Have you noticed a competitor gradually stealing customers from your business? Or have you discovered a company similar to yours pricing their products lower than your advertised prices?
Rather than accept this competitor on your turf, there are actions you can take to ward off their attempts to steal your business.
Integrate the following five tips into your business plans and you might be able to send this new competitor running for the hills.
1.) Analyze Their Pricing Strategy
When you analyze your competitor’s pricing strategy, you might be able to discover opportunities to beat them on price. Are there ways you can cut your cost-of-goods or ways to save on labor costs? Even small savings can add up throughout the year. Consider everything from outsourcing labor to finding a new supplier for your products.
2.) Pay Attention to How They Are Acquiring Customers
Upping your customer acquisition game is an excellent way to thwart competitors. Think about new ways you can find new customers. Increase your social media marketing efforts. Start guest posting on high-profile websites where your dream customers are sure to discover your content. You’re fighting for the future of your business, so don’t be afraid to do whatever it takes to attract new customers to your company.
3.) Investigate Their SEO Efforts
Beating a competitor at SEO (search engine optimization) is a great way to increase sales over the long haul. Discover the keywords your competitor is targeting and double-down on similar keywords, including using a long-tail keyword strategy. Work on improving your image optimization tactics by compressing images prior to uploading them to your website and adding metadata to ensure search engine crawlers find your images. If you take a strategic approach to SEO, you can beat a competitor without them even understanding why they’re losing ground to your company.
4.) Develop Plans to Thwart Their Actions
An overall plan-of-action might be necessary in order to successfully beat a new competitor. While improving your pricing, customer acquisition, and SEO efforts are great first steps, you might need to develop a detailed plan to beat your competitor. Think about working with a business strategist to secure the future of your company and be willing to try new tactics to ensure your company survives.
5.) Consider an Exit Strategy
One option far too few business owners consider is planning an exit strategy. If a competitor is determined to steal business away from your company, consider whether you might be financially better off to sell your company. You can approach your competitor or try connecting with a large corporation in your sector. Your expertise in your niche might be enough to get you hired on as a consultant, while selling your company in the process. Fighting a competitor can be mentally exhausting. Consider whether selling might be a better long-term option.
Just because a competitor is eating away at your profit margins doesn’t mean you have to accept their challenge to steal your business as a foregone conclusion.
If you’re willing to approach the situation strategically, you just might be able to turn the situation around.
Consider the above-listed tips the next time someone is attempting to steal your customers or cut into your profits.
Preparing yourself for battle can be incredibly empowering and might just be the kick in the pants you need to secure the future of your company.