Top Ten Tips on How to Stay Competitive in an ever increasing Digital Market
Remember that kid at school who was always fiercely competitive in everything they did? Regardless of if it was a spelling bee or the athletics carnival, they wanted to win it all. You know what? You can learn a lesson or two from that kid you remember at school, because in all likelihood they possess a few characteristics which are vital to successful business in the digital market.
I’m a great observer. I can pick out personality traits in people and determine what types of scenarios and situations they’ll overcome or fail. The same goes for business owners (yes, I mean you). Because you know what, your customers can sense it too. Your employees can sense it. If you’re competitive, it probably means you’re fairly determined as well, and people will naturally be drawn to you. But just being a competitive person doesn’t equal success. I’ve roamed and wandered the world wide web, listened to people like you, observed and watched and as a result, I’ve come up with ten tips you need in order to stay competitive online.
- Don’t always keep it the same
Mix it up! Run several online campaigns at once and see which one works best. Don’t just stick to one and sit on your hands (gross by the way)! If it’s one thing you have to be aware of, the only constant in the online marketplace is change. Like the ocean, the current pulls this way and that, the tide goes in and goes out. Online is never stagnant, so neither should you.
- Determine what you want to achieve
Do you have a specific ROI you need to hit? Have you got a specific goal in place which you know you need to reach before the financial year is up? If your only goal sounds like, ‘to make a profit’ then yes, you’re on the right playing field, but you’re playing in the wrong position. Get specific! What steps must you take in order to make a profit? These are goals too. Recognise them as such.
- Make Progress.
Tackle your goal with small steps to help you feel like you’re making progress. This intrinsically ties in with the point above. If you have a goal set for June, every morning in March is going to feel so far away and you will inevitably lose your competitive edge. Ever heard that productivity is helped with positive encouragement? If you do this for yourself through setting small goals to reach your ultimate one, you’ll be so more aware of the progress you’re making (duh).
- Put in the time and effort
Don’t be afraid if this means money, if necessary. You reap what you sow. Putting in the time and effort to your strategic marketing initiatives will help you to track and collect data so you can make better, informed decisions.
- Don’t go it alone
Use the expertise you have access to. Can I let you in on a secret? Nothing irritates me more than someone who won’t take smart and intelligent advice. Yes, you are your own boss, but, if you don’t listen to the specialty knowledge of those you pay, whether that be a contractor or an employee, why have them there?
- De-stress
You can’t be competitive if you’re making yourself sick with stress. Try to schedule in time over your weekend, or whenever you get a chance away from your business, to totally chill. Turn off your phone. Look after your health. Your business will thank you for it.
- Embrace the lows to get to the highs.
There are going to be bad days. Use them and learn from them. To actually stay competitive, you have to know how to learn from mistakes. At the end of the day, it doesn’t matter if the mistake is your, or not. No one got to the top without starting somewhere near the bottom.
- Educate yourself
If you commit to be constant learning, you’ll equip yourself with up-to-date knowledge and information. Consumers make judgements in the space of mere seconds, and seemingly irrelevant things, such as how quick your website loads, can either equal a new conversion for you, or your competitor. If you educate yourself, you’ll know that sometimes you just have to sweat the small stuff. Also, if consumers are purchasing something from you, they want to feel safe about it. Project yourself as an expert and you stomp down any buyer’s remorse.
- Listen to your consumers.
An amazing example is the idea of the ‘mountain bike’, or as they were originally called, ‘clunkers’. Mountain bikes were created by the consumer. If you’re listening to your consumers, your chances of being privy to a new idea, a new USP dramatically increases. If you’re listening to your customers, you’re likely to stay competitive.
- A great predictor of true success?
It’s not social intelligence, or your IQ score, as you might think. It’s determined grit. You need to treat your endeavours as a marathon, not a sprint.
Yes, I can picture you nodding your head in agreement with me now (even as I’m nodding my head as I type this sentence). Implement these and you’ll wish you had that competitive kid’s number from school, just so you can ask for a re-match in that class quiz. Well we can’t give you that number, but we can certainly give you ours (which is way better FYI). Give us a buzz on 1300 332 256, or visit our site and we’ll work on a competitive online business plan with you.