KredX Blog KredX Blog
  • HOME
  • PRODUCTS
    logo

    FOR BUSINESS logo

    logo

    FOR INVESTORS logo

    Invoice Discounting

    Unlock money tied up in unpaid invoices

    KNOW MORE

    KredX Pay Later

    A closed loop financing for your dealers/distributors/Retailers

    KNOW MORE

    KredX Cash Management Solutions (CMS)

    Get real-time analytics. Manage disputes. Minimise risks. Get risk-free returns

    KNOW MORE

    KredX Global Trade

    Get Quick Finance To Fund Your Import-Export Requirements

    KNOW MORE

    Invoice Discounting

    Diversify your portfolio with alternative short-term investments

    KNOW MORE
  • PARTNER WITH US

    Business Partner Program

    Accelerate your client’s business growth and get attractive payouts on time

    KNOW MORE

    Financial Advisor Program

    Grow your credibility and clients’ investment portfolio

    KNOW MORE
  • KNOWLEDGE CENTER

    FAQs

    Blog

    Knowledge Base

    Webinars

    Reports

    WhitePapers

    Podcasts

  • COMPANY
  • LOGIN / SIGNUP
  1. Home
  2. Business
  3. 6 Ways To Beat Your Business Competitors At Their Own Game
 6 Ways To Beat Your Business Competitors At Their Own Game
Business

6 Ways To Beat Your Business Competitors At Their Own Game

by KredX Editorial Team September 11, 2018 0 Comment

Competition is the law of nature. Everywhere you look you’ll find competition, whether it be in your career or day-to-day life. It’s all about getting ahead at the end of the day. Nobody wants to fall behind, especially in a small business where you’ve put in blood and sweat to build it from scratch. So how do you make your mark in your business? How do you beat your competitors at their own game and emerge a winner? Get your running shoes on, because we’re here to let you in on foolproof ways to stay ahead in the game!

Keep it simple

 

Your product might be great and you have an awesome marketing strategy in place. But confusing your customer with jargons and data won’t do you much good. Your brand is your identity and that is what sets you apart. Create a voice for your brand and convey what you want to say in your distinctive style. Mimicking other brands from the same industry will not help you stand out. You need to make it easy for your target audience to choose your product over your competitors by stating your advantage over others straight off the bat. Think clear, concise and to the point, and you’ll have a winner right there!

Be aware of your weaknesses and your competitors’!

 

Every business has a weak spot. It could be weak customer service, lack of a mobile app or a limited warranty. Use this knowledge to better position your product and target the areas where the best in the business lack. This could be just what will give you that edge. Utilise this data as your USP in all your marketing and sales pitches. Pricing your product lower than your competitors’ needn’t always be the answer to this. If your product is more expensive than other similar products, work on improving the quality of your product and supplement it with great service than others in the market.

Target big

 

It’s good to dream big and target the bigger fish. Bigger clients often mean better business and more revenue. Being associated with a bigger client also gives you the advantage of credibility and more referrals to clients with similar profiles. So, the next time around, don’t be afraid to pitch your product to the big wigs; you just might hit gold!

Know your data

It’s important to know the numbers that can make or break your business. Numbers such as Return On Investment, Cost Per Acquisition, Break Even, etc. are some of the basic data you need to know. Use this data to improve your game and track them continuously to further improve those numbers.

Maximise value while minimising waste

Simply put, use the money for everything that’ll help sell your product to the customer. Everything else is probably extra expenditure. Work efficiently, streamline your process and use tools to create a seamless operational process to keep your business functioning smoothly. Technology is your best friend! Use technology to make your life easier!

Communicate with your customers

Customers are difficult to pull in. Retaining them is even harder. So what can you do? Communication is the key to any successful business. Create a database of all your customers you’ve worked hard to bring in, make sure you stay in touch with your customers; give them updates about your products, new features and keep them excited through promos and offers. You’d be surprised by how something as simple as an SMS to your customer base on every major holiday can make a world of difference to your business!

Make sure you take feedback of your product from your customers regularly. How else can you improve your product based on the needs of the people who actually use your product? You could use questionnaires, reviews or a personal visit to record these customer feedbacks.

The business world is a large playing field where every player needs to be alert and in the know to stay ahead. Every little advantage matters. As the famous entrepreneur, Victor Kiam once said,

“In business, the competition will bite you if you keep running, if you stand still, they will swallow you.”

 
Share This:
Previous post
Next post

KredX Editorial Team (Website)

administrator

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Enquire now

  • Invalid value

  • Invalid value

  • Invalid value

The Best Of Alternative Investments, Now On Your Phone

Download App:

KredX Blog KredX Blog

Wing ‘A’, Ground Floor, Office-1 Block-‘A’, Salarpuria Softzone, Bellandur Village, Varthur Hobli, Bangalore South Taluk, Outer Ring Road, Bangalore – 560103

+1 212-602-9641

info@example.com

Get More Location

Follow us:

Download app:

Company

Home
About Us
Careers
Contact Us
Our Offices

Resources

Blog
Reports
Whitepapers
Knowledge Base
Podcasts
Webinars

Support

FAQs
Talk To Our Advisor
Chat With Us
Sign Up
Login

Legal

Nodal Officer Name: Amrutha A / Ph: 08061799200, IVR-9 / Email: Amrutha@Kredx.Com
Terms And Conditions
Privacy Policy

Investor Products

Invoice Discounting
Bonds
Digital Gold/Silver
KredX Assured

Business Products

Invoice Discounting
Buy Now Pay Later
KredX Cash Management Solutions
KredX Global Trade

Quick Links

Business Partner Program
Financial Advisor Program
Business Suite
©2022 Minions Ventures Pvt Ltd