5 Ways to Stay in Front of Your Competition & Keep Your Business Thriving

Your business will always have competition trying to impede your success. Knowing how to stay in front of your competition is a tricky place. Understanding your market, anticipating changes and providing your clients with exactly what they need is your goal. The Small Business Association (SBA) now states that 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10. Here are 5 ways to navigate your business in order to stay in front of your competition and help you not become one of those statistics.

1. Stay in front of market trends

Staying in front of market trends consists of a couple of things. First, it’s knowing WHO your competition is. Understanding how they sell their products, how they advertise and then leveraging how you can do it better. Social media is now a pillar in marketing strategies from small businesses to major corporations.  In today’s world of social media, these platforms have opened the ability of businesses to use social media influencers as key players in their marketing strategy. Following key influencers and publications that are in your companies wheelhouse is important. Influencers now have guidelines they have to follow in order for the consumer to be protected. 2019 was the year of “micro-influencer” which are normal people that have fewer followers that are VERY loyal and highly engaged. Keep your eye on these “little guys”.

By analyzing your marketing, customer, business, and industry data, you can remain on top of all trends and provide cutting-edge service to customers. You’ll also find 5 reasons to use social media in your small business here.

2. Listen to/Watch Podcasts and Videos

Podcasts are where everyone is heading.  Finding podcasts in your industry and taking the time to listen to them or watch the videos is an easy way to learn about things you’ve always wanted to know. You can get updated on the latest things happening and you will find they are valuable tools. You might even find a podcast that you can connect with and be featured to help promote your own business.  Here’s a great blog on how to be a great podcast guest and increase your traffic.

3. Stay Alert with Google Alerts

Stop wasting time searching for things when you can set Google Alerts up and they can notify you when things in your particular industry are happening. Being aware of changes, buyouts, new products you might be able to offer your clients in addition to what you already offer is at your fingertips thanks to Google. This feature allows you to choose your alerts on how you see fit.

4. Embrace Changes within Your Industry

Understanding that trends change, the needs of your clients will change as well. They might need their products faster, and they might want to see your product change just a little. It doesn’t always mean you make the changes that everyone is demanding, but you should be open to new ideas.  Technology will always be advancing, many businesses end up falling apart because their owners won’t let go of traditional methods of running their business or marketing campaigns.  Embracing the changes in your industry is another way to stay in front of your competition.

5. Talk to your customers

The demands and necessities of the customers keep changing continuously. Lower prices, more flexible or exceptional products in need? Asking for product reviews is important.  Knowing that your client is happy but also understanding what could make their experience better. Ask yourself how can you heighten their experience to make them not only purchase MORE but make them tell their friends about your business?

For more business tips and other helpful business ideas visit our podcast.