Starting a business is a time that’s filled with an equal mix of trepidation and excitement (especially if it’s your first business venture). There are many things to overcome, such as developing a USP and gaining the required funds to start your company.
Today, we’re going to cover some ways in which you could gain the competitive edge over other businesses in your industry so that your venture will thrive where others may get left behind. It is also important to note, that first and foremost you need to ensure your business is complying fully with the law, as otherwise issues could arise and put your company in jeopardy further down the line. Contracts need to be precise, safety measures must be dynamic, as well as many other factors that need to be following the right protocol. You must prepare for every possible eventuality – if in doubt, click here for business legal services.
Now, let’s see how to gain that competitive edge in business.
Pay attention to leads (not just sales).
There’s a belief in business that sales are what keeps a business afloat. Obviously, a healthy income stream is the difference between a business that is able to continue to trade and a business that is forced to close its doors. There’s no disputing the importance of sales. However, sales come from leads. Businesses that do not pay enough attention to the needs of their target audience cannot hope to secure the sales they desire – everything begins with leads, and that means you need to identify the issues facing your target audience, so that you can inform them of how your products or services plan to resolve the issue (hopefully gaining more leads). Without leads, sales will suffer.
Don’t sell your product, sell a solution.
Following on from the previous point, identifying your target audience is only half the battle. Next, you need to frame your goods or services in a way that doesn’t just read like a list of features, but rather as a list of benefits. Selling solutions to issues is much more powerful than trying to sell a product purely on the basis of features. Again, this all comes down to highlighting an issue facing your target audience and providing details of how you plan to resolve the issue.
Open late (it may sound simple but it works).
Bricks and mortar companies tend to experience early mid-morning and mid-afternoon lulls during the day, where potential customers are unable to walk through the door and buy their products simply because the customers are in work themselves. While the morning cannot be helped so much, you could try staying open as little as one hour later. This gives all those people who were in work time to get to your store before closing.
Vouchers and coupons.
Depending on which type of business you run, you could find that you bring in more business at certain times of the year (for example, toy stores around the holidays). Competition for customers can be high, and you may begin to wonder if word of mouth about your goods or services is enough to keep the customers happy. Why not try offering discount vouchers or coupons as a way of not only enticing customers to return to your business to redeem the discount offer, but also as a means of creating a buzz.