Effective Strategies To Outshine Your Business Competitors

To say you find me in good spirits as I open this newsletter would be a massive understatement! 

As a lifelong Manchester United fan, I couldn’t help but draw a parallel between their recent victory and the world of business competition. Just as the boys brought home the FA Cup after a lacklustre season, your business can triumph over tough competitors with the right strategy. And to take this silverware from under the nose of our old enemies, the ‘noisy neighbours’, is akin to outperforming your closest business rivals!

Will this final flourish save Erik Ten Hag’s job? Who knows?  But, whatever happens, he finished the 2024 season strongly with what I would say was a perfect strategy designed to beat tough competitors. 

Tackling Your Competition

This excellent result got me thinking. What magic will help you outperform your competitors? It’s pretty simple, really; it’s ensuring your strategy covers all the bases consistently and with quality at its core. So here’s my take on some areas to look at if you want your business to be as victorious as my Old Trafford heroes!

Know Your Unique Selling Proposition (USP)

You wouldn’t believe how many potential clients I ask who can’t tell me their USP. However, understanding and clearly defining your USP is crucial. In short, it’s what sets your business apart from your competitors. It could be exceptional customer service, innovative products, or competitive pricing. For example, in ENSO, I emphasise using tech to do the day-to-day finance tasks so I can concentrate on added-value aspects of my client businesses. Your USP is a testament to your business’s unique strengths and capabilities, something to be confident and proud of. If you don’t know your USP, how can you ensure it’s communicated effectively in all your marketing materials?

Focus On Customer Experience

Exceptional customer service can be a make-or-break competitive advantage. Do your customers enjoy a seamless and enjoyable experience when they get in touch? Do you respond promptly to inquiries and resolve issues swiftly? Going that extra mile to make customers feel valued pays BIG dividends. Plus, happy customers will recommend your business to others, and you’ll know word-of-mouth marketing is always the most effective.

Build Strong Relationships

Establish enduring relationships with your customers, suppliers, and partners to gain a competitive advantage. Regular communication, showing appreciation, and being a dependable partner fosters loyalty and trust, which are the bedrock of successful businesses.

Leverage Technology

This is right in my wheelhouse. I hope you’ll agree. I’ve helped all my clients adopt the latest developments in Fintech to streamline their operations and improve efficiency. Finance Technology allied to other platforms like customer relationship management (CRM) systems, AI,  social media, and e-commerce platforms is a powerful arsenal that supercharges happy staff and enthused clients. Great tech use adds up to an unbeatable service platform from which to compete.

Invest in Employee Training

I’ve said this often: employees are your most valuable asset. Investing in their training and development gives them new skills and boosts productivity, leading to better service and innovative ideas. A well-trained team is fundamental to staff retention, business performance, and customer satisfaction, so put them at the centre of your offer.

Keep an Eye on Competitors

Being competitive means knowing what you’re up against. So, what are your competitors up to? What are the key opportunities to outperform them? Do regular reviews to understand this aspect and see where they’re going. And if you think they’re getting a march on you, it’s time to start planning your response. Neglect this aspect at your peril!

Offer Quality Products & Services 

This goes without saying (I hope). Delivering high-quality products and services is the foundation for building a robust and enduring reputation. As the saying goes, your offer should constantly do ‘exactly what it says on the tin’ (and a little more). Remember, there’s a tasty bonus here: customer delight can justify higher prices and successful add-on sales. 

Competitive Marketing Strategies

Once you’ve nailed down your offer, make it a central part of your marketing plans. Use the alchemy of online and offline marketing channels to reach your ideal clients, including social media, email marketing, content marketing, and local advertising. And if, after all that hard work, your marketing messages fail to highlight your USP, we probably need to have a ‘little chat.’

Monitor Market Changes

The business environment is constantly evolving, and adapting is crucial. What are the industry trends, customer preferences, and technological advancements coming down the pipeline? For example, generative AI’s impact on all aspects of the business world is only just beginning. This is Darwinian stuff. Adapt or go extinct. It’s your choice. So, tuning your frequencies to monitor market developments is crucial to your ongoing relevance.

What Do Your Clients Think?

Customer feedback is not just a form of market research, it’s a goldmine of insights. What are your clients saying on social media, online reviews, or directly to you? These are vital clues that can help you enhance your products, services, and overall customer experience. Acknowledging, valuing, and acting on customer input is not just a good business practice, it’s a crucial step towards building loyalty and satisfaction.

The Price Is Right

Benchmarking your pricing is a valuable exercise. While competitive pricing is never the lowest price, it is about offering the best value for your contribution. Understanding your cost structure and market positioning helps you set attractive, profitable prices as part of your marketing mix. That said, offering occasional discounts or loyalty rewards can also entice customers as part of a recruitment drive.

Enhance Your Online Presence

Are there any businesses that are not online in today’s digital age? Probably not. Your website must be user-friendly, mobile-optimised, and packed with engaging content. Of course, you must connect with existing and potential customers on social media and proactively manage online reviews. The quality of your online presence can make or break a business, so work hard to get this right.

Conclusion

Being competitive doesn’t require complex strategies. Focusing on your USP, caring about customer experience, leveraging technology, and staying flexible are easy ways to build ongoing success. These are effective tactics for staying ahead of competitors and thriving in your industry. And as ever, if you think the Enso team can chip in on any or all of the above, get in touch.

The ‘Gennylec’ Is Finally Here

After months of speculation, years of wrangling, and ongoing controversy that’s heralded a rancorous societal change in the UK, another form of competition is underway in our country.

I am talking about the General Election—the #gennylec, as Gen Z has dubbed it. 

Now, I’m not here to tell you what to think or how to vote. However, I encourage you to engage with the process and ensure your voice is heard. This is one of the few times when we get our say on the direction of our society, the economy, education, health, international relations, and how our businesses will fare going forward. So, here are a few things to consider as the #gennylec juggernaut gets up to speed.

Are you registered to vote?  If not, it’s not too late. Contact your Local Authority and get on the register. Remember, no vote, no say.

This will be the first national poll that requires citizens to present ID at the polling booth. So, do you have a compliant ID?  If not, check here to see what you need to do.

Will you be doing a postal or proxy vote? Check this method carefully to ensure you complete it correctly and send it on time for the required deadlines. 

Plan your day. July 4th is a Thursday, as is traditional. Polling booths are open 7 a.m.—10 p.m. but will likely be busy at peak times. Expect to queue, so you’ll need to be patient. Oh, and maybe take an umbrella (unlike Rishi). It is during a UK summer, after all, and rain is always a possibility.

Finally, and most vitally, vote with your head and not your heart. Take time to read credible media to understand what the various parties offer. There’ll be a lot of misinformation around, so be discerning. Ask yourself who will be best for me, my family, my community, and my business. Whether you want to change or keep the status quo, decide based on well-considered arguments and the best information.

We’ll know how it all turns out soon, and it’s sure to be an exhilarating ride. We’ll discuss what it all might mean when the dust has settled.

Now, please, go and vote!

All the best

Adam