Business and competition go hand in hand. There will always be competitors in your business who will steal the show by beating you. It thus becomes crucial that the central strategy be the best in the business by providing high quality, unique product or service and also the best service for your customers. You should also ensure that you and the team that helps you in your company makes a concerted effort to beat the competition through teamwork. As a business owner and the leader of the pack, you should motivate your team to put in the best foot forward to achieve success and stay on top.
Planning: Before you enter the business, you should always have a plan in place and concentrate on providing the best quality at a price lower than your competitors. Not just that, the retention of your customer is based on how well your provide customer service before, during and after the shopping of the product or service. Since it is not possible to always give the best quality product at the least price, you should concentrate on combining wither price and better customer service and quality and better service to stay on top. People always remember the service or lack of service you offer rather than the quality of the product and moreover everything else like the price, product, etc. can be duplicated the customer service cannot be and that will help you in retaining customers and also acquiring new ones.
Create a brand: It is essential for a startup or a small business to establish a brand. Telling people what your business offers that differentiate from your competitors is critical. You should have a unique selling point for your company that will define your business, and that will enable you to be apart from the rest of the crowd. Thinking from the customer perspective and the finding reasons why a customer wants to move from your business to your competitors will help you determine what needs to be changed to retain them.
Research your competitors: The best way to know how well your competition is doing is to get first hand information about their business. You should compare what is the price and quality of your product with your competitors and also get a feel of how happy the customers are about their product or service. The ways you employ to check the customer feedback should be right and not too over the top.
Talk to your customers: It is critical that you talk to your customers that way you can conduct your market research as well as advertise your company. Communication with the customers is the most significant marketing strategy that most companies ignore. That is the best way to know what you can do to retain them and also to provide better service to customers. You can conduct surveys, send questionnaires, etc. to keep them engaged. You can also offer freebies as a reward to respondents who took time to answer them. When you get feedback from them, you can implement it and see your business grow and stay on top.