Outperform the Competition

  • January 20, 2020
  • By Sarah Solomon

Standing out seems simple, yet in the business world, it can be hard.  There are thousands of small businesses around the world. Many who may sell the same products and services like yours.  How do you make your business stand out? How do you outperform your competitors? Differentiation is a huge key and major strategic advantage.  REIL has a few ways to differentiate yourself from your business competitors below. 

Create a Compelling Product or Service 

Creating an irresistible product/service is hard, but worth it. The better your product/service solves a problem, the more people will be looking to use it as their solution.  Typically, many businesses may be intimidated to produce bold visions or intricate products. Such endeavors may be perceived as risky. However, it could be those one or two features that your product/service has that others do not that puts you on top.  Therefore, create a product/service that is compelling, that consumers need and want. Strive to add features that make you stand out more than others in your industry. Essentially “Go Big or Go Home.”

Build a Good Reputation 

Word of mouth can be a business’s best friend.  However, it can also lead to its downfall. New controversial behavior spreads in seconds nowadays.  Luckily, good news tends to spread as well. Thanks to digital platforms and social media, business reputations are more transparent than ever.  Provide your customers a platform to review your service/product. Make sure to respond to any comment, whether it is good or bad. In fact, your business responses to the bad comments will say way more about your company than its responses to the good ones.  

There are definitely a few ways to kick start your business’s reputation.  Create a product-returns policy, deliver and provide services on time, as well as keep records of transactions and information.  The tasks mentioned above are things you and your business can certainly control. 

Be Present Socially 

As previously mentioned, social media and digital platforms are more apparent than ever now.  Make sure your business is displayed on any and as many platforms it can be on. Regardless of the industry, having an Instagram or Facebook page legitimizes your business.  Consumers feel comfortable engaging with your business by reading former reviews and solidifying reliability. Engaging on social media is also a great way to alert potential and loyal consumers of sales, new products or services, or important information.  

REIL Advice 

Regardless of the size of your business, you want to be the best in your industry.  Differentiate yourself and your business. Be the best available. If you need funds to improve your business fill out our commitment-free application today to speak with a REIL representative.  

 

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