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In the age of dynamic markets where consumers frequently switch between different providers, business competition can be fierce. Keeping up with the competition has always been a concern for entrepreneurs, and with the advent of cutting-edge technologies and the subsequent explosion in social media usage, it’s become even more of a priority to stay one step ahead of the game.
Having a competitive edge over other businesses is crucial and has several benefits ranging from higher profit margins, improving brand loyalty, and attracting potential investors. A company may stay ahead of the curve if it can develop sustainably, be agile, and adapt to market fluctuations.
Listed below are three successful strategies for maintaining an advantage over the competition:
Invest in Social Media Marketing
People are increasingly consulting social media in order to gain insight into previously unknown products. Having a good social media presence is critical for enhancing the value of your company’s brand, retaining current customers, and recruiting new ones.
Investing in social media marketing (SMM) yields remarkable results, including higher brand visibility and an increase in conversion rates. Such can be achieved via many social media marketing strategies, including posting fresh, relevant content on a regular basis, engaging with customers, creating and distributing promotional materials, and fostering an online community dedicated to your brand. Whilst distributing promotional materials can take time, you should never underestimate the power of putting a name to a face. Get flyers printed by a stratford printing company (or similar company near you) and hand them out yourself – you’ll be surprised at how many people end up following your social media profiles! Speaking of, paid endorsements by influencers, hashtag campaigns, product freebies, and commercials suited to platforms such as Instagram, LinkedIn, YouTube, or TikTok are all fine examples that can be implemented in the above SMM strategies.
Beauty and lifestyle brand L’Oréal Paris launched an outside-the-box hashtag campaign called #WorthSaying in collaboration with the Golden Globes Awards. Gaining the support of A-listers like Jennifer Lopez and Blake Lively, the campaign utilised a hybrid of influencer and hashtag marketing. Motivated by the concept of women’s empowerment, the campaign raised awareness about important social issues and received praise from around the globe.
For a week, Starbucks ran ads featuring its new Unicorn Frappuccino, capitalising on users’ love of coffee-themed Instagram posts. By creating a ‘limited time offer’ and providing highly photogenic content, Starbucks created a buzz on social media.
Streamline Processes for Customers
The primary goal of streamlining business processes is to increase efficiency in order to meet customer requirements and expectations. Businesses can improve their operations by automating their management processes and making use of other technological advancements. When customers experience obstacles during the onboarding process or due to lengthy refund or withdrawal options, it leaves a negative impression. If your business streamlines its operations, the entire customer journey will be seamless from the first time they visit your website to the moment they complete their purchase. 24*7 customer support, chatbots, easy digital wallet integration, and quick withdrawals are a sure way to retain customers.
Players at Leo Vegas Casino no longer have to wait around for several days to withdraw their winnings, thanks to the casino’s streamlined deposit and payment process. The addition of this feature has catapulted the casino to new heights of fame, solidifying its position as one of the best casinos with instant withdrawal. The retailing powerhouse Nike was also able to significantly improve its quarterly income by simplifying its direct-to-consumer marketing and supply chain management processes.
Create a Healthy Organizational Culture
A happy, motivated, and valued workforce directly results from an organisation’s commitment to cultivating a healthy work culture. Productivity and innovation are significantly increased when there is a positive work culture with a supportive environment that values contributions and provides recognition. Employees who resonate with the company’s philosophy and have a strong sense of belonging are intrinsically motivated to perform better. Companies with healthy work cultures that encourage work flexibility, prioritise employee wellbeing and provide benefits are more likely to retain their employees and achieve greater success.
Company culture became a popular topic of discussion after Google’s pioneering efforts to modernise the workplace. With perks like free food, games, nap pods, and on-site doctors, Google prioritises employee wellness. Another prime example is software company HubSpot, which offers employees unlimited paid time off and the option to work from home, encouraging workers to strike a good work-life balance.