If you’re starting out a business or have been in it for quite a time, you know how tough the competition can be. And the numbers just show this. Before 2023 ended, there were an estimated 33.3 million small businesses in operation across the US. Additionally, there are 2.9 million businesses in the retail trade industry, which is a 1.7% increase from last 2022.
Just looking at the overwhelming numbers, beating your competitors is definitely hard work. And though it can be hard, it’s not impossible. In this article, we will help you win the game by providing you with practical ways on how to stand out. We’ve also included some expert tips.
In order to attract and gain customers, you need to be distinct from the rest. A study conducted by Epsilon revealed that 80% of consumers are more likely to choose a brand that offers a unique and personalized experience.
Moreover, standing out is not only about attracting customers but also about retaining them. Setting your business apart and offering customer-centric experience will result in customer retention and loyalty. And with 20% of new businesses closing within a year, standing out also means survival.
Here are some of the simplest yet most effective strategies on how to stand out from your competition.
According to the American Marketing Association, “A brand is a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers.”
Branding involves crafting a unique image and personality that sets your business apart from competitors and forms a lasting impression on the target audience. Branding is very important because research from Nielsen indicates that 59% of consumers prefer to buy products from brands they are familiar with.
So if you want your brand to stand out, here are some tips to follow.
Branding tips:
According to a BrightLocal survey, 87% of customers check online reviews before going to any local businesses. It is, therefore, greatly important that your business ensure those five stars.
Encourage satisfied customers to leave positive reviews on platforms like Google My Business, Yelp, and social media. These positive reviews not only attract new customers but also build trust and credibility along the way.
Pro tip:
Simplify the review process for customers. Provide direct links to your review profiles, and consider incorporating QR codes on marketing materials for easy access. The easier the process, the more likely customers will take the time to leave a review.
A recent Zendesk survey reports that following a positive customer service encounter, 62% of B2B and 42% of B2C customers made larger purchases. Customers buy more when they feel valued and cherished.
In order to achieve this, you need to train your staff to prioritize customer satisfaction and address concerns promptly. Ensure that your employees are well-trained and empowered to handle customer inquiries and concerns effectively. Additionally, providing your staff with the right tools is equally important to provide assistance promptly and courteously.
Pro tip: Treat customers as individuals by personalizing your interactions. Use their names, remember their preferences, and tailor your communication to make them feel valued and appreciated.
Did you know that 73% of consumers choose a brand based on innovation? Customer’s needs are always evolving which means that your services should do too. To stay ahead of the competition, you need to constantly devise new ideas and solutions.
Embrace technology and innovation to stay ahead. This could involve implementing new tools, adopting digital marketing strategies, or integrating cutting-edge solutions into your products or services.
Pro tip: Foster a workplace culture that encourages creativity, experimentation, and the sharing of new ideas. Make innovation a core value and recognize and reward employees who contribute innovative solutions.
Content is still king. And according to research by the Content Marketing Institute, content marketing costs 62% less and produces three times as many leads as traditional marketing.
Create valuable and relevant content that educates and engages your target audience. This positions your business as an authority in your industry, attracting and retaining customers.
Pro tip: Invest time in understanding your target audience's needs, preferences, and pain points. Tailor your content to address their specific challenges and interests, creating content that resonates and adds value to their lives.
Did you know that when brands provide personalized experiences, 80% of consumers are more likely to make a purchase? Consequently, a poor customer experience causes 96% of customers to leave a business.
This just shows how important it is that you personalized your customer experience. You can use customer data to understand your customer’s preferences. Then you can tailor your products and services accordingly. Personalization enhances customer satisfaction and loyalty.
Pro tip: Create a loyalty program that rewards customers for their engagement and loyalty. Personalize rewards based on individual customer preferences and purchase history to make the program more enticing.
87% of buyers would choose to buy a product because the company supported a cause that was important to them. Being socially responsible not only enhances a brand's reputation but also appeals to customers who value social responsibility. To really make an impact, consider supporting environmental initiatives or local causes.
Setting your business apart from the competition is one of the major keys to business success. However, in a highly competitive world, effort is often not enough.
If you're looking to elevate your business, think about teaming up with Fire Peak Media. We offer services that will help you establish and elevate your online presence.
Reach out to us today to explore how our services can be customized to help your business shine and flourish in the competitive market.
Let us be your partner in growth so you can focus on what you love