11 Ways Companies Can Stay Competitive In Today’s Market

Advertising Market competition Marketing Pr Pricing & merchandising Sales

By Brett Farmiloe

From investing in your team’s development to “niching down” and being the best, here are some of the best ways for businesses to stay competitive in a tight market.

1. Invest in team development

“Businesses today must invest in specialized, satisfied teams to stay competitive. Happy employees drive profitable businesses. Without giving teams the attention they need to thrive and grow, companies end up stagnating and underperforming on the goals they set for themselves.

“Inclusive employee practices improve internal communications, and development programs improve retention, proficiencies, and morale. Employees now more than ever are craving connection, stimulation, and to be included in top-down decision-making as valued stakeholders. Quiet quitting and employee churn are not nearly as drastic in businesses that adopt employee-centric feedback and engagement strategies, so brands stand to profit from investing in competitive teams to stay sharp.”

Zach Goldstein, Public Rec

2. Outsource talent

“In my experience, one of the most beneficial things companies can do to remain competitive in today’s market is to outsource. Outsourcing brings with it many advantages, such as access to low-cost labor and expert skills, reduced operating costs, increased focus, and allowing organizations to leverage international talent. Such an approach has been crucial for many businesses in driving growth and remaining profitable.

“Outsourcing also allows companies to take advantage of global markets, increase their ROI, and add value in other areas that would have otherwise been unavailable if using in-house workers only. In addition, outsourcing helps a company optimize its operations by harvesting new opportunities that are necessary for a business’s longevity.”

Lorien Strydom, Financer.com

3. Offer real human interaction

“There has been a pendulum swing away from the convenience of self-serve customer service and is heading toward personable and personal service. To stay competitive, you need to understand that we can never replicate a human touch, and that a chatbot will not build a lasting relationship with customers in the same way as authentic human interaction. AI is a crucial part of scaling customer service, but viewing it as a tool to improve service rather than replace great service will keep you ahead of the competition.”

Gates Little, altLINE Sobanco

4. Include website retargeting as part of your marketing plan

“Companies need to include website retargeting as one of their advertising methods to stay competitive in today’s marketing. As the cost of advertising has increased over the past few years, I consider website retargeting a worthy investment. Many people come to your business site or your product’s site through different channels (word-of-mouth, SEO, Google, and digital marketing). It takes at least six to seven touchpoints for customers to know and recognize your brand, and it’s very easy to make them come back if you retarget them after their initial visits. We’ve seen excellent results through Facebook retargeting.”

Anirudh Murali,
Economize, Inc.

5. Tell your story

“Your story humanizes your brand and is your point of differentiation, especially in a competitive market. It’s one thing to know your story, but if you don’t have it professionally written from a branding and marketing perspective, then it likely won’t stand out.
In today’s world, consumers want to know who is behind the brand, what they stand for, and why they do what they do.

“Once you have your official story, it serves as the basis for your brand narrative to be distributed consistently across all relevant channels, such as your website, email marketing, and social media. A unique story and narrative will also open up the door for PR opportunities, such as interviews, podcasting, guest blogging, published articles, etc.”

Lindsey Tague, Content Writer, Marketer, and Strategist

6. Anticipate the shift in customer needs

“As someone who has been in the business world for 12 years, one of the most important things I have learned is to plan for the potential shift in customer needs. Often, companies focus solely on how to best meet current customer needs, but don’t consider that individual preferences can change quickly. It’s significant for companies to remain competitive today by preparing for different scenarios and predicting how customers may expect their services or products to develop. Doing so allows businesses to externalize their process, increasing efficiency and ensuring they stay ahead of their competition in a dynamic market.”
Rosmy Barrios, Health Reporter

7. Try community marketing

“Community marketing is one of the best ways to be competitive in today’s market. If there’s a niche, there’s a community following that niche filled with like-minded people who constantly raise awareness and share knowledge on the matter. Seek the communities online: LinkedIn, Twitter, and online forums. This will allow you to understand what the end users really want to see or improve. Engaging with them directly through online groups and forums can give a business a competitive edge by eliminating the intermediaries with the face of a sponsored post.

“Devoting an hour a day to communicating with the thought leaders and advocates is enough to build a reputation of an expert opinion, thus giving you the ability to market to customers via organic interaction.”
Derek Sall, Life And My Finances

8. Acquaint yourself with the competition

“If you want to keep up with the competition, one of the most important things you can do is conduct thorough research on companies that are like your own. It is wise to conduct a thorough SWOT analysis of your rivals before you develop a business strategy. Doing a SWOT analysis of the competition entails assessing their relative strengths, weaknesses, threats, and opportunities. You can make the most of the possibilities with some careful analysis. You have a unique selling proposition clients can’t get from the competition. This means that knowing your clients through and out is crucial to stealing business from rivals.”
Zephyr Chan, Living The Good Life

9. Be agile

“In today’s rapidly growing business landscape, staying competitive requires companies to remain agile. This means being receptive to new technology, trends, and customer demands. To keep up with the competition, companies must stay on top of their game by understanding how the competition operates and by evaluating their own strategies [to be competitive]. Of course, companies must also develop innovative solutions that will meet their customers’ needs while delivering an excellent product or service at a reasonable price. Keeping all these factors in balance is necessary for success in today’s market.”
Jordan Cullen, Cullen Jewellery

10. “Niche down” and be the best

“This is really business 101, but “niching down” as much as possible is crucial for success, especially in today’s market. Don’t be an all-you-can-eat buffet; be the artisanal pizza place with impeccable crust, lovingly crafted sauce, and the best cheese. This applies to literally every industry.

“Trying to attract as many customers as possible is a waste of resources and will only create more overlap with more competitors. Instead, examine what is missing in your industry and decide to do it better than anyone else. Or, look at what you do best already, and zero in on that. Maybe your service is better, or maybe you offer a bespoke experience in a sea of impersonal, generic options. Just don’t be the business that offers the most options. After all, you wouldn’t order a burger from a sushi restaurant, right?”
Paul Kushner, My Bartender

11. Be daring and innovative

“Success is all about being creative and thinking beyond the box. This applies to the manufacturing and service sectors alike. It is crucial for any company, no matter its size or industry, to adjust to market shifts. If you want to survive in a market full of rivals, stand out. It is common knowledge that consumers will pay a premium for products and services that provide them with greater value. A company’s ability to constantly innovate can become a competitive advantage. We argue that innovation is critical for maintaining a competitive edge in the business world.”
Timothy Allen, Corporate Investigation Consulting

About the Author

Post by: Brett Farmiloe

Brett Farmiloe is the founder and CEO of Terkel, a Q&A site that converts insights from small business owners into high-quality articles for brands.

Company: Terkel.io
Website: www.terkel.io
Connect with me on LinkedIn.