Starting a business is easy compared to what comes after—maintaining and growing your business. There isn’t room for countless companies selling the same products or services in a highly competitive market. To establish a steady growth rate and survive the inevitable recessions, you need to gain an edge over your business competitors. Here are five ways your company can stand out from the crowd and set yourself up for lasting success:
- Consider Prestige Pricing
Prestigious pricing is tricky but ultimately a lucrative strategy if you do it right. In short, prestigious pricing is when you increase your product or service price to create the perception that what you’re selling is of higher quality than your competitors.
This approach can work wonders for your business if you’re in an industry that already sells relatively expensive services, products, or subscriptions. However, it’s a widely known strategy that several of your competitors might already be using. To beat them and not scare your clients away, you need to offer a unique value proposition that explains the high price tag; this can be anything from previous achievements and innovative solutions to awards and years of experience.
- Create a Culture That Attracts Talent
At the end of the day, your business is only as good as your staff. You need talented employees who are passionate about what you do. To attract this type of people, you need to create a work environment that appeals to their demographic.
To develop a hiring strategy, you need to figure out the demographic you’re after and attract them accordingly. For example, attracting mid-twenties college graduates for your tech companies might require an urban workspace environment with an inclusive and “fun” culture. On the other hand, to attract people with decades of experience under their belt, you might be better off with a traditional work environment that offers more benefits and stability.
- Become a Social Media Influencer
With over three billion people worldwide using social media, it’s no wonder businesses of all sizes are looking for ways to grasp and monetize their attention. Becoming a social media influencer for your business isn’t particularly hard, nor does it require a small fortune, only persistence and dedication. You need to post about what your target audience wants to read and know about. Do it consistently enough to grow a loyal following you can, eventually, become an authority in your niche.
Having a big social following will give your business brand what’s known as “social proof.” Companies with a large following that people interact and share their posts frequently are, in general, more trusted than ones with a weak or nonexistent social media presence.
- Improve Your Security Measures
Having high-quality cybersecurity measures that protect your data is especially important nowadays, as people have become more aware of their privacy rights and cyberthreats. Having a straight record of protecting your clients’ data will give a significant advantage over your competitors as people will trust you with their personal information more. Moreover, having weak security leaves you vulnerable to cyberattack, which can set you back financially.
In today’s threat landscape, keeping your business safe isn’t as simple as getting the latest antivirus. For the most comprehensive network security, you need to use endpoint detection software to create stand out cybersecurity protocols. Endpoint protection covers the most vulnerable part of your business: your access points. Keeping them secure using advanced EDR software will ensure fewer attacks, meaning fewer setbacks and more time to grow and outshine your competitors.
- Invest in Your Customers
Investing in your customers means always providing them with high-value products and services and encouraging them to become regular clients, even if it means losing money upfront in promotions and advertising. Customers are an investment, and just like any other investment, you’ll lose money at the start, only to gain it back after some time. Investing in your customers is playing the long game, giving you an advantage over your competitors in a few years, where you’ll have a loyal client base while they struggle with attracting new skeptical customers.
As your market shifts, so should your approach to business growth. To stay ahead of the competition within your industry, you need to adjust your growth strategy regularly. Most importantly, you have to listen to what your clients have to say and adjust your business accordingly.