Competition in business can be a good thing
Having industry competitors breathing down your neck can motivate you to work harder and become more innovative, providing better services to your customers.
But increased business competition can also be scary, particularly if you’re working in an already over-saturated industry. How can you stand out from the crowd?
How can you ensure your business is successful during slow periods when so many others are vying for your customers’ attention?
Increased competition in business doesn’t have to leave you feeling defeated, regardless of your industry. Instead, use it as an incentive to build your brand and find ways to excel.
Here are some ideas on how to set yourself apart from your competitors.
Why you shouldn’t let competition in business bring you down
How to manage competition in business
Get to know your customers
Knowledge is power, and knowing your customers well is a valuable power move for any business owner. Spend time getting to know your customers and attempting to understand their challenges and needs.
The better you get to know your customers, the more you’ll be able to tailor your marketing and services to them.
Highlight your differences
Some industries are more competitive than others. Take real estate agents, for example. Not only are you competing against other businesses in your area, but you often need to build your own brand within a wider company.
In cases like this, where it seems like everyone is offering the same thing, it’s helpful to remember that your individuality can be your superpower. While you may offer very similar services to other agents, they are not you. Focus on what makes you unique, and use that to stand out from the crowd.
Level up your marketing
Need to reach more customers? Don’t be afraid to invest in your marketing to help you get in front of the competition in business. Brand visibility is crucial, so getting your name out there should be a top priority.
If your existing marketing campaigns don’t seem to be working, experiment with something new. Telemarketing is one tactic that can give your brand a boost.
Recently, Vangie Philpott from LJ Hooker Huntly used the Hot Leads service to try and generate leads in a slow market. She had experienced an increase in competition with an influx of new agents in her area, so she wanted to stand out and put herself ahead.
The results were fantastic. After a telemarketing campaign, Hot Leads were able to generate 43 appraisal appointments for Vangie. While her colleagues were struggling to connect with customers, she was busy doing appraisals, making connections, and building relationships with her new leads.
Focus on what you can control
At the end of the day, you have no control over how many competitors you have or how they run their business.
But you do have total control over your brand, your marketing, and your services. Instead of wasting time and energy worrying about what the competition is up to, focus on the things you can do to help your business succeed.
Getting your name in front of customers, understanding their needs, and building relationships is never a waste of time. Telemarketing is a great way to achieve all those things, and provide you with an extensive list of warm leads to keep you busy while the competition are twiddling their thumbs.
If you’d like to be proactive about getting ahead of your competition in business, reach out to the Hot Leads team today.