8 Ways to Develop a Competitive Edge in Business

It hardly matters anymore which niche you occupy, you need a competitive edge in business to stay in the game. There’s no denying that competition out there is fierce. As a business owner, you have to make sure you stay at the top of your game if you want to achieve your goals.

If you are relatively new in your particular market, you’re no doubt looking for ways to develop a competitive edge that differentiates you from the crowd. Branding is vital not only for driving sales but also for making it clear how what you have to offer is innovative and unavailable elsewhere.

1. High-End SEO Services Provide Your Competitive Edge in 2021

In today’s digital age, owning a successful business is all about getting your SEO right. This means that you have to make sure your business appears on the first page of Google search results. To achieve this somewhat daunting goal, you’ll almost certainly need to make sure that you outsource your SEO services to a reputable agency.

Any high-quality SEO agency understands and implements only the latest in SEO trends. They ensure that your SEO campaign is 100% compatible with the trends that have been set as a benchmark by Google. In today’s marketplace, consumers begin their decision-making process by grabbing their phones and searching keywords and phrases. If you’re not investing in top-notch SEO, you have cut yourself off from this exploding market segment.

2. Attract the Best Talent in the Market

Your business can only flourish if you have the best people working for your brand. It stands to reason that to have a competitive edge in any business endeavor, you’ll need to hire the best talent in that market.

Of course, hiring the best talent requires investment, and not just in payroll. For example, you’ll want to create a corporate culture that entices talented people to join your team. Apart from that, you’ll have to offer market-competitive salaries and make sure that you give them incentives and bonuses to prevent them from jumping to another company.

3. Maintain a Presence at Industry Events

If you want to make sure your business stays at the top of its game, then you have to show up at all of the major industry-related events. Failure to keep your name in front of potential customers — and your competition — courts the risk of your company being forgotten or considered as an artifact from the past or an also-ran.

If, like many, you are tempted to think that industry events are merely a marketing strategy, you might want to rethink that position. Maintaining a high-visibility presence at industry-related events opens many opportunities for your business. Additionally, it validates the legitimacy of your company and demonstrates to potential customers that you are keen to promote your business and a force to be contended with.

4. Take a Second Look at Your Product Pricing

It may seem counterintuitive, but if you want to establish a competitive edge over other players in your market niche, consider pricing your product on the high end. Most businesses are reluctant to embrace this strategy, fearful the higher pricing will backfire and result in tepid sales. However, if you are offering a high-quality product or service, then you should set your pricing based on that assessment.

Of course, you must make sure that your product or services meet all the standards of the industry you’re in. Once you are sure of that, let the price of your product speak to its quality. If you believe in the higher value of your offering over that of the competition, then your pricing needs to reflect both the real value and your belief in it. Do your research, assess your products and services honestly, and let your pricing speak to the quality of your brand.

5. Give Your Sales System Its Own Competitive Edge

You might be surprised to learn how the latest in sales technology can take your company to the next level and help you attract and retain more customers. To this day, many businesses continue to stumble at the checkout lane. Making sure you can accommodate all popular forms of payment, whether traditional or electronic, is as important as getting your customers in the door in the first place.

Incorporating new sales technologies into your business will help you gain customer trust. Keeping pace with newer transaction tech gives your business operations an air of sophistication and competence. As you implement debit card transactions, ApplePay, or any other newer form of payment, make sure you don’t leave your longstanding cash or check customers behind, though. Accepting the widest possible forms of payment helps make sure you maintain your competitive edge in business.

6. Optimize Your Website for Voice Search

More than 27% of potential customers are now using voice search when looking for products and services. That percentage is only going to grow, which means that you must optimize your website for voice search. Having a competitive edge in this category will help you snag new business from anyone using their phone or built-in GPS to find what you have to offer.

All you have to do to optimize your website for voice search is establish the keywords that are most relevant to your business. It’s important to note that you must be very careful about the keywords that you select as voice searches are typically long tail and precise. This simply means that the user offers precise instructions hoping to see only the most relevant results. It’s critical that you pick your keywords while always keeping user intent in mind.

7. Make Your Customers Feel Special

You already know that your customers have plenty of options. They can easily go somewhere else if they don’t feel special doing business with you. In the 21st century, it’s important to make sure that your customers feel like they are special.

To achieve this, you’ll want to devote a great deal of attention to your customer care department. Hire only front-line staff who know how to deal with customers with patience, grace, and professionalism. Always remember that customer loyalty is something that is hard to achieve but easy to lose. Loyal customers go a long way. When consistently treated with respect and courtesy, they can even serve as unofficial brand ambassadors for your business.

8. Create a YouTube Channel 

YouTube is the second-most-popular search engine after Google. You might think that your product or service does not lend itself to video. Nowadays, however, you can’t afford to leave this resource untapped. Maintaining a competitive edge in business now requires quality video.

You simply can’t afford to not have a presence on YouTube anymore. Start small with product or service demos and then build. Keep in mind it’s better to have five quality videos on your channel than 35 sloppy or boring ones. So many tools are available now that have served to drastically drive down the costs formerly associated with video production. Spend some time seeing how other businesses in your niche have leveraged this powerful tool.

Maintaining a competitive edge in business takes work. If it were easy, everyone would do it. Plan out your work week with time slots set aside for one or more of the ideas presented above. Feel free to experiment and see what works best in your setting.

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