In today’s volatile market environment, some companies have reported a loss in revenue due to the intense competition. Price comparisons are rampant. The success of the company depends on structured and efficient framework in order to forge ahead amidst stiff competition.
When it comes to dealing with the competition, the company can forget about your business strategies if they aren’t able to implement them ahead of the competition. Sun-Tzu once said, “Know yourself and your enemy and you will win in battles”.
Here’s how you can apply PASSION if you want to stay in the game for the long haul.
The company can continuously enhance the quality of the products; it is critical to always inject new ideas into product development to deter imitation and surpasses your competitors. Be open to new ideas and innovate constantly; this will ensure that you are always ahead of the race.
Your Unique Selling Proposition (USP) is your product’s most powerful benefit combined with the unique aspect of your business. USP in any business is what helps draw customers to support your products. The company must capitalise and invest on their USP because making best use of it will distinguish your company from the competition.
Quality certification and business excellence awards are an integral part of today’s business landscape. It is also an unspoken testimony of your company’s quality products and superior service. These accolades will raise the profile of your company which gained new business, as it added credibility and attract talent more easily.
Enhance your company’s selling points and convert them into a winning formula. Plan your business growth systematically. While your company’s strength is essential for success, it is equally important to reflect on its weakness and seek improvement.
Customer service excellence will give your company the competitive advantage. The company needs to survive in a tough and increasingly uncertain business climate in today’s customer-oriented business environmental “people skills” are critical for the company success.
It pays to analyse your customers and their buying behaviours in details so that you can provide better service and win them for life.
In a competitive environment, investment in state-of-art technology will make your company sustainable in terms of scale, superior product quality, wide product range and environmental compliance. The expansion will give your company advantage in the global competition as it results in better economics of scale and reduction of operation expenses. It will provide the flexibility to improve product mix by adding high end products.
Investment in new equipment is expensive. So before you spend the money, consider alternative options such as conducting pilot trails before making a major commitment.
Outsourcing can give your company flexibility which is essential to improving business competitiveness. This option will aid your company to conserve funds, increase staff productivity, improves its product expertise and speed up its growth in the corporate business. This frees the management to focus on potential areas to be further improved.
It is essential to shower the deserving staff; their contributions are critical to the success of your business. Treat the staff well and provide them the relevant training for the job and they will be able to serve the customers better. It is important to enhance customer loyalty.
After all, this is the reason why we are in business. Customer loyalty will give you the competitive edge over your competitors, while soaring your company sales into greater heights.