In the event of a threat, businesses will often lower prices to try to stay ahead of competitors. If you’ve ever been in a similar situation (and let’s be real: most business owners have), you’ve probably wondered what else you could do other than cut costs. Lucky for you, there are quite a few ways. Check out our handy list:
Get to Know Your Customers
Understand your customers and their preferences so you can predict their actions. This will help you tailor your efforts to further appeal to the buyer; something your competition has likely pushed aside.
Study Your Competition
Determine who your biggest competitors are and learn from them. Find out what their shared value proposition is and identify ways in which your brand can use these strategies when promoting your shared value to customers.
Renew Your Brand Image
Reinventing your brand is a great way to fly past your competition and capture the attention of your target audience. Side note: a new coat of paint on the walls doesn’t count! Look at every part of your businesses – from cards and brochures to your website.
Target New Customers
Considering growing your target market. This will increase your customer base and marketing reach. Now, there is a larger risk with advertising to a larger group, but it can be easily monitored. (We’ll help you with that!).