According to recent local reports, there’s good news and bad news for new businesses in the East Midlands. The bad is that the total number of new companies starting up in the area has decreased by over 7%, but the positive to this is that the overall number of new firms is still quite strong, despite UK-wide economic uncertainty.
At the same time, these new companies pose a challenge for any other startups or existing businesses looking to improve their performance, in that there’s more competition out there at a time when consumers don’t have as much disposable income. So looking at ways to give your company the edge over others, has never been more important.
Here are a few ways you can go about this:
Have a strong online presence
You’d be hard-pressed to find a business today that doesn’t have a website and in many ways it’s now an expectation. As such, your firm’s website should reflect the quality of your goods or services. Plus, a strong website can also be an effective means of converting more ecommerce customers, so it’s worth investing in something quality, as it may well pay for itself as more users head to your site to make purchases.
Streamline internal processes
If you’re looking to cut down on time-wasting and unnecessary expenses, you may also want to digitise some of your internal processes. Everything from automated payroll software to remote working and training portals, live chat customer services and much more can be found these days, each with the potential to bring invaluable efficiencies to your operations.
Make the most of your customer feedback
They say “the customer is always right” and while that might not strictly be true in all aspects of business, what is certain is their feedback can be a useful tool to help you grow and improve. Consumer insights can give honest thoughts on what you’re doing well or where you could be doing better to convert or support them. So be sure to ask for their comments, whether it’s in-store, online or even as an email marketing competition.
Partner with other firms
Sticking with old adages – “if you can’t beat them, join them.” This of course won’t work in all sectors, but if used strategically, you can find another company to work with in a way that’s mutually beneficial. One example could be if you offer online marketing services, you could partner with a web development company to then promote the sites they build. Platforms like LinkedIn can be great for finding such connections in and around the area.
Get recognition
Another great way to differentiate yourself from others is to have awards and badges that show you’ve been recognised for the quality of your work or expertise in your sector. You may have to pay to enter these, and it can be an effort to put an entry or case study together, but the positive PR and the positive impact you can have on your brand could significantly increase your chances of converting customers.
Final thoughts
To return to a key point mentioned above, today’s markets – whether in the East Midlands or further afield – are challenging, but it’s you that needs to rise to this challenge. So give some or all of the above some thought and be sure to try some out. The last thing you should do is rest on your laurels, as it’s more than likely your competitors will also be looking at how they can get the edge over you as well.
