A friend was complaining their competitors have everything on point: branding, social engagement, and possibly sales while his feed is stuck in the land of no-reach. I suggested that instead of agonising over how much success his competition APPEARS to have, he should use his competitors feed as a benchmark for growth by:
💎 Creating greater value
People go where they are loved and where they get more for their coin. Give them better service and products that serve their needs and they will not defect to the competition.
💎 Offer better service than them
Offer the best and unify the experience customers receive from your sales, marketing, telecommunications teams and on social media.
💎 Customer feedback is your anchor
Always listen to your customers. That feedback is great for evaluating your different contact points. It is also perfect for researching possible improvements, innovations and finding out just what your customers want BEFORE you lose them to competitors. Once you have heard their comments, complaints and wishes, ACT on them.
💎 Keep up with the right competition.
It is all to easy to assume we are doing badly when we do not measure up to external benchmarks.
However, put your progress into perspective by comparing your results with the right benchmarks. A company targeting sales may concentrate more on social-to-shop page conversion rates while a company growing its community can focus more on engagement metrics.
💎 Always be ready for change
Responding to change positively is necessary.
I saw businesses fold when coronavirus hit but I also saw more businesses rise up to the challenge. Traditional brick and mortar businesses trained their teams to work online while others adopted digital marketing. Folks who had been laid off took to coaching, training and etc. Now some of them are not returning to the 9-to-5 as they have found their new place in the economy.
My advice is to be as proactive as you can be, then actively focus on being ready to shift to whatever challenge comes your way.
💎 Focus on your growth and improving on your business.
How do you view your competitors? Let’s discuss.
I’m Rejoice, and I help early-stage & small businesses earn more through better planning and digital marketing. Follow me if you want strategies and systems to ditch the small-time hustle and embrace business ownership, develop solutions to real problems, and still have money on the side to feel all the feels of being alive and empowered.
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