Business Daily Media

Business 101: How to Gain a Competitive Edge

  • Written by

Today’s world of business is a lot more complicated than it was in the past. Back then, all you needed to do was fill in a gap in the market with products or services that were superior to anything else available. While presenting consumers with quality offerings remains essential, it’s no longer straightforward. Accessibility has brought about more fierce competition, while modern technology has made consumers savvier. And with the unprecedented upheaval that the global COVID-19 pandemic has and continues to cause, having a competitive edge is now more critical than ever. In this post, we’ll cover some proven strategies and practices that will give your business an advantage over your rivals.

  1. Look for under-serviced niches

In war, flanking is a military tactic where you attack your opponents not where their efforts are focused but rather from behind where there may be openings you can potentially exploit. It generally means finding under-serviced niches and redefining categories when it comes to business. And it’s one of the most effective strategies to use, especially if you’re about to enter a mature or well-established market. The reason for this is that you’re less likely to run into heavy competition, meaning you won’t have to compete against your rivals directly. As a result, you’re more likely to capture your audience with little difficulty.

  1. Market across all digital fronts

These days, digital marketing has become a common practice amongst businesses across all industries. With the relentless dependence of consumers on the internet, advertising online is the best way to reach prospects and turn them into paying customers. So, make sure that you step up your efforts and try to market on every digital platform and channel. From pay-per-click advertising to content marketing, stepping up your efforts won't just help you keep up with the competition; it'll also enable you to get ahead of them. Don't forget to hire experts for specialised work like search engine optimisation at SEO Oxfordshire if you’re within the immediate vicinity. It’ll save you trouble while helping you get better results.

  1. Offer unbeatable customer service

There's no denying the fact that the way consumers feel they're treated takes up a considerable percentage of their buyer's journey and that customer support is an integral factor when it comes to making their decision on which one to do business with. Therefore, it makes sense to improve your customer service. It may not sound like a big deal, but people who feel valued by a brand or company are more likely to make a financial commitment. Conversely, there's a good chance that customers will avoid those that don't, even if they offer exceptional products or solutions.

Final thoughts

Gaining a competitive edge goes beyond the list of practices above since businesses can compete in many other areas, from scale economies and intellectual properties to cost leadership. However, these strategies should help you get started. So, make sure that you implement them in your business as they can put you in an advantageous position.

Business Reports

TIP Group grows; appoints new senior executives

Teaminvest Private Group Limited (ASX:TIP) has appointed two new senior executives to further accelerate the company’s growth. Timothy Wong has been appointed Head of TIP Equity (the company’s private equity division) and...

What to Look for in a Point of Sale System

When you're looking for a point of sale system for your business, there are a lot of things to consider. What type of business do you have? How many employees do you have? What features are important to you? In this blog post...

Why Roe v. Wade's demise – unlike gay rights or Ukraine – isn't getting corporate America to speak up

Many Americans reacted with outrage to the Supreme Court's decision to dismantle the constitutional right to abortion.AP Photo/Rick BowmerCorporate America – once known for carefully avoiding public stances on hot button iss...

Donating to help women get abortions is a First Amendment right – protected by Supreme Court precedents

An abortion provider in San Antonio had to turn patients away after the June 24, 2022, Supreme Court ruling. Gina Ferazzi/Los Angeles Times via Getty ImagesSeveral Texas abortion funds – which are charities that help people...

Feeling down and unmotivated at work? Insights show that it’s the space you’re in

It may come as a surprise, but over your lifetime you will spend an average of 90,000 hours on the job, according to data in the study, Happiness at Work1. This will likely equate to a whopping one-third of your life, between ...

Why focusing on social impact is good for business

How can social impact and behaviour change programs create ongoing and meaningful benefit to businesses and government? This is a question that drives our work at Atria Group and is something that I am personally passionate ...

Content & Technology Connecting Global Audiences

More Information - Less Opinion