Monday, January 28, 2013

Tip #427: 5 Tips To Keep Your Business Competitive

Successful businesses share many components - in addition to a successful product line or corporate culture, these businesses keep ahead of their competition.

To help your business to become even more successful (and profitable) in 2013, we have listed below five tips for you and your team members to discuss.

5 Tips To Keep Your Business Competitive:

Tip #1: Implement Customer-First Business Practices - Putting the customer first seems basic, but your organization's customer service process is key to attracting new business. This can be as simple as calling a customer to check in or just sending a holiday card. Additionally, customer-first business practices help you retain current clients. Additionally, a customer satisfaction survey is an excellent way to measure your customer service success and identify any issues or areas for improvements.

Tip #2: Use The Most Up-To-Date Technology - Using technology is integral to business success. While you don't want to spend your entire budget on upgrades, it's important to evaluate new technology that can help your business run more efficiently - technology that will help your team members become more efficient and deliver better quality.

Tip #3: Focus On Your Internal Processes - The ideal business is always a work in progress, and successful business leaders understand that the best business model is one that can adapt to change easily. Always evaluate your internal procedures and processes. Additionally, document and communicate these standards to your entire team.

Tip #4: Create A Better Follow-Up System For Your Salespeople - Contacting your database of clients, past clients, prospects and referral partners by e-mail, snail mail and by phone is the fastest way to create more sales activity. More importantly, make sure your salespeople are making their "oh by the way calls" to a prospective buyer. Additionally, create a follow-up system for them to embrace - from voicemail scripts, one-up email campaigns to a list of key business questions to ask a prospective buyer.

Tip #5: Monitor Your Competition - Do you, your salespeople and marketing team know who your three top competitors are? If they do, are you keeping track of what they're doing or offering a prospect to entice them into buying? Remember, if you can do what they do faster, better and more efficiently, you will be a better option for a prospective new customer - especially with top-notch customer service.

Executive Summary: Stay ahead of your competition with consistent customer contact and follow-up calls. Additionally, keep track of the competitions' offerings or acquisitions. If you can do this consistently, you will gain a great foothold in the market.
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