There is a Sanskrit saying in India, “I became blind, like an intoxicated elephant, when I acquired a little knowledge. My mind was overcome with pride and I thought I knew everything. I realized how ignorant I really was when I began to learn more, little by little, from the truly wise; then, my pride subsided, like a fever.”
To stay on top in the market look closely at the following points and always try to learn form other’s mistakes that led to their downfall.
Lower your prices: Simply being the cheapest supplier can be an effective way to attract new customers, but what your business sells will have a major impact on how effective this technique will be. If your business sells commodity items such as books, CDs, DVDs etc., which are identical no matter which retailer sells them, consumers will look for the cheapest price. Attracting customers away from competitors may have a price component, but this isn’t the only factor consumers will use for goods that are not seen as commodities.

Create brand loyalty: Inviting customers to become part of your brand can be a powerful attractor. Trust and interest in a business’ customers and what they do are strong ways your business’ brand can become highly attractive to your competitor’s customers. The emotional ties your business can make via social media for instance can be highly effective.

Raise your profile: As consumers are constantly bombarded with marketing messages, making your business standout from the crowd is vital. This granular marketing is a highly effective way to raise your business’ profile in the minds of your competitor’s customers. Offering these across your social networks could enable you to steal some of your competitor’s customers. Creating content for these groups delivers these shareable materials, which could mean your brand and business becomes more desirable to buy from than your competitors.

Encourage brand advocates: One of the most powerful ways to attract customer from your competitors is via word-of-mouth. A personal recommendation – often on social media – can have a profound impact on consumers looking for goods and services. Look closely at your business’ key influencers. Your business should support these groups or individuals, as they can often be the start of a recommendation that then widely disseminated across what could be vast networks. As a small business owner, this can be an effective low-cost acquisition channel if done well.

Support your customers: Moreover, consumers are using their experience of a business’ customer service support as a means to differentiate businesses in any given market, which they use to decide where to spend their money.

Invest in m-commerce: How consumers now connect and buy from businesses has changed. Businesses that can embrace the mobile space will be highly attractive to customers – especially those in the lucrative millennial group. Businesses that can use the mobile channel with dedicated websites and apps will be able to gain the customers looking to do even more with their phones and tablets. As figures from eMarketer suggest that nearly 50% of m-commerce sales are completed with smartphones, businesses need to ensure they are fully supporting this burgeoning channel across their businesses. According to the Business of Apps global revenue from in-app purchases could reach USD $189 billion by 2020. What is clear for all businesses, is if they can expand into m-commerce this could be a massive attractor for competitor customers.

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Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath