner, you must look beyond this and search for future leaders of your company. Hire people who can grow, who have a strong desire and motivation to stay in your company for the foreseeable future, and who have the potential to become future leaders as well.

    The best way to search for top talent is to work with reputable recruitment agencies. The best recruiters know exactly what your business is looking for.

    Make sure to trust your recruiter when they endorse potential candidates applying for the latest jobs available in your company. It’s their job to screen jobseekers to make sure you get the best people shortlisted. Remember that the perfect match does not usually show on paper but only when you meet them in person.

    Standing out in a highly competitive industry is not an easy task. In fact, it is getting more difficult. But there are several opportunities to help get you ahead of the competition and attract the talent and customers you need.
    By taking care of the items listed above, you’ll be ready to face all the challenges your business may encounter head on, and create strategies that will ensure your brand stands out.



Author Bio: David Mackenzie, A recruitment professional with over twenty years’ experience in the field and a record of entrepreneurial accomplishment, David is Managing Director and Head of HR at Mackenzie Jones.





References


[1] http://www.bizreport.com/2015/04/report-poor-customer-service-pushes-consumers-away.html
[2] https://www.inc.com/guides/price-your-products.html

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