Find new business opportunities

Competition exists in every market. Smart businesses win by understanding what customers really want and building unique selling propositions to attract new customers.

How to beat business competition

Start by researching your market and customers to uncover real needs. Then assess your competitors - look at their products, pricing, marketing and weaknesses. Compare this against your own strengths and gaps. Use this information to define your unique selling proposition (USP). 

Find your USP

Your competitive advantage makes customers choose you over others. It can stem from:

• superior products and services
• skilled, reliable staff
• strong reputation or brand
• a unique business model, technology or process
• better customer experience

To determine exactly what your advantage is, ask yourself what benefits customers get from you or your products. List these unique selling points clearly and share them with your customers.

Follow other best practices to help you identify new business opportunities.

Use different strategies to compete

Any strategy that creates a strong market position for your business can be considered a competitive strategy. 

Compete on price

Check what your competitors charge and what customers actually pay for similar products and services. Set your prices low enough to win business but high enough to stay profitable. Make it work by cutting your own costs - negotiate with suppliers, streamline production, or buy materials in bulk. The goal is undercutting rivals while pocketing healthy margins. See how to price your product or service.

Compete on quality

Deliver products and service that customers love and keep coming back for. Build loyalty through well-trained staff, reliable suppliers, constant innovation or standout customer service. Prove your quality with evidence whenever possible – for example, through customer testimonials, accreditations or quality management standards. Quality often wins repeat business and referrals that price alone can't touch.

Improve your sales

How you sell can be a great point of distinction. From targeting the right customers to entering new markets, there are many ways to improve sales and profitability. If suitable, explore bigger private or public contracts that bring steady revenue and credibility, as they can greatly improve customer awareness and confidence in your business.

Stand out with marketing

Use digital channels, social media and content to turn marketing into your competitive edge. Explore opportunities to answer common customer questions, show examples of your work, share reviews, before-and-after results, and show expertise. You do not need to be a thought leader in your field, but it doesn’t take much to be helpful, reliable and easy to deal with. Build loyalty by sharing valuable information, instead of straightforward sales pitches. See key elements of a successful marketing strategy.