4 Ways To Overtake Your Competitors In Business

In business, we all have competitors and rivals. There’s always another company selling more products, and eating a bigger market share. Unless, of course, you’re Coca-Cola, and you’re the dominant force in your industry! Let’s assume you aren’t a marketing exec from a fortune 500 company, and you’re just trying to get to the next level. You’re trying to leapfrog your competitors, and set the bar a little higher.
This sort of thing happens all the time in business. Think about how Apple slowly overtook Microsoft in the world of computing. Nike overtook Adidas in sports, and the war still rages between McDonald’s and Burger King. Business rivalries are what drives production and sales. So, how can you overtake your biggest competitor?
Research
It all starts with a long period of research. First of all, you must identify the biggest competitors in your field. Make a list of the three most threatening companies that occupy a similar market. Research their target audience and their existing clientele. Why do they attract that particular crowd? What products are they selling? How do their prices compare to yours? All this information is crucial when it comes to forming a strategy.
Leapfrog them on Google
One of the biggest identifiers of strength is Google ranking. Quite simply, the higher you rank online, the more customers you’re going to get. Did you know that the top result on Google gets 30% of all search traffic? If you can leapfrog your competitors on Google, you’ll quickly surge ahead with sales and profit. Speak to an internet marketing company to help establish a powerful SEO strategy.
Figure out how to win their customers
You need only look to Apple to see a masterclass of overtaking the competition. For years, Bill Gates and Microsoft dominated the home computing market. Apple, on the other hand, was associated with creatives, with little to offer the mainstream market. To overtake Microsoft, Apple had to figure out how to convince Microsoft users to leave. They did the same thing to convince Blackberry users to abandon their traditional phone, and embrace the iPhone. It all starts by researching and understanding your competitor’s customers. Now, what can you offer them that adds value to their current product
Offer something your rivals can’t
It all comes down to this simple formula. What can you offer customers that your rivals currently don’t. Or can’t! Nike and Adidas, for example, have been tangled in rivalry for years. Then, Nike began introducing a workout app to track fitness levels. Since then, Nike have run away with the business, and overtaken Adidas. Could you offer an app or mobile site that sets you apart from your competition? Could you offer an additional product that makes the decision easier for your customers? Get creative here, and think about what your customers will want.
Follow this advice, and you’ll be well on your way to overtaking your rivals. Always keep one eye on their plans however, in case they’re planning the same thing!