Human beings have always been engaged in a competition. The desire and sometimes need to outstrip others is a deeply embedded trait of our humanity. This competitiveness need not be conscious. For whether one is aware or not, the very act of living means we’re struggling for the necessities of life with other people, and even other life forms —- water, food, clothing, shelter, educational openings, jobs, etcetera.
The purlieu of business is not spared from this competitive strain of human beings. It is one sphere where the most intensive strategies are deployed to ensure superiority over other franchises. As a business proprietor or group, it is suicidal to neglect the proper tactics for keeping up with this competition. A disregard for the need to creatively compete and outpace your counterparts can spell the demise of your business. Herein are six methods that can keep your business afloat in the business scheme of things.
1. Shrewdness In Manipulation Of Prices
The ability to bend the market in your favor by effective pricing is vital to keep your business in competition. When purchasing your products, customers usually keep an eye on their money to ensure they get the most with a reasonably low amount. Using price to move the market your way can involve strategies such as price discrimination, price deduction, and, yes, price increase. Price discrimination entails setting apart certain groups to pay lower than the average customer.
This group could be the young, the aged, the infirm, or veterans. What this does is fetch you more customers from these special groups, which, when high enough, can counterbalance and even surpass the losses that the price deduction would have incurred. The price increase is a delicate strategy that must be exercised with caution. The basic idea here is to add a unique component to your product that is not obtainable in competing businesses and then add a reasonable extra charge for that bonus. Note that the bonus must be an added value that is irresistible because if customers are cautious of spending an extra dime, can do comfortably without it, they will. Prudence is the watchword for both price decrease and increase. If this goes wrong, you risk bankruptcy; if the latter goes wrong, you risk losing customers.
2. Prioritizing Workforce Development
In most or all businesses, human capital is the driving force. Therefore, it is obvious that a business is sure to fail if this most important aspect of its operation is given insufficient attention. A business must settle for nothing less than the utmost competence, professionalism, diligence, and enthusiasm in its employees. This is achievable by an intensive screening of potential recruits and continuous training of these recruits when employed in professional opportunities, seminars, and workshops. Incentives, monetary and otherwise, can also bolster the output of your workforce. A strengthened workforce produces better service. And what do customers desire if not excellent service?
People are the reason for the existence of your business. Your whole enterprise is meant to serve people—the more the customers, the more profits and better standing in the competitive market. Siting your business in a strategic locale is indispensable if you desire to be relevant.
Knowing the kind of goods/services you offer will help you locate your venture in a place with optimum customer presence. Also, making use of financial translation services to translate your services to an international audience is a great way to succeed on a global scale. There is an apparent reason the big businesses are stationed in the heart of capital cities, as close as possible to their ideal customers. A safe, residential, accessible location and other desirable qualities will keep you going strong in the game.
4. Safeguard Your Present Customers
It is easy and dangerous to lose your current customers to gain new ones. As said earlier, your present customers are one of your most potent advertising agents. Persuade them to remain devoted to your brand by improving customer service to the highest levels, maintaining and upping the product standard, providing value-added services, and offering loyalty packages. Give them reasons to remain with your brand and to promote you to prospective clients.
5. Keep Abreast
The business world is a fast-moving one. You cannot afford to lag because customers will not hesitate to join your more advanced and forward-looking counterparts. Follow the reigning market trends, tailor your delivery to fit, stay updated on the most loved fads, invest in the latest technology, and be proactive by extrapolating the future trends. This last point — extrapolating the future — is very significant because customers will most certainly choose those that set the pace instead of those businesses that merely follow. Dare to pioneer.
There are principles for every endeavor. And while this six-item list is surely not the whole lot for business, it includes essential instruments for a vibrant business. A franchise that can stand among the giants in the business world and keep standing.