Competition or competition is everywhere. In every sphere of our lives, competition is very easily found. Business competition also falls into the category of competition that we often encounter, especially for Career Advice colleagues who work as business people, entrepreneurs, or leaders of a company.
The digital age has succeeded in making business competition tougher from day to day. When our company releases an innovation that attracts the attention of new customers, soon another company begins to issue the same or more sophisticated innovation than we have.
In other words, technological advances really help us to create new innovations to be superior to other competitors. Often this situation makes business people uneasy, because of course no one wants to be rivaled. Especially if their business or business becomes ‘out of business’ because they cannot compete anymore with other businesses.
But we need to always remember that competition is a natural thing, and this will definitely happen wherever we are. For that, we need to have some powerful strategies to defeat our other business competitors and remain a superior choice for our consumers. Here are 4 ways that we can apply in this regard. C’mon, together we refer to the explanation.
1. Highlighting Our Strengths and Covering All Weaknesses.
Never be afraid to compete, even though we know that our competitors have high quality products or services at lower prices, rest assured that we can still win this business competition.
Like a human who has weaknesses and strengths. Every business also has a weak point that we can take, and we outrank the products and services that we offer to customers.
We also need to have a business that excels in customer service . Usually, companies that excel often forget to ‘look after’ their customers. Why? Because they think that customers will not leave these products and services, just because of poor customer service.
NO! that is wrong thinking. No matter whether our products and services are well known or not, we must always pay attention to the quality of our customer service. In addition, in order for us to be able to compete, we need to highlight all the strengths of our business and cover all the deficiencies of business with all the advantages we have.
So, our job is to find the valuable values of the business and cover all the deficiencies of the business with the advantages we have. For example, because our business is still very small, we only have a few employees who can distribute products to customers, but we have very reliable human resources in serving customers through email, telephone and social media. Even though we lack staff, customers really like our business services.
2. Manage Business Finance Well.
Try not to adhere to the principle of “big pegs than poles,” which means that expenses are more than we earn. When doing business, we need to allocate funds as well as possible , so that every product produced and services created are truly efficient. There is no excess waste from products that are not sold out.
Can this defeat our business competitors? Yes of course. We can use the right allocation of funds to make products or other services that are more effective and attractive to customers. The remaining funds can also be used for advertising, so that the percentage of sales increases.
Not only that, managing business finances can also maximize the value of our business, so we can minimize waste. For this step to be successful, we also need to contact our customers intensely. For example, asking for feedback from customers regarding our products or services. By contacting them intensely, we can understand the reasons why customers prefer our products or services, rather than the products and services offered by competitors.
Find out how we have to improve quality to be superior to competing products, what additional features are needed, and what things are less attractive than our products and services.
3. Chasing Potential Big Clients.
Even though our business is not too big and successful, don’t be insecure about chasing bigger and potential clients. Who knows, because the business excellence that we have, really makes them interested in working together.
Why do we have to pursue larger and potential clients? Because usually large clients often provide many projects and can increase our business income on a large scale. Not only that, we can also become popular.
Often small businesses that work with large clients will be easily recognized by the public. This will make it easier for us to get new customers. And, of course, be added value that may not be owned by our business competitors.
4. Know the Numbers Important for Our Business.
Unfortunately, there are still many entrepreneurs who do not know about critical numbers that can destroy their business. Well, here are some important figures that we should know as business people or entrepreneurs, especially for those of us who are just building a startup.
– ACV (Average Customer Value) or what we commonly know as “Average Customer Value”. This value focuses on how much money the average customer has spent with our product or service over a certain period of time.
– CPA (Cost per Acquisition) or “Cost per Acquisition”, which is the cost we spend every time we get a new client.
– ROI (Return on Investment), this is the return on investment allocated to a marketing campaign.
– Break even or series, which is the sales volume that we need to cover sales costs.
Keep in mind that each company will have different numbers, but the four indicators above will provide important figures that need to be known when we run a business. If we already know the critical numbers above, then we can find a definite gap to be able to outperform business competitors.