For many companies, competing with their biggest rivals is a key part of getting the most from their business model. Keeping up with the competition may sound trivial, but it's an important part of ensuring that your employees are as productive as possible and that you're pricing your services appropriately.
But when you need to focus on the day-to-day running of your business, how can you keep up with the competition as well?
1. Focus on your USP
You may have a similar offering to your competitors, but you need to have ways that you - and consumers - can differentiate your company from the others. Finding your unique selling point (USP) can actually be more difficult than you think. If you're struggling, organize a brainstorm with people that really understand the ethos of your company and use your brand values as a starting point.
2. Review your marketing
Understanding what marketing you are doing will help you understand how you're engaging with consumers, and will also encourage loyalty among your customer base. This makes it easy to then compare your campaigns to that of your key competitors. It's important that your marketing is cohesive and clearly portrays your brand values.
3. Clarify your future direction
You should always have a plan for the future of your business to ensure you stay on track. Creating a five-year or even one-year plan can also ensure you keep pushing yourself and your company to be as productive as possible, hitting the targets and goals you have pre-determined. Of course, things may change, and you can adjust your timeline, but putting down your business plans for the future ensures you stay competitive.
4. Understand your consumer
Any business will struggle to be competitive if they don't understand their consumer. Even if you have a great insight into your customers, you should make sure you regularly update or at least review the information you have. It's also a good idea to invest in research into your buyer cycle and conduct a website audit so you can understand as much as possible about how your consumers interact with your brand.
It's easy to fall into a rut with your company and become complacent over time. In the short term, this may not negatively affect your business but it will stop you from keeping up with your rivals in the long run. Innovation is the most effective way of keeping your business current and fresh. This doesn't have to be just product focused, but can include changing processes or even removing certain rules.