Whether you're a small business owner or an entrepreneur, you're likely to face competition at the beginning of your business journey or eventually once your venture has already gained traction. Given that the market allows anyone to enter the world of commerce at any time and day, you need to expect such opposition and be prepared to face them head-on.
As such, it's vital to not just focus on business strategies that promote your business’ growth but also to think of ways to stay ahead of your competitors. Below, we go over 3 tips that can help you remain competitive in the market.
1. Determine and solve your customers’ pain points
Finding out your shared audience’s pain points and addressing them better in your products is also key to staying ahead in the game. This can be done through checking out online reviews and sending customer surveys, so you can know what their experiences are generally like.
When it comes to finding out what these pain points are, your questions will have to be effective at determining what they are, concise, and isn't too time-consuming to answer. Once you've collated enough data, all that's left is to brainstorm solutions that better alleviate their main issues with the current products in the market.
2. Learn the competition’s strengths and weaknesses
Knowing where your competition stands is crucial to maintaining or getting the upper hand. In order to do so, you’ll have to perform a thorough analysis of your competitors, starting from their products and services to their marketing campaigns and more.
Scrutinise how they position their products or services, where they do it, and to whom. On top of that, investigate factors such as their preferred platforms for their social media campaigns, seasonal sales changes, and method of interacting with customers. A comprehensive analysis of these and more will allow you to glean on their unique selling point and discover where their strengths and weaknesses lie. From this info, you can take advantage of where they fall short and learn how you can fill in the gaps.
Gaining the edge over your competition also necessitates having good business assets, such as modern and comfortable offices for your operations. Our property at Keppel 1557 is a newly refurbished building that offers large and small spaces to rent
for business purposes. It is designed to provide the ideal conducive environment
to drive the workforce and greater success for your business. There are 3 exclusive floors designed with high ceiling and impressive full-height glass windows. Strategically located at the fringe of CBD, this property is also minutes away from Tanjong Pagar MRT and the upcoming Cantonment MRT. Unit sizes start from 281.05 sqft to 13,536.69 sqft – equipped with aircon and full-height glass windows for a stunning view. Other amenities include in-house gym, plenty of eateries in the vicinity, carpark lots and a co-living space nearby.
3. Invest into perfecting your customer service
Excellent customer service fosters loyalty amongst your customer base and makes them more likely to promote your products and services to their circle. The reason for this is simple: any business that takes good care of their customers and pays attention to even their slightest concerns shows that they think of them as something akin to family and more than just numbers on a graph.
Therefore, it's important that you take the necessary steps to improve or perfect the customer service you provide. For instance, if you're the owner of a small business, you could set aside some of your time to personally address or answer your customers’ issues and concerns. Otherwise, if your business has the capacity to hire customer service representatives, ensure your team fully understand your products as well as your brand’s values and essence as a whole to establish proper communication.
Beating your competition is also a part of growing the company and staying a step ahead. If you’re ready to expand your operations and office space, our property at 34 Boon Leat Terrace offers ancillary offices located at the fringe of CBD. This 6-storey warehouse also has units that are suitable for e-commerce or logistics companies that need warehouse spaces for rent
t to carry out their duties. With accessibility via West Coast Highway, it is only 10 minutes’ walk to Pasir Panjang MRT and the nearest bustop is located a short distance away. The sizes of the units start from 540 sqft to 4,752 sqft – furnished with aircon, lights, glass doors, and additional rooms for selected units. Other amenities include 4 loading bays, season parking for cars & heavy vehicles, 24-hour access and nearby F&B.