The 7 Ways to Stay Ahead of Your Competition in the Business World
Competitors are lurking around every corner. They’re ready to pounce the moment you drop your guard. And, the worst part is that they won’t be easy to spot. It’s not like they’ll have a sign on their forehead saying “competitor right here.” And it gets even more challenging if your business is a small and tight-knit industry where everyone knows each other. But worry not! The good news is that there are ways to stay ahead of your competition and remain successful in the long run. The key is to constantly monitor changes in your industry and adopt strategies that keep you one step ahead of your competitors. Following are seven strategies that will help you achieve this goal:
Build a community around your brand
Brands that are more likely to succeed are those that include their audience in their journey. Instead of creating a marketing strategy that’s completely self-focused, consider how you can create a community around your brand. One company that does this exceptionally well is VaZoo. VaZoo is a live trivia app that allows users to form teams and play trivia in real-time wherever they are. The app is available on both iOS and Android, and has been downloaded more than 1.5 million times. One of the key reasons behind VaZoo’s success is their focus on building a community first and foremost. VaZoo’s founders have been very vocal about the importance of engaging with your audience and providing value. VaZoo hosts live trivia events where they invite people to come out and test their trivia skills. They also have a thriving online community where users can interact with one another, meet new people, and have fun.
Create unique content with high quality
You can’t expect to be competitive in the business world today if your content isn’t unique. Your business needs to be creating content that’s memorable and different from what your competitors are doing. If you just keep creating the same type of content as your competitors, your marketing is bound to be a complete flop. Customers are going to be searching for something new and exciting — and if you’re not providing that, they’ll go to your competitors. On top of unique content, you also want your content to be high in quality. Your content is a direct reflection of your brand, so if it’s of poor quality, you’re really hurting your reputation in the process.
Create a strategic partnership
You can also stay ahead of your competition by entering into strategic partnerships with other brands in your industry. You can share resources, insights, and best practices with one another to create a mutually beneficial partnership. And let’s be honest — partnerships are a great way to get your name out there. When you work with other brands and gain recognition as a valuable company, it really boosts your reputation and leads to more business. What type of partnerships can you look into? Well, you can team up with other brands in your industry and collaborate on content. You can also partner up with brands that offer complementary products and services that your customers would be interested in. One example of a successful business partnership is the one between Yelp and Yahoo. In 2005, Yahoo invested $47 million in the then startup Yelp. The two companies then went on to create a partnership and formed a joint-venture called Yahoo Local, which integrated Yelp’s review and recommendation platform with Yahoo’s search and local listings.
Co-marketing: Working with other brands to promote yours
This is a slightly different strategy than a strategic partnership. Whereas a partnership involves working with other brands to benefit yourself, co-marketing is working with other brands to promote their products while also promoting yours. Co-marketing is a great way to promote your products and services while also gaining recognition and brand awareness along the way. For example, if you’re a hotel booking company and you want to increase your brand awareness and generate leads, you can do so by partnering with another hotel booking company (similar to a co-marketing partnership). This way, you’re promoting and marketing both brands at the same time. With the right co-marketing strategy, you can really increase your brand visibility and drive more traffic to your website.
Utilize ad platform integrated with analytics and data
If you want to stay ahead of your competition, you’re going to need to utilize an ad platform that’s integrated with analytics and data. You want to be able to track your advertisements and see how customers are engaging with them. This will enable you to make adjustments and improvements as needed and help you to stay on top of your game. One way to stay ahead of your competition is to utilize a programmatic advertising platform to promote your products and services. Programmatic advertising, also known as automated marketing, is a method of advertising that relies on automated decision making. For example, if you have a travel company that promotes tours to Hawaii, you can use programmatic marketing to advertise your tours on different online channels and platforms. If you’re just relying on standard marketing practices and strategies, you’re putting yourself at a disadvantage.
Leverage Machine Learning and AI technology
If you want to stay ahead of your competitors, you’re going to have to consider leveraging machine learning and AI technology. And, believe it or not, this is an important strategy that many businesses are overlooking. By integrating machine learning and AI technology into your business, you’re able to analyze data and make more informed decisions. This also frees up your time so that you can focus on other important things like growing your business. One example of how businesses are leveraging machine learning and AI technology is through Amazon’s Alexa. Amazon has created a virtual assistant called Alexa, which uses machine learning and artificial intelligence. And with Alexa, you can do anything from making a purchase to controlling your smart devices. Alexa is compatible with devices like Amazon Fire, Fire TV, and select Android and iOS devices.
The business world is a competitive one, so you can’t afford to let your guard down. Luckily, there are plenty of ways to stay ahead of your competition. You just need to follow these strategies to keep your brand ahead of the curve and thriving in the long run.