It’s hard enough for any business to bring potential customers in, but with so many others in the crowded market competing for space and attention, how can a business stand apart?
By being aware of your the businesses you’re competing against, and what they’re doing, you can not only establish your niche in the market, but can become a better business owner.
- Get to Know Your Competitors
As the old saying goes, “iron sharpens iron.” By associating with other business owners, whether they’re in the same field or another, you can share knowledge of what’s working in the market you’re a part of as well as learning some best practices to consider using yourself.
Community organizations and associations are a great place to get to know other business owners and share ideas in a social forum.
It’s also good to know how well you are placing yourself in the market. Being aware of how other products or services are being priced in your marketplace can help you avoid being too expensive or, in some cases, sacrificing potential additional revenue by under pricing.
- Stay Current
Is one of your primary competitors offering a new product? Are your customers talking about a sale on the other side of town?
Knowing what’s going on around your business is crucial to winning business. To stay on top of your game, look around at what your primary competition is doing. A website re-design or new signage can change how a business is perceived. Changing a primary product, whether it’s a new food item on the menu, a different maker of paint or the latest smartphone technology, can also make a significant impact on your business’s market share as well.
If the community you’re serving is changing, you need to be aware of what is going on around you. Laws that might impact your business are important to be aware of, and might require you to make changes to how you do business. And changes in your competition – new shops opening or competitors going out of business – are things that will influence both your customers and your revenue. If needed, you need to be flexible to make the necessary changes.
- Do What You Do Best
There’s a reason you went into business. If you love working with bicycles, don’t start selling fruits and vegetables. Do what you love to do and what you know best.
If you have any questions about how Popular Community Bank can play a role in your business competing in this crowded marketplace, or if you have questions about your banking relationship, we are hosting seminars for small business owners all over the markets we serve. Check out the events section of our Facebook page for specific times and dates.