5 ways to beat your competitors: Strong branding, Strong company
“Competition is everywhere. Keep the three A’s high; aim high, administrate high and accomplish high.” (Asila Paras)
With the tremendous and infinite opportunities and labels, there comes a bonus i.e. a huge competition. The ones who survive this battle of competition get the throne whereas the ones, who fail, are doomed from that category.
Still, many companies are seemed to prevalent since their launch and they are still among the top leads as they were in the former corporate world. Because they managed to potentially stay alive in this backstabbing world by implementing certain strategies that made them superior from their competitors.
1. Snapping up
These companies believed on the formulation of snapping up. They immediately snap up those plans that gained immense popularity among the generation. They did not copy the exact blueprint. But modified that blueprint and modified with their touch. That pushed them in the game so far.
“The early bird gets the worm, but the second mouse gets the cheese.” (Willie Nelson)
2. Elucidate your brand
It is your primal responsibility to elucidate your brand as to why the consumers should choose you rather than your competitors? Define and highlight the merits and usage of your brand and company. Don’t underestimate your brand after the launch of some billionaire company, promoting and generating new offers and events that you cannot afford. Indeed there would be some loss to you as a result of the launch of other party. But keep modifying your strategies in terms of service and quality. Obviously, different strokes for different folks!
Be specific and elegant. The consumers will glide to you.
“Do your work with your whole heart and you will succeed - there's so little competition.” (Elbert Hubbard)
3. Unison
A company or a brand can never be replenishing unless the whole unit of organization gives its best. No brand or company can win by the strategies of one. The whole organization works in unison for a better approach and for a better ROI.
“Number one, cash is king... number two, communicate... number three, buy or bury the competition.” (Jack Welch)
4. The unfair advantages
“The road to profits is paved with unfair advantages.”
Seek the unfair advantages. Nobody can be perfect; similarly no product can be perfect. Seek the miniature mistakes. These miniature mistakes can bolster you in the long run. Transform others weaker points into your strengthening points. Go for it!
5. Lifetime profitability
It is a wiser notion to organize and tackle your existent customers rather than enticing a new consumer. According to an estimate, it is 20 times more expensive to entice a new customer than to gain profit from the existing. The overall ROI can be profitable if the repetitive purchases are made rather than a one-time purchase. A sale will earn less profit than the promotion of a loyal customer. For the application of this strategy, it is essential to interact with and to your customers. This will generate stronger bonds between the company and the customer and will ensure a healthy long term relationship, very beneficial for the company.
“You have competition every day because you set such high standards for yourself that you have to go out every day and live up to that.” (Michael Jordan)
These five steps if implemented and taken extreme consideration will be very intimidating and helpful for a company in the long term. Since a competition will always arise, in one or the other form, snapping up and the modification of your strategies will help to maintain your customers potentially. After the appropriate definition of your brand, the fraternal cooperative environment will vote for the betterment plan of your futuristic approach.
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