If you’re a small business owner in New Zealand and a competitor suddenly opens a store near you or have sprung up in the market that you comfortably occupy, then chances are you will feel a bit anxious.
You may be tempted to focus on knocking out your competition out of your market, but it would be wise to look at your own business and check your current products – see what you can do better and give yourself a better chance to dominate your current market.
Here are four tips to consider:
Provide the best customer service
One of the most effective ways to stand out in your chosen market is to provide better customer service. Whatever your business is, it’s essential you are consistently helpful, friendly and reliable to your clients so they will keep coming back.
Just think about it, if your business can provide outstanding service by offering your customers a team of well-trained staff that can help them with their needs and issues in a prompt and timely manner, then your customers will even promote your business to their friends and colleagues. This will give you an edge over your competitors and build your reputation in your current market.
You may also want to create a positive workplace culture that will encourage your team to be at their best. The best way to do this is to reward your team every time they show the right behavior or if they have a fast turnaround when it comes to solving customer issues and queries.
Level up your branding
We all know that branding is an essential part of any business today, so if you’re using the same logo and images for your business then maybe it’s good to refresh them and create better branding for your business. Of course, these may include – signages, logo, business cards and an updated website.
You may also want to update the look of your store and office. It’s a good idea to repaint your store or office, update your furniture, and new signage that is more appealing that your old one.
A good example is a café where you can paint the walls with a new refreshing color, or even install several artworks that will create a better ambiance for your patrons. You may even display a new set of baked goods on your counter. These little touches can make a big difference in how your store feels and looks and eventually attract more customers in the long run.
Make your offerings unique
Some of the most successful businesses in New Zealand are NOT the ones who try to replicate what their competitors are doing, but instead those who look at what they uniquely offer and build on that.
Honestly, replicating what your competitors are offering is not a bad thing if you can create a better product that what they have, but most of the time it’s much better to look at what you currently have and why it’s different from your competitors.
In short, you need to identify your specialty and what makes you unique in your niche area of expertise and look for better ways to improve your current offerings.
Invest in your marketing campaigns
When there’s a new competition in your current market, it’s also wise to ramp up your marketing activity. But it’s important to determine your marketing goals and what you want to achieve, your budget, and how you will measure the ROI.
If you’re anxious that your competition will steal your customers, then it’s best to implement a loyalty program that is focused on retaining your existing customers. Another effective way of promoting your business is to showcase your rewards and emphasize these in any of your marketing campaigns to demonstrate that you provide quality products and services.
A good example is a hair salon where you can showcase and promote the wards you’ve won in the past, so people can see that you are providing quality services that are above your competitors.
You can also showcase your awards on your website with the hopes that potential clients will see you as an authority in your field.
For most small business owners in New Zealand having a new competition is a reason for concern, but you should look at it the right way. Competition should allow you to improve your offering and think about what other things you can improve your business so you will eventually grow your business in the long run.
If you have a business in NZ and you’re looking to grow your small business and want to acquire the funds to help you do it. You can contact Bizzloans.co.nz for an unsecured business loan.