How to make your business stand out from competitors? The world has changed drastically over the last three decades and technology has been at the core of it all. The rise of technology has had an impact on almost every sector, including health and education, but we are here to focus on the world of business. Technology, and the internet in particular, has completely transformed how people research, choose and pay for products and services. In terms of how individuals research products and services, the internet has turned the world into a global village. This means that instead of people popping down to their local main street to window shop, they are opening up their laptops and seeing what the entire world has to offer within seconds.
The fact is that the rise of technology has increased the importance of standing out from the crowd when it comes to your business. Saying this, you should not make the mistake of throwing out the baby with the bathwater. What we mean by this is that a lot of the tried and trusted ways of improving your business are still true today. What it does mean, however, is that you have to, firstly, truly deliver on your promises and secondly, do everything in your power to give your business the edge over your competitors. So if you are looking for some guidelines on how to make your business stand out from the crowd, don’t worry, you have come to the right place and we are here to help. So, let’s get started…
Exceptional Customer Service
No matter how technologically advanced we get on this planet, one thing will remain true, the customer is king. You will be hard pressed to find a business that says they don’t care about customer service but remember, there is a big, big difference between talking the talk and walking the walk.
If you ever doubted the importance of this, it is worth reminding yourself that it is not just word of mouth that a business has to worry about, every mistake you make as a business could potentially end up online and be read by an indefinite number of potential customers. The bottom line here is to be personal, fast, polite and always go the extra mile. It may seem like overkill, but trust us, you will reap the rewards the longer you stick to these principles.
Optimal Selling Price
This is a factor that is either overlooked or completely misunderstood, and it is often what makes or breaks a business. Yes, you should of course make sure that you create a decent profit margin by adding up all your costs and then adding a mark-up percentage can often prove to be a harder task than you may think. Moreover, it is not the only aspect of a selling price to take into consideration.
The price of a product directly influences how a customer perceives the quality of what you are selling. If you set the price too low, two things can happen. Firstly, you eat into your profit and, secondly, the public could think your product is poorly made. If you set the price too high, while it can lead to very high profit margins, it leaves a lot of room for competitors to undercut your prices.
It is also important here to point out that there is no one-size-fits-all method that will provide a wide scale solution. Thankfully though, there are a number of ways to calculate the selling price of products using modern software, including Katana MRP, which will automatically add up the cost of production, allowing you to set the optimal selling price for your product.
Know Your Customer
Look, by now, we are more than sure you will be aware of the fact that you can’t please everyone, all the time. Despite this, we know that so many people find it hard focus on one particular niche. If you try and make your product and/or service be the right choice for everyone, it will end up being suitable to no one.
Pick what you want to sell, describe it in straightforward language and back it up with a quality product. The world of business is a complicated one, but if you don’t make the simple stuff simple, then you will have no chance once the going gets tough.
We have all heard that we form a solid impression of who somebody is within the first seven seconds of meeting them. Well, surprise, surprise, the same is true when it comes to a business. This is why your branding needs to be on point and is also why the topic of branding is the perfect follow up to the aforementioned importance of knowing your customer.
Whether we want to believe it or not, we are all heavily influenced by the shape, size, content and colour of a company’s branding. What we recommend here is that you don’t fall into the all too common trap of dismissing its importance. Put some thought into what you want to say, make sure you hire a professional to put together the design and then if it works, stick to your guns. After all, when a Harvard Business School professor says that 95% of purchasing decisions come about subconsciously, we should probably all sit up and listen. To put it simply, brand recognition matters, so whatever you do, give it the attention it deserves.
Whether you are a global brand or an independent store, you need to have some form of online presence. The difference between a potential customer staying one and becoming a life-long buyer often depends on what they see the first time they look for you online. Word of mouth is important, but as soon as something is recommended now, the next step is not to go and buy it, it is to look at it online.
Be in as much control as possible of what the public sees when they look for you on the internet. The world is a different place to what it was thirty years ago and if you want to survive in the digital age, you need to participate.
The Bottom Line
In the modern age, almost every market is saturated, so the importance of standing out from the crowd has never been bigger. Hope these five points got to make your business stand out.
You may think that having a quality product is enough and, while it is the foundation of every successful business, if you don’t go the extra mile and ensure that everything around it is functioning well, you will never give it the chance it deserves to succeed.