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Competitive strategy in the age of customer

Worrying about how to compete with those consistently expanding companies around you? Here’s how you can simplify the seemingly exhausting process. This is the right guide for effective competitive strategies in the digital world. 

  • Customer happiness– Apart from having great finances and masterminds, why do you think companies like Amazon unfailingly remain on the top position in the market? The solution is all fundamental- customer happiness. Your customer has to keep coming back to you. Set high expectations, because, customer satisfaction is old, customer happiness is new. Cater to the needs of your customer, be empathetic, and you are surely a few steps closer. 
  • Social media– It is a known fact that most of us spend a lot of time on the internet, precisely the social media. Facebook, twitter, Instagram- use it all, launch your campaigns on as many social channels as possible. Social media is one of the most easy, effective and promising ways to brand your company and attract customers. If you compare return versus investment, you’ll know the social media effort is certainly worth a shot. The investment is not really heavy, whereas the returns can be high. 
  • Website– This is a must. You need to have an appealing, informative and an easy to comprehend website, which is consistently maintained and updated. Customers always have a high preference for the easy to understand websites. Another advantage- you don’t really have to worry about heavy investments, because it’s only during the initial stages of the website.  
  • Personalize it– Have effective ways of communicating with your customers. Instead of saying ‘Hi customer’, you can actually use your customer’s name. Sounds silly, but works well. And when it comes to effective communication, apply the same strategy with your other stake holders. It will speed up the process. Also, avoid advertisements on your website. That will only add to the customer frustration.  
  • Analytics– Evaluation is necessary to evolve. So needless to say, data is the key. Have it handy all the time.

Implement these fundamentals, and you are good to go.

 

Ajinkya Belsare