Monday, 3 March 2014

Top 10 Tips to Outwit Your Competitors

Morning Readers, let us discuss something important to wake you up from the Monday Blues.

Sales Meet Goals: Outwit your competitors

Topic to Discuss: How do we outperform competitors?

Today businesses exist in a competitive environment. Companies face stiffer competition with each other to provide the best ROI for their products and services.  Businesses actually compete in many ways. Such keeping people together, especially who work for them as others are self-dependent. So the entrepreneurs are constantly thinking of ways to outwit the other business rivals.

Marketing is quite tough. So, try to make the most out of those resources in which you are best. Here, we are going to share top 10 tips to make you learn how to outsmart your competitors.

So turn on the heat this Monday morning and jump into actions.

1.       Products/Services Should Be Attractive

It is obvious that you must make your products and services more attractive in-terms of packaging and presentation. With attractive packages, clients will prefer to choose you ahead of your competitors.

2.       Affordable Services and Products

You should make the products and services more affordable, it does not necessarily mean that you will compromise the quality and quantity. Reducing the price will attract more customers, as it is a proven theory. Goods are sold more at $9.99 rather than on $10 even if the difference means nothing.

3.       Product/ Services Availability

There are companies who lost their customers because they gave them the opportunity to try out other products, when theirs were not available. Do make sure that the products are always available, in the reach of your target market.

4.       Advertisements

You need to ensure that the products and the services are always in the media, billboards and other ad tools. If people keeps on seeing and hearing the products, they will continue to support you.

5.       Boost Quality and Quantity

You need to study the competitor product, then put in the extra effort to the quality and the quantity, without increasing the price. You will be surprised to know the tactics to woo your competitor customer. You can ride on the economical scales to make some better profits.

6.       Introduce the Idea of BOGOFs (Buy One Get One Free)

You can make it a habit to give back what is due to your customers through the promos and the BOGOFs. You give these offers to the existing customers to be loyal to you and your customers via promos and existing customers. This will make your customers stay loyal and let you win over the competitor’s customers also. Ensure that the incentive you offer is attractive enough.

7.       Customer Service

You have to serve the customer with first-class experience and guarantee their patronage so that they go out to sing the praises of your brand. You can go for the mouth-to-mouth advertisement. Especially, if you want to have a satisfied customer then you have to pay attention to the advertisements.

8.       Gain Loyal Customers

You can gain loyal customers by rewarding them. You should make others know that you are not just making money out of them. It will also show that you are able to recognize the customers, not for the money they pay for your service, but the impact they have on your business.

9.       Involve Your Customers

You need to get your customers involved in the production process by seeking improvement ideas. This will help you to gain advantage over your competitors. It also indicates that you can dish out products that are tailored to meet the “need” and the “preference” of your potential prospects.

1.   Simple Use Of Your Products

In the present day, people are quite busy; hardly have time to study manuals critically before they use the product. You have to make the products easy to use and outsmart the customers, especially when they are not on the same page with you.

Get on these ten effective tips to outsmart your competitors in the target market and stay ahead. And rejuvenate your Monday with flying colors!

Author's Bio: Moumita Dasgupta, a financial blogger and the owner of bizandfiz, shares her knowledge and expertise of various financial topics. A clear view on market, business, Forex, funds, personal finances etc. are the subjects she perfectly underlines through her articles.  Find Moumita on Google+

(Image Courtesy: Flickr)


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