The Covid-19 pandemic has changed every aspect of our lives and presented businesses with the greatest challenge today. But while it may seem daunting, the pandemic also represents unique opportunities for companies to get ahead and put themselves in the best possible position once we enter the new post-Covid world. We can already see that the ways of doing things are changing.
But as businesses have been forced to adapt and diversify to survive, they will need to go even further if they want to stay ahead of the competition after Covid.
Staying Ahead of the Competition Post-Covid
Here are eight ideas to help build your competitive advantage while protecting your market position.
1. Future-Proof Your Business
As we’ve seen over the last year, things can change overnight, so businesses need to be agile and prepared. Making sure your business is future-proof is essential. Companies that plan for growth and market changes will be more successful than those who stand still. Ensure you have a clear vision of where you want your business to be in one, three, and five years by focusing on:
- Keeping up with developments in your industry
- Re-inventing your business model
- Following customer trends
- Revisiting your priorities
- Investments in new technology.
2. Know your Competition
You need to know exactly who you are competing against, what they offer, and what their strengths and weaknesses are. This will show you the areas you need to focus on and compete in and give you a good basis on which to differentiate yourself.
3. Know your Customers
In normal circumstances, customer expectations can change dramatically, but we are living in unprecedented times. So you must find out exactly what matters to them now. It might be price, customer service, flexibility, delivery, the latest products, for example.
Businesses have already been forced to diversify in light of the pandemic and lockdowns. But you need to give your customers positive reasons to come to you over your competitor. Focus on developing your business’ unique selling point(s) (USP) that are clear and reflect what customers want right now. USPs could include high-quality or 24/7 customer service, free shipping or low pricing.
5. Crank up your Marketing Efforts
You should already have a website and be active on social media but if you aren’t, make it a top priority for your business. You need to tell people who you are, what you offer, and why they should buy your products or services from you. Explore available options for branded pens and other merchandise that can help you promote the business to a wider audience.
6. Don’t Forget Your Existing Customers
They may have stuck through you when times were tough, but your customers are your competitors’ target market. Ensure your customer service is spot on and focus on being more responsive to your customers’ needs and expectations. Consider offering your existing customers such things as loyalty schemes, discounts, or even branded merchandise from Igo Promo to thank them for their ongoing custom. It’s easier and cheaper to keep your current customers than trying to acquire ones.
7. Be the Best Employer
Talented, motivated, and engaged employees are the backbone of any growing business. To attract and keep them takes more than simply offering competitive wages. People want to work where there are a good working atmosphere, structured career development, and flexible working.
8. Target New Markets
Selling your products or services to more markets will help you increase your customer base and strengthen your business. There are likely to be other customers similar to your existing target market that you’ve yet to tap into. It may be you have to sell online or ship overseas to reach a wider audience, but it could be the key to getting ahead.
Staying ahead of the competition post-Covid means businesses need to do far more than just survive the storm. Companies that focus on growing and diversifying will likely become even stronger after the pandemic and find it easier to adapt to the new normal.