The contemporary business world is fiercely competitive, with companies that fail to cope facing a decline in sales and market share or even going out of business. Companies in crowded markets are constantly under pressure and stiff competition that put their survival in prejudice. However, many companies are adopting new strategies to help themselves stand out from the rest to escape homogeneity and gain a competitive advantage.
Here are five tips that will help your company stand out among others.
Innovation is the hallmark of entrepreneurship. Stay ahead of the curve by studying your niche and creatively introducing new or improved products and services to solve your target customers’ pain points. The following types of innovation can particularly work magic.
Disruptive innovation shakes the whole industry by providing a new and better alternative to existing products or services and finally displacing them. For example, Netflix shook the video industry by introducing streaming services, replacing CDs and Blockbuster. To date, Netflix is a household name and is the world’s leading streaming entertainment service.
You can improve the experience of your target customers by enhancing existing products. For example, mobile phone giants like Nokia fell to Apple’s iPhone due to technological improvements like the touchscreen.
2. Customer service
Customer service is the lifeblood of a business. Positive experiences imprint good long-lasting impressions on customer satisfaction, loyalty, and positive recommendations. Amazon is one of the top companies that have made their mark because of exceptional customer service policies. For example, they provide customer service 24/7 through phone, email, and chat.
Here are ways you can improve your customer service.
Always ensure your staff is properly trained and ready for any possible scenario. Your company should deal with all that is wrong and be able to provide assistance and advice.
Make sure your customer service reps listen and share the frustrations of your customers without taking offense. Your customers should feel understood and appreciated.
Many companies fail in this aspect of customer service. In most cases, complaints are not addressed promptly. Improve your response mechanisms whether in person or on social media. Responsiveness makes your customer service more effective because of the ease and swiftness of getting assistance.
Exceptional customer service also means securing customers’ data. Sometimes fraudsters may invade your call center to get customer information. You can avoid data theft in many ways, including call screening or using Nuwber to verify a caller’s true identity before engaging further.
3. High-quality products and services
Due to harsh economic times, companies may be tempted to compromise the quality of their products and services to cut down on cost. Customers are overly sensitive to low quality, which can lead to dissatisfaction and poor brand reputation. High-quality products and services will easily help you build a strong, unique selling point that will attract clients and set your company apart from the rest. The following measures can help you guarantee high-quality products and services.
Set quality standards
Ensure all your products meet a specific standard of quality every time by developing a guideline with the help of your quality assurance team. The guideline must be the industry-required standard or even better. You need to also match the prices with the quality. For example, Rolex is known to have premium pricing for its products because they are exceptional.
Even with your company’s quality standards, there may be technical hiccups in the production process. To ensure the end product is of the required standard, have a quality control team that will inspect and monitor the quality of the products.
Customer feedback and review
Listen to what your customers say and tailor your products to their needs. This will help your company stand out because it produces what your clients need.
Always conduct research and tests with the help of experts and professionals to develop improved or new high-quality products.
Invest in new technology that eases the production process and improves the quality of your products.
Compare your company’s products with what your competitors are offering and try to emulate their high-quality products (but don’t go too far).
4. Corporate social responsibility
This business strategy seeks to help a company be accountable to itself, contribute, and add value to the community. Instead of just going for profits, CSR means that your company contributes positively to the community, for example, through noble causes. Corporate social responsibility appeals to customers, which can lead to getting support, creating customer loyalty, and a good image. There are four ways you can practice social responsibility: environmental, philanthropic, ethical, and economic.
This category focuses on a company’s commitment to reducing its operations’ negative impact on the environment. This includes reducing carbon emissions, minimizing pollution, and conserving natural resources.
This is how much your company is committed to helping improve the community through charity and donations to worthy causes.
Here, it’s all about commitment to work within the framework of the law and human rights like fair wages and equal opportunities regardless of race, gender, ethnicity, or religion.
Economic responsibility is based on the practice of making financial decisions that contribute to a good cause, such as investing in education programs or alternative energy resources.
5. Brand identity
If you want people to notice you, then create an attractive brand. Companies like Coca-Cola and Apple are good examples of brands that have perfected the use of visual elements. They have an attractive company name, logo, tagline, and colors. The following are ways you can use to make your company stand out through branding.
Be consistent in colors, tagline, brand voice, tone, and name. Being consistent with these components makes it easy for the audience to associate your brand with the elements.
Advertisement and marketing
Once you get the branding right, you need to put it out there, and that’s what marketing does. Advertising and marketing on social and broadcast media will establish a strong brand identity, and your company will stand out.
There are an estimated 213 million companies worldwide, but only a few can be said to stand out. Due to globalization, new companies are likely to suffer from the overcrowding effect. However, if your company can stand out and claim a share in the market, you can get better value for your money. Therefore, prioritize your customers’ needs to create a good long-lasting impression. Innovation, good customer service, high-quality products, CSR, and brand identity are just a few of the tricks you can use to stand out.