Since, well, business is business, it can be brutal.

 

For every gain you have in increasing your market share, another company or companies will eventually lose market share.

 

Here are 11 fast and easy business tips to help you gain a competitive edge over your competitors and protect yourself from new market entrants.

1. Concentrate on leads rather than sales.

Of course, we all want to boost sales and expand our businesses. However, the only way to do this in the long run is to concentrate on creating a loyal database of ardent fans.

 

 

Content marketing, in combination with streamlined website forms and intelligent email automation follow-up, is crucial to a company's growth. This strategy establishes confidence by providing free value before asking for someone's hard-earned cash.

 

Not a website expert when it comes to building optimized lead generation pages? No worries, you can do it with the help of a reputable tool like Leadpages.

2. Provide solutions rather than goods.

Unless you work for Starbucks or Adidas, people aren't looking for your brand; they're looking for a solution to an issue or a specific type of product.

 

 

Don't mention any of the product's advantages. Concentrate on the solutions. Explain to the consumer how or why the product will benefit them or assist them in achieving their goals in clear, concise terms.

 

Consider FedEx's catchphrase: When it totally, definitely must be delivered overnight. This was a good example of resolving widespread concerns regarding delivery service efficiency.

Conduct market research to build a profile of your target consumer. How does the product or service, as well as its distribution and price point, solve problems and make people's lives simpler or more enjoyable?

 

3. Always optimize your pricing

Dropping prices doesn’t necessarily raise sales, for instance (though it will definitely squeeze margins) (though it will definitely squeeze margins). If you position yourself as a premium brand, then your customers aren’t necessarily value-driven in the first place, and cutting prices could even tarnish your brand.

Consider this case study from Robert Cialdini’s seminal book ‘Influence: The Psychology of Persuasion’: a jeweller sold out of turquoise jewelry after accidentally doubling, instead of halving, the price. The inflated price tag lent the product an unwarranted cachet!

 

There are ways to optimize your pricing without lowering prices if you are a premium brand. Give the quality-conscious consumer a "unique" advantage that your competitors don't or can't match.

 

If you're in the value-driven economy, however, don't believe that lowering prices would result in a loss. Low prices will help you quickly onboard a large number of new customers who may also purchase other products from your store.

When it comes to pricing, context is extremely important. Putting a $5,000 watch next to a $10,000 watch, for example, could be the best way to market it. When it comes to settling on a price point, think strategically.

 

4. Employ people who can interact with customers in a friendly manner.

Yes, it may seem self-evident, but it is crucial! People are more likely to purchase a product if they like the salesperson who is helping them, whether consciously or unconsciously.

 

Although the personality of the employee has no impact on the price, neither does the ability of the product to meet their needs. Customer-facing employees who are pleasant to deal with will often bring in more revenue.

Be picky with who you hire, and make sure they're truly happy, polite, and outgoing. Ensure that the training program helps them to maintain a consistent positive demeanor that puts customers at ease and makes them feel important.

 

5. Keep the doors open for longer.

If you own a physical store and are experiencing a rush of customers as closing time approaches, why not stay open an hour longer?

Although this can trigger employee dissatisfaction, the problem can be solved by being creative with rosters. Keep track of customer traffic during the day and week to determine the peak times and staff accordingly.

 

To counter the higher costs and longer working hours caused by your extended opening hours, you can also reduce headcount during slower times.

 

It's a win-win situation!

6. Customers shouldn't have to search for a phone number.

Even in this digital era, some customers choose to reach you by phone over email or Facebook. Although many online businesses with tight margins avoid getting staffed phone lines, it's worth offering consumers the option of speaking with your company over the phone.

 

 

By all means, reduce the time and money spent responding to customer inquiries by directing them to pre-written, structured answers on your website (i.e., FAQs).

 

If their question isn't answered in the FAQs drop-down menu, don't make them press more than once to get your phone number.

Put it front and center on your website, particularly if you're selling something.

 

'Live chat' bots are also a low-cost way to provide real-time communication.

 

7. Give something away for free (or very little)

Why not provide a coupon with your satisfied customers' purchases that they can use to get discounts on your goods and services? If they still like what you do, they'll love you even more after this.

 

It's beneficial to your health because:

 

It ensures that they will return to your shop. People despise squandering freebies!

They can purchase additional items when they return to your store to redeem their voucher. If your company operates online, the freebie may be scheduled to coincide with a special promotion.

What's more, guess what? Customers who have got coupons or freebies are likely to spread the word, so you might benefit from any positive social media buzz.

 

8. Give back to your society

Local companies, in comparison to global chains, will arguably communicate with their unique communities with much greater authority.

 

A local supermarket, hair salon, or gardening company may sponsor a child's sports team while also providing deep discounts to OAPs.

Some movie theaters offer special "sensory" screenings where parents may bring their autistic children (who would otherwise be distracted by busy, noisy environments) to watch a film in a calm, stress-free setting. This not only reflects well on them, but it also ensures a loyal customer base.

 

Whatever you decide to do to help the society, make sure it is true to your brand's offering and business history.

 

9. Make good use of social media.

Social networking is a perfect way to develop a strong relationship with consumers – just remember what the word "social" means! On Twitter, soulless corporate shop-talk won't cut it.

When writing updates or posts, try to give your brand some personality. Of course, this has its own set of threats. However, if you do it right, the rewards can be enormous.

 

Create a tone of voice that complements your brand identity. Attempt to educate, assist, entertain, or amuse.

 

Most importantly, considering the negative public relations implications, don't patronize, try too hard to be funny, or tweet after a few drinks!

 

10. Take control of your niche

It's sometimes preferable to be a jack of all trades than a master of none. Multiple revenue sources do, admittedly, spread the risk by allowing others to pick up the slack if one fails.

Consumers, on the other hand, often equate ‘specialists' with higher-quality goods or services than generalists. For good reason: experts typically devote all of their time to perfecting a particular product or service.

 

So, what do you focus on? To state the obvious, it should be something you are very good at.

 

You might also choose something with rising or recession-proof demand, that is resistant to technological change, that gives you a competitive advantage over your competitors, or that fills a clear gap in your local market.

 

Whatever you do, own it.

11. Maintain a humble attitude

Never be pleased with your company's results. You can still improve – and you must improve!

 

 

Don't get me wrong: what's the point of it all if you don't get a little smug gratification now and then? Take pride in the successful introduction of a game-changing product or favorable consumer reviews. But don't make your customers listen to you harping on about it all the time!

 

Be aware of the prevalent factor that has contributed to the demise of countless previously successful brands: complacency. Imaginative, nimble, and creative start-ups always outperform large market players who have simply become complacent.

You might be a revolutionary innovator today, but tomorrow you might be a complacent industry leader with an outdated business model.

 

As a result, aim to maintain a humble demeanor while still striving to change. Seek guidance from other business owners, magazines, and seminars. You become vulnerable to usurpation the moment you believe your task has been completed.