When it comes to the world of business, competition has never been higher. The rise of the internet has quite literally opened up the world for modern-day consumers. Instead of your options being limited to your local high street or the closest shopping mall, it is now possible to purchase anything, from anywhere in the world, and at any time. Furthermore, you can do this with just a few simple clicks of a mouse, or swipes of the finger. This had an astronomical impact on every industry in existence. It is no longer possible to survive by simply providing a service and/or selling a product. In today’s interconnected world, you need to be able to effectively differentiate yourself from a host of competitors.
Of course, you need to make sure that the actual service you are providing, or product you are selling, is of high quality. If you do not, the world of online reviews will quickly highlight this to every other consumer who is considering purchasing your product. However, even if you do produce a high quality product or service, competition is now so strong that you will need to go that extra step if you are to stand out from the crowd. To put it simply, 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. When it comes to surpassing the 15 year mark, a lowly 25% of businesses make the cut.
In other words, you need to be doing a lot right if you are going to run a successful company in the digital age. With every single business looking to do their utmost to succeed, it is no surprise that there are so many among us searching for anything that will provide us with that extra edge over our competitors. If this sounds familiar, then you have come to the right place. This article has been put together to outline five of the best tips on how to make your business stand out from the crowd. So, knowing that there is no time to waste, let’s get started…
Be Visible in the Right Way
This one may sound obvious, but what is important is how you go about doing it. Now of course, if you want to stand out from the crowd, you are going to want to be visible. But what is crucial here is that you are visible in the right places and in the right way. We are sure that you would all agree that it would be foolish not to put a sign up outside your shop if you owned one. Well, you may be surprised to learn how many people do the equivalent of this when it comes to the online world.
First things first, make sure you have a website that is visually impressive and easy to navigate. The majority of people will now admit to conducting all of their research online, so never underestimate the impact of your homepage. It is after all, for many, their first impression of your brand. Secondly, be where you know your market is. To stand out, you need to be seen, so make sure that you have a social media presence.
Unfortunately, this is the absolute minimum you need to do in the digital age. We recommend getting your affiliate marketing strategy in order and fast. One of the main reasons people don’t already have this in check is not that they don’t understand its benefits, it’s that it can get overwhelming fast. Thankfully, you can find a breakdown of the best affiliate marketing software online, which saves you the initial hassle of understanding the exact advantages of every tool. Think of it as the digital equivalent of hanging a sign outside your shop, you will soon find that it results in more feet through the door.
Customer Service is Still King
One of the things that modern consumers have come to expect is prompt and high-quality customer service. Furthermore, just as it is the case when it comes to your competition not being restricted to the high street anymore, the same is true when it comes to word of mouth. If you do not provide good customer service, dissatisfied customers now have a platform to tell the world exactly what they think of you.
While you should be highly aware of this, it is how you approach this fact that is important. Instead of it being the source of fear, it should serve as inspiration. It means that every customer you have has the potential to become an ambassador for your business by leaving a positive review.
The bottom line here is to go the extra mile, personalise your approach and make sure that no one else can back up the claim that they provide a better customer experience than you. Indeed, you may not notice the ramifications of every good or bad customer experience, but trust us, they all matter. Approach each customer like they are your most important and you will more than reap the benefits in the long run.
Reward Customer Loyalty
In addition to customer service, people like to feel like they matter. Brand loyalty is something that should never be taken for granted. In addition to meaning that you have a long-term client, odds are that they will recommend you to others, and whether that is online or to their friends and family, it will lead to more business.
There have been numerous studies that have outlined the advantages of rewarding your customer’s loyalty. One such study found that a staggering 83% of people say that loyalty bonuses make them more likely to keep buying a product and/or using a service. As humans, we are naturally attracted to feeling like we are important. As consumers, we love to feel like we are getting the best deal possible. Put these two aspects of the human psyche together and it is easy to see why loyalty programs work so well.
The bottom line here is that it gets results, and not just in terms of attracting new customers. Existing customers already know what you can do. If they have been using your product for a while, it means that they trust you. However, we can all be susceptible to being swayed by something new. The great news about loyalty programs is that in addition to keeping your customer base on the side, they can also save you money when it comes to new marketing efforts to attract new customers. If this is starting to sound like a win-win, it’s because it is!
Know Your Market
As a business, it is fundamental that you know your market. If you don’t, it will be next to impossible to fully to cater them. And when you think about this, it suddenly becomes very, very obvious. If you don’t know what the problem is, you can’t offer a solution. Moreover, if you are unaware of where there is a gap in the market, you won’t be able to fill it.
Knowing your Unique Selling Point (USP) will prove incredibly useful here. If you don’t know why people would choose you over your competitors, then you will find it very difficult to know what, or perhaps more appropriately, your market is. Furthermore, if you don’t know what it is that you can offer that others can’t, you will struggle to stand out from the crowd.
Another benefit of knowing your market is that it will help you with the aforementioned point of being visible. If you know the type of people that would be interested in your business, then it makes it much easier to be seen where your potential customers are looking. For example, they will likely use a certain social media platform more so than others, so you can therefore focus on improving your presence there.
With so much competition, you need to be brave enough to continue to reinvent your business. This can be done in several different ways, all of which are dependent on the type of product and/or service you provide of course. While it may seem strange to try and fix what isn’t already broken, the fact is you will never know if it could work better if you don’t try.
One of the best ways you can do this in the modern era is to be aware of and adapt to emerging technologies. The term ‘New York minute’ now applies to the world, and if you don’t keep up, you are going to be left behind.
A Final Note
Running a successful business is difficult enough as it is. If you have read this far, we are more than sure you do not need reminding of this. Embrace the tips outlined above and we firmly believe you will more than happy with the outcomes.