Business owners and professionals managing businesses have a mandate to steer the business above the industry average growth in every quarter, half-year, and full year. A growing business that appeals to its customers would expect growth in sales, market reach, capacity, reputation, and manpower.
The growth of an enterprise does not come from brainstorming with the staff and getting aggressive in marketing. Raising the competitiveness bar will entail investments. This is justified as the benefits of a competitive advantage are too many. Any edge above the competition will attract more customers and grow. A higher competitive advantage helps businesses and brands take more market share, including customer lifetime value. The secret to rising competitive value is the passion to provide a unique service that customers cannot find elsewhere regarding products or customer experience. It means the audience can stay longer.
Using market research for competitive advantage
The use of market research as a good tool for identifying and developing sustainable competitive advantage will unveil more data and analytics to shape all business strategies to stay ahead.
McKinsey’s research says companies that use data and analytics in strategy formation have added at least 20 percent to their earnings before interest and taxes (EBIT) compared to the past three years. That means investing in data and analytics for market research can put your company ahead of the curve and reap financial rewards.
Ways to boost competitiveness
There are numerous ways to boost competitiveness, with a focus on processes, personnel, quality control, customer care, and, of course, promotions. These are some priority areas that can bring good results without any great investment. Think of the benefits that will flow from a competitive advantage that connects more customers.
Market research exposes what attracts an audience to you, what value they gain, and what more you can do to fulfill their needs. It will explain why customers chose your product over competitors. Provide an unforgettable customer experience. One of the easiest ways to increase your competitive advantage is to provide the best customer experience or CX. Irrespective of purchasing power, lower-cost alternatives, or a saturated market, customers must be given an unforgettable customer experience (CX) to retain a definite edge over competitors.
This is important for businesses that cannot compete on price or assets. They can excel in customer service. Customer service builds stronger brand loyalty and a stable foundation for a competitive advantage. Anything built upon costs will be fragile inside. Customer care will add a cushion to the competition, and there will be no slide in the customer base.