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Occasional healthy and good-natured competition is an excellent way of being able to identify the strengths and weaknesses of your own company and core business model.
However, if you find that a similar company is selling products or delivering services that are more than a little reminiscent of your own, it is time to join the fight and aim to win back your customers!
So, with that being said, continue reading to discover the top four methods of winning against your industry rivals.
When you are next in the middle of a large recruitment drive, you obviously want the most experienced, talented, and enthusiastic applicants to come and work for your company and not an industry rival.
It is for this reason that you need to improve the perks and benefit schemes, as well as the healthcare provisions, you offer to your employees and start including tempting additions such as specialized dental health for your members and money towards childcare.
Another key method of matching and, indeed, beating your competitors is to fully understand and get to know your own company’s target market and, crucially, what makes them different.
Personalizing your communications (a must to even be in the same league as your leading industry rivals) is absolutely crucial, and, as such, the better you know and understand the needs and wants of your customers, the more personalized said communications will be.
Realistically speaking, there is no possible way you could ever hope to beat your industry competitors if you are unaware of how they operate, what kinds of advertising and marketing campaigns they favor, and how they win over new customers.
Now, obviously, short of putting on a long overcoat and some fake glasses, you cannot simply walk into the offices of a rival company and start rifling through the filing cabinets. However, what you are entirely permitted to do is conduct a competitor analysis project, tasking your most trusted and talented employees with finding out everything they can.
Additionally, strive to collate a detailed folder on the following key elements surrounding your competitor:
The fourth and final method of beating your industry rivals at, quite literally, their own game is to take the initial outgoing hit on your company profits and invest in the latest technological developments in equipment and software.
Even if your competitors have also invested in such technologies, you cannot hope to match their successes if you simply do not have the same quality and level of equipment as them. Moreover, make sure each employee who will be operating your new investment is fully versed in what it can do and how it can help to drive your company forward.