Competition is positive. It’s good for innovation, it’s good for motivation, and it’s good for customer choice. Yet the fact is that every one of your competitors could also potentially eat your lunch – or, at least, the tastiest bits of it.
And a quick look at our region paints a sobering picture. In Bedfordshire, 9,015 new businesses started in 2023, but the vast majority of these play into existing spaces – which, as a consequence, are becoming ever more crowded.
How, then, do you get ahead of these competitors?
Know exactly what you’re up against
The first step is understanding exactly who your competitors are, what they’re offering, and what their strengths and weaknesses are.
It’s pretty rare that you can go head-to-head with a competitor on every front, but by focusing on where they don’t do things as well as you, you can strengthen these aspects of your own products and services.
At the same time, ask yourself the question: ‘Why do these guys do some things better than us?’ The conclusion you reach might even be that those things wouldn’t be profitable for you anyway!
Understand who you’re selling to – and sell more
Understanding what your customers (and potential customers) value, and how you tailor your offering to meet their requirements, can also help you stay ahead of the competition – but beware, customer needs can change!
What are your customers most focused on – price? Service? The newest and latest products? Or organisational values like sustainability, or ethical sourcing?
Engage your customers in dialogue, find the itch your products and services help them to scratch, and build on it.
Major on marketing
It’s critical to raise your business’s offering above the noise – including that generated by your competitors – and the more difficult the trading conditions, the more urgent this becomes.
Marketing plays a key role here, but it’s important to remember the twin keys to success: consistency of message and integration of marketing channels.
This requires careful planning to create a sustained marketing campaign that is segmented and targeted, so you’re constantly pushing the right buttons with customers and prospects depending on where they are in the decision-making cycle.
Consider bringing on board a marketing agency to help you with this – ultimately, it will make the campaign work harder and deliver return on investment.
Connect, connect, connect!
Making the right connections can help deliver additional value to every one of the activities we’ve mentioned above.
Becoming a Bedfordshire Chamber of Commerce member connects you to over 750 businesses in the region, and through regular networking events and meet-ups you can explore the competition first-hand (as well as identify sales prospects and opportunities for partnerships, of course!)
At the same time, membership means your business achieves greater exposure than your non-member competitors, as it’s automatically included in our member directory, promoted on social media, and featured as a new member on our website and in our Business Focus member magazine.
And when it comes to securing funding for that all-important, competitor-beating customer survey, market research project, or marketing campaign, the Chamber is on hand to help you locate additional sources of finance.
In short, for competitive advantage, the Chamber’s the place to come!
For more information on becoming a Bedfordshire Chamber of Commerce member, call our friendly team on 01582 522448, or visit www.chamber-business.com
