Whether you like it or not, competition exists in every market.
There will be many dealings just like yours, pitching for the same work and fighting for endurance just like you. However, there are several strategies one can use to ensure that they stay ahead of competitors.
Know who your clients are
According to Nicholas Lubwama, CEO of E4E, an electronics company in Kigali, it is imperative to find the best clients for your business, as it assists you in really knowing whom to target by narrowing your focus.
He says, "Bother to know the problems that your clients are facing and make sure you rectify them, this means going an extra mile to know whether your clients are satisfied with your products or services, and if not, asking how to better your services to meet their demand.”
Address clients’ needs
Lubwama also notes that one of the ways to beat competition is to address the needs of your shared target audience better than your competition can. For instance, ask open-ended questions to find exactly what your customers want while using your products or services.
Some of these questions would be; what is your company’s major impediment to growth? What matters the most to your supervisor? What is your main personal hindrance? Which responsibilities occupy most of your time? What are your complaints? What might account for any current business or customer losses? Among others, he says.
Lubwama says that it is significant to focus your efforts on trying to provide solutions to customers’ issues, but not just trying to sell them your products or services.
Set competitive pricing
Lubwama says that being ahead of your competitors requires offering more affordable pricing. This can be possible by doing research on how much your competitors sell their goods and services.
"Focus on the existing market rate for your products or services. Set your price to fall within the range of prices that your competitors offer. Alternatively, you can offer your products on discount for a specific time,” he says.
Provide great customer service
Claire Mutesi, a professional in accounting and finance, explains that providing great and outstanding customer service is an exceptional way to craft loyalty among your customers and distinguish yourself from the competition.
She says, an example should be your staff, as it is a good habit to greet customers with a smile, but also show gratitude to those they interact with. It is important to enhance the team spirit of your staff and hire team players. You can also reward the team players, as employees need constant motivation to outpace others.
Know your unique selling plan
Mutesi further notes that if you don’t know your unique selling proposition, it is necessary to find it out now. For example, ponder on the following questions, what is unique about your business? How do you relate to your competitors? What makes you so great? Why should people choose your company?
Find a niche
"Consider finding a niche service or industry by looking at your competition to see what services they do and don’t provide, and whether they target any specific sectors. Is there anything you specialise in that others don’t offer? Is there a demand for it?” she says.
Never stop learning
Don’t think you know it all. Every day is any opportunity to learn something new, there is a lot to learn from books, fellow business people, and the internet. Get some online training videos or download some interesting PDFs on new things to broaden your range of skills. It will set you separately from the rest, Mutesi points out.