In today’s volatile market environment, some companies have reported a loss in revenue due to the intense competition for a piece of shrinking pie. Price comparison is also rampant.

The success of a company depends on a structured and efficient framework in order to forge ahead amidst stiff competition.

When it comes to dealing with competitors, a company can forget about business strategies if it isn’t able to implement them ahead of the competition. Sun-Tze once said, “Know yourself and your enemy and you will win in battles.”

There is one proven formula: applying PASSION if you want to stay in the game for the long haul.

Products

A company should continuously enhance the quality of its products; it is critical to always inject new ideas into product development to deter imitation and surpasses competitors. Be open to new ideas and innovate constantly; this will ensure that you are always one step ahead in the race.

Your Unique Selling Proposition (USP) is your product’s most powerful benefit, combined with the unique aspect of your business. USP in any business is what helps draw customers to support the products. A company must capitalise and invest in their USP, because making the best use of it will distinguish the company from the competition.

For example, Starbucks doesn’t have the lowest prices. Amazon isn’t the most prestigious bookseller. People buy from them because good experience is their USP.

Awards

Quality certification and business excellence awards are an integral part of today’s business landscape. It is also an unspoken testimony of your company’s quality products and superior service. These accolades will raise the profile of your company, which gained new business, as it adds credibility and attracts talent more easily. Awards also motivate your employees and raise staff morale.

Take, for example, Singapore Prestige Brand Award. Mr Kurt Wee, president of the Association of Small and Medium Enterprises (ASME) states, “Many SMEs have acknowledged that branding is now a critical component of their business strategy to venture and succeed in the local and regional market.” This award provides a platform for new breakthroughs in the business landscape.

Strength

Enhance your company’s selling points and convert them into a winning formula. Plan your business growth systematically. While your company’s strengths are essential for success, it is equally important to reflect on its weaknesses and seek improvement.

For example, Subway’s strength in the “choice of healthier meals” meets the current trend of eating healthier food. They offer a range of low calorie, fresh and nutritious food, which you can’t find in other fast food outlets. However, Subway needs to improve on their weakness: their restaurants’ lack of interior design and quality often looks cheap.

Service

Customer service excellence will give your company the competitive advantage. A company needs to survive in a tough and increasingly uncertain business climate in today’s customer-oriented business environment; “people skills” are critical for a company’s success.

It pays to analyse your customers and their buying behaviour in detail so that you can provide better service and win them for life. We must always focus on being customer-centric because the livelihood of a business is inextricably tied to customer satisfaction.

If you don’t take good care of your customers, other will. Don’t give them that chance. Customers’ experience is important, so we need to understand how they think. Customers today are savvy and see service as an ongoing experience, not an isolated activity.

Investment

In a competitive environment, investment in state-of-the-art technology will make your company sustainable in terms of scale, superior product quality, wide product range and environmental compliance. The expansion will give your company advantage in the global competition as it results in the better economics of scale and reduction of operation expenses. It will provide the flexibility to improve product mix by adding high-end products.

Investment in new equipment is expensive. So before you spend the money, consider alternative options, such as conducting pilot trials before making a major commitment.

Outsourcing

Outsourcing can give your company flexibility, which is essential to improving business competitiveness. This option will help your company to conserve funds, increase staff productivity, improve its product expertise and speed up its growth in the corporate business. This frees the management to focus on potential areas to be further improved.

For instance, many MNCs outsource customer support, particularly phone support. The cost of employing staff, providing office space, training, and paying taxes can be reasonably high. An outsourced call centre in countries such as the Philippines and India can frequently do the job for a fraction of the cost. Regrettably, we often hear horror stories on social media about customer service officers who speak broken English, fail to comprehend problems, and make the entire support experience unpleasant.

Nurture

It is essential to reward the deserving staff; their contributions are critical to the success of your business. Treat the staff well and provide them with the relevant training for the job and they will be able to serve the customers better. It is important to enhance customer loyalty. After all, this is the reason why we are in business. Customer loyalty will give you the competitive edge while catapulting your company sales into greater heights.

_{Edited by Nedda Chaplin}

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