Gaining a competitive advantage in the modern marketplace is no easy task, but it’s essential for any business that’s trying to attract more customers. There are many traditional strategies that most organisations make use of, but it’s important to be creative and think of new ways to differentiate yourself from the pack.
In this article, we take a look at three of the most effective ways that your organisation can gain a competitive advantage in business.
Employ a strong marketing strategy
It goes without saying that marketing has always been important, but in today’s digital landscape it has become an absolute necessity for businesses of all sizes that wish to stay competitive. For larger businesses, it’s likely to be easier to market effectively due to an existing brand loyalty and larger budgets for marketing activities.
However, smaller businesses may struggle initially to find a foothold. Luckily, there are many marketing tips that small businesses can use to improve their strategies and compete against other organisations. By utilising social media, introducing incentives and sign-up schemes, running Google or Facebook ads, and asking customers to leave reviews, any business can reach its target market effectively.
Deliver exceptional services and quality products
While there are a number of new and creative ways to gain a competitive advantage in business, you should always remember to focus strategies on the basics. Delivering an excellent product or service offering is the cornerstone of a thriving business that will be able to withstand any level of competition.
More specifically, by thinking about pain points that your clients are facing and going above and beyond to find a solution, you can position yourself above direct competitors. Through positive reviews and word of mouth alone, your business can emerge as a leader in your industry.
It’s essential to remember that delivering exceptional service goes beyond the product or service itself. It should also expand to all aspects of your business, from your team who are on the ground floor to your inventory management system all the way to your customer service. The expectation from modern consumers has never been higher, so making sure you provide a well-rounded service is essential when it comes to running your business.
Facilitate multiple forms of payment
There’s a lot to be said for niche marketing and good products, but all these efforts will go to waste if you’re not able to reap the rewards of your hard work. Accepting payments has become an integral part of any business, from small cafes to nationwide restaurant chains. Without the means to take payments from customers, you’ll be lowering profit margins while simultaneously presenting your direct competitors as a more attractive option.
As many consumers now don’t carry cash at all, the ability to accept cashless payments is a must for all businesses. Whether it’s through a card machine, a bank transfer, or an online payment, you need to be providing customers with the option to pay through some kind of virtual terminal, otherwise you’ll risk losing the sale.
What you’ll also find is that Point-of-Sale (POS) machines also have a range of highly useful features that will help to streamline your business in other ways. These include inventory management, the ability to organise staff rotas, and even collect and analyse sales data. With such a device at the heart of your business, you’ll be able to provide a better service to customers and gain a sustainable competitive advantage.
Take your business to the next level
To conclude, these three points are essential when it comes to gaining a competitive advantage in business. While it’s difficult for small businesses to go up against larger organisations, there are still many techniques that can be utilised to help bridge the gap.
To find out more about Clover’s range of POS systems, get in touch with our friendly team today. We have solutions for all types of organisations across every industry that can help you to gain the right type of competitive advantage to position yourself above the rest.
