This article may contain references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services. Nonetheless, our opinions are our own.
Competition can be fierce in business, and being able to stay ahead of the game and succeed means you need to be agile and on the pulse of changes and in consumer and industry trends to use them to your advantage.
But what does it mean to remain competitive in business? It means being able to offer something no one else does while balancing pricing against services and products to offer value for money, all while providing exceptional service to encourage customer retention and acquisition.
Read on for some tips on remaining competitive within your business.
Know your goals
Where do you want to be in 12 months? 5 years, or even 10? If you don’t know where you are going or what you want to achieve, then you won’t be able to compete with others in your industry. With 50% of businesses failing within the three years of trading, having a clear goal and path you need to be on will not only help you avoid being another flare statistic but also give you something to work towards.
Revisit your pricing
To remain competitive, businesses need to reassess their pricing strategy continuously. Offering discounts can effectively attract price-sensitive customers, but it can also hurt profitability if not balanced properly. Utilizing competitive pricing analysis can also help a business find the sweet spot between charging too much and undervaluing its product or service. One good way to do this is to quantify the value of your products. You can do this by looking at what is conjoint analysis. This can help you to price your products or services competitively.
Utilise latest technology
There is no denying technology can give every single business a competitive edge and allow them to do things they would never have dreamed of in an analog world.
But to really remain competitive, you need to be ahead of the game and an early adopter of digital transformations. By leveraging this type of technology, you can maximize your visibility, productivity efficiency, and more to allow you to explore your industry in more detail to enable you to keep building on your core principles and be ready to adapt to new trends as they emerge.
Keep on top of industry changes and developments.
If you are late to adapt to changes, chances are your competitors have already embraced them. The last thing you want is a scramble to do what everyone is already doing after the fact.
By taking an active interest in your industry, going to exhibitions, networking, and staying in touch with major players and innovators, you can stay ahead of the latest developments so you can take action and investigate how you can make it work for you.
A notable change in the food industry in recent years was the explosion of food delivery services thanks to the pandemic. While some outlets were providing this service, the boom in popularity saw many businesses scrambling to integrate this option to be able to take advantage of this trend. Now ordering food online via an app is commonplace.
Conclusion
In conclusion, staying competitive in business requires a multifaceted approach. But it boils down to having a clear vision for your business and being proactive in ensuring you take advantage of the technology at your disposal to pivot when needed and be agile enough to make the required changes.
Reviewed and edited by Albert Fang.
See a typo or want to suggest an edit/revision to the content? Use the comment form below for feedback.
At FangWallet, we value editorial integrity and open collaboration in curating quality content for readers to enjoy. Much appreciated for the assist.
Did you like our article and find it insightful? We encourage sharing the article link with family and friends to benefit as well - better yet, sharing on social media. Thank you for the support! 🍉
Article Title: Want To Remain Competitive? You Need To Be Doing These 4 Things
https://fangwallet.com/2023/03/30/want-to-remain-competitive-you-need-to-be-doing-these-4-things/The FangWallet Promise
FangWallet is an editorially independent resource - founded on breaking down challenging financial concepts for anyone to understand since 2014. While we adhere to editorial integrity, note that this post may contain references to products from our partners.
The FangWallet promise is always to have your best interest in mind and be transparent and honest about the financial picture.
Become an Insider
Subscribe to get a free daily budget planner printable to help get your money on track!
Make passive money the right way. No spam.
Editorial Disclaimer: The editorial content on this page is not provided by any of the companies mentioned. The opinions expressed here are the author's alone.
The content of this website is for informational purposes only and does not represent investment advice, or an offer or solicitation to buy or sell any security, investment, or product. Investors are encouraged to do their own due diligence, and, if necessary, consult professional advising before making any investment decisions. Investing involves a high degree of risk, and financial losses may occur including the potential loss of principal.
Source Citation References:
+ Inspo
