The market has become increasingly competitive. However, did you know that this is not necessarily a negative thing? When you know ways to beat your competition, your business can stand out and gain more authority. Read this post to the end and learn to rank above all the others.
Do you think competitive markets create insecurity? Well, this can turn into opportunities. High competitiveness indicates the existence of demand and the possibility of profitability. Now, it is interesting to look for ways to beat the competition, since your company needs to be seen and your products must stand out.
In this sense, it is necessary to have as a basis some of the management practice recommendations for marketing or communication agencies, for example. If done in the right way, they help to organize processes, have a broad knowledge of the business itself and increase customer loyalty.
Next, discover how to find your differential in the market and what are the best strategies to get ahead. Keep reading!
Understand how to assess your competitive potential
Understanding the reality of your communication company is essential and deserves attention before thinking about strategies. See how to do it!
Run the benchmarking
How to defeat an enemy without first knowing his limitations and strengths? Benchmarking actions consist of looking at your biggest business rivals. In addition to generating deep understanding of opponents, the practice provides information for possible investments. Environments such as social media, suggestion box, brand sites, and Google are good options. To do this, analyze some of these points:
- How do your competitors position themselves and work in marketing?
- What are the biggest complaints from your customers?
- What are the greatest satisfactions?
- How does the competition interact with consumers?
- If you know the service they offer, what is your impression?
Collect CRM data
In addition to understanding the competitors in the market, it is essential to know details about your own consumers. A Customer Relationship Management or CRM is software that has the power to provide this knowledge. All the data collected by the tool serves as information and inspiration for investing in attraction and loyalty practices.
The technology also offers great help in implementing actions targeting the sales funnel from capture to final conversion. In post-sales, the relationship between clients and the agency improves, ensuring greater retention.
Apply the SWOT analysis
The SWOT analysis is one of the main tools when we think about how to beat the competition, after analyzing the reality of the internal and external environment of the company. The goal is to have a broad understanding of potential difficulties before making decisions. In this sense, it is possible to find:
- Strengths: they are part of the internal environment. A possible example is a team with high productivity that has invested in large technologies.
- Opportunities: they are outside the company. For example, being able to have the help of investors and merging with another brand are part of it.
- Weaknesses: they are part of the internal environment. Being unknown in the market and not having a marketing expert are some cases.
- Threats: they are in the external environment. Tax increases and the total interruption of services due to a pandemic are examples.
It is common for businesses to have characteristics within these four aspects. However, it is necessary to identify what prevails. The strategies can be:
- strengths + threats: maintenance strategy. Discuss how you can use internal forces to find ways to stay relevant;
- weaknesses + threats: survival strategy. The scenario requires a lot of caution before making important decisions;
- weaknesses + opportunities: growth strategy. Despite internal weaknesses, the market is conducive to investment;
- strengths + opportunities: leverage strategy. The best possible scenario. It may be worth taking some risks and being bold.
Discover how to find your differential in the market
Competitive advantage is what adds value to your company. It refers to something that you offer and is not easily found in the other members of your segment. That is why customers choose some brands despite being more expensive. The steps to find are as follows.
Get to know your organization and team well
Performance appraisal, questionnaires, time management, workflow observation, and organizational climate assessment will give good answers on employee and agency related attributes. The purpose here is to understand what the existing qualities and faults are in order to understand what needs to be improved or maintained.
Do you want some advice? If you find something that sets the team and your company apart, you may have found a great spot to invest in to delight customers.
Know who you are dealing with
Knowing well the profile of your main consumers is essential. The creation of the Buyer Persona is one of the main steps, since from there all the investments in marketing and products will be made. CRM helps you collect important data. You should understand aspects such as:
- profession and position;
- monthly income;
- preferred technologies and social networks.
Find what you lack
During your benchmarking, look at what all the competitors have in common. Find the main consumer complaints and analyze if they are related to a shortage in the market. Dissatisfactions often have to do with pain or need, and you can use that information to expand your organization’s opportunities.
Discover 5 strategies to beat the competition and get ahead
After gathering the information, follow the strategies below.
1. Sell something intangible
The intangible is related to the emotional aspect of the consumer and is one of the best ways to differentiate yourself. A good sports store, for example, sells not only shoes, but foot comfort, the feeling of freedom when running, the confidence that the product will not cause injury during physical activity, etc.
This also corresponds to the good user experience, which are the sensations that the customer perceives when interacting with the brand and the services offered. Keep in mind that the investment in this aspect must be constant, since it guarantees more attraction, conversion and loyalty.
2. Provide training and practice endomarketing
Happy and recognized employees tend to work better and offer higher quality services. All this positive climate is reflected in deliveries to customers, which also makes the company differentiate itself.
Endomarkerting involves practices related to increasing motivation and developing skills. As a consequence, the agency will have more productive employees and committed to deliveries. Some ideas to put this into practice are:
- free or discounted courses at partner companies;
- positive feedback and recognition for those who excel;
- social events and celebrations on special dates;
- offering interesting gifts.
3. Conduct customer satisfaction surveys
After some time in the market, we ended up getting used to the routine of job applications and project delivery. However, have you noticed the degree of customer satisfaction? Do you know their opinion about your work?
A satisfaction survey will answer these and other questions. There are several models and you can choose the most accessible for your business. One of the most famous is the NPS (Net Promoter Score). Through the question “on a scale of 0 to 10, how likely is it that you recommend the company to your friends?”, You will obtain results that will position consumers in the following groups:
- Detractors (scores from 0 to 6): these are people with negative experience. Your concern is to make them change their mind;
- Neutral (notes 7 and 8): these are consumers who are not very satisfied, but do not usually endanger the reputation of the brand;
- Promoters (grades 9 and 10): They are the most passionate clients. It is important to think of ways to keep them, as they are opportunities to help the company stand out.
4. Monitor agency KPIs
The performance indicators (KPIs) show the success rate relative to a given target. This is important so that we know the rest of the way forward and set plausible goals for the agency. The importance of monitoring metrics is due to the possibility of changing actions at the right time, generating savings in resources and energy. Some important KPIs are:
- conversion rate;
- number of potential customers;
- organic traffic;
- bounce rate;
- ROI (return on investment) calculation.
5. Bet on management software and other technologies
Good productivity, quality of deliveries, prudent decisions and clear communication are relevant aspects when it comes to differentiating. Management software contributes to this, helping to structure projects, organize demands, monitor processes, and deliver unmatched experiences to clients.
Business intelligence software, on the other hand, helps collect raw and seemingly irrelevant data to transform it into strategic information. With the management report provided by the tool, it is possible to improve the business plan and make better decisions. The aforementioned CRM is also a great investment, as it helps us better understand our consumers.
Finally, there are several possibilities for technologies, and all of them generate more optimized and integrated projects, relevant factors to increase consumer satisfaction and brand authority.
As you have seen, there are many ways to beat the competition. The road is long and all the steps must be well thought out. Despite the great challenge, investing in your differentiation will pay off and will yield even more promising results for the agency.