In the digital age, where the world is highly connected, you will be able to sell to your customers from anywhere in the world. This is great news for small businesses, as they can grow their community and district from anywhere. However, despite this expansive market space, you should also expect new competitors looking to enter into the same space. In the digital age, your new competitors could be also be gaining ground fast.
If you have started wondering about what your competitors are doing better than you, you are in the right place. Rather than rushing in, strategise smartly to come out on top.
To guide you through this uncharted territory, here are a few tips to know how your competitors are doing better than you.
1. Their value offering could be better
Customers from all over the world are looking for value. You could have a great relationship or an established brand name, but if a competitor offers better value, your customer numbers could start dropping. While some of your customers may still remain a regular, you are bound to lose even the loyal ones if you do not step up and do something about it.
For instance, if your business is in e-commerce, customers would be expected to pay for shipping fees in their orders. However, your competitors could be offering free shipping for certain products. This is where your urge to ‘beat the competition at their own game’ could be strong. However, you shouldn’t be rash at slashing prices. Consult a firm offering corporate accounting services in Singapore to know the best way on how you can approach this situation from a financial standpoint without facing too many losses.
First, find out what your competitors are doing differently. For example, could it be a better warehousing strategy? Next, come up with a strategy to respond.
2. They are more aggressive on social media
You may be wondering why your competition has steadily been growing their market share, while your market share has remained stagnant or dwindled. If that is the case, and you discover that your products and value-offering are the same, take a closer look at their online activity.
Does their website rank better than yours in search engine results? If the answer is yes, you can look closely at their content, social media presence and other factors such as backlinks. If your competitors are doing a better job on social media or getting more credible backlinks, then investing in a similar strategy could work for you.
To ensure that you can stand out against your competitors, seek a trusted SME accounting service provider. Not only do we have a team of professional accountants who are experienced in risk analysis, financial analysis and more, we are also able to help you understand the financial implications of such a move. We aim to guide your business by understanding how you can be a better competitor while ensuring that you have a strong foothold on your business finances.
3. They could be more tech-oriented than you
It’s hard to keep track of every new competitor in your niche and find out what they specialise in. It is even harder to know how many customers they have in total. However, what you can do is to focus on your customers, anticipate their needs and deliver what they want.
Perhaps your competitors may have embraced new technologies, such as Customer Relationship Management or CRM. This way, they can keep in touch with their clients, anticipate their needs and keep them happy. Regularly engaging with your customers and keeping them happy can always yield great results, no matter what your competitors may be doing.
We provide cost-saving financial advisory and a strong network in the financing industry. As such, we have the right tools and knowledge to help you develop a financial strategy for the long- term future so that you can compete without worrying financially. From accounting and bookkeeping services to tax accounting services, we seek to provide essential financial services for your business.