Competition is a fact of life. The best businesses set the pace and aren’t afraid to go their own way. How do you and your firm respond to competition? Are you leaders, differentiators or do you follow the pack?
If you want to move ahead of your competitors, you need to change how your business positions itself within its sector of the market. After all, doing the same thing over and over again and expecting a different result is a definition of madness.
Being in business is about running your own race and doing it your way. Have a plan and execute it the way you want and at the pace you want to. Running after the competition is no good if they are running in the wrong direction.
Many businesses struggle to identify their competitive advantage and even those that do manage to define it, tend to be ineffective at communicating that advantage. Consider what it is that makes your business unique. What is it that sets your business apart from the competition?
Identify, clarify, and communicate to your prospects and customers why they should buy from you instead of from someone else. Some firms will focus on being the highest quality provider, others will choose to offer the better service or the lowest price.
If you don’t focus on your competitive advantage and communicate that to your clients and targets, you could lose customers. If you don’t try to differentiate your firm, they could mistake your competitors as being the same as you.
Tell your clients why you are different and what that difference means to them. Create a marketing message which explains the benefit that using your firm provides. It is important to “sell the benefit” of the service rather than to sell the service based on its features.
As with all of our tax tips and web pages this information is necessarily summarised and of a general nature. If you would like detailed specific advice please contact us.