Do Your Research
Beating competitors without solid information is going to be a difficult task at best and impossible at worst. Business owners will need to take a careful look at exactly who their competitors are and what they bring to the table. This is why many business plans include quite a bit of research ranging from market saturation to the price point of specific products and services.
Define Your Own Brand
Instead of looking for ways that you can beat the competition at their own game, you might want to focus on how you can define your own brand and become the best company possible. No business is going to appeal to everyone, and your company will need to focus on the customers that you believe will count in the long run. Trying to make everyone happy is a surefire way for your company to lose its voice and personality.
Pick Your Advantage and Stick to It
While defining your brand and company is incredibly important, you will eventually need to think about what your company does better than the competition. Traditionally this comes down to quality, price, service, or a mixture of these three characteristics. If your company cannot beat the competition on any of these three fronts, then it is time to start thinking about making some serious changes. For most companies, service is generally seen as a complement to either price or quality and not as the only advantage they have.
Don't Give Your Customers a Reason to Leave
Finally, you will need to do everything in your power to prevent customers from leaving. Customers that switch from your brand to your competition will actually deal double the damage to your company. Not only will this make your brand weaker, but it will also make your competition stronger. Whether it means a short-term hit to your profits or a few extra hours per week speaking with your customers, developing brand awareness and loyalty will benefit your company in the long run.
Jonah Engler is a financial expert from NYC who loves to spend time in upstate on the weekends.